There are many ways in which you can make money after retirement. Many people don’t want to retire because their income reduces and it can be difficult for an active person to not have anything to do.
Maybe you want to work only a few hours per day or maybe you want to build a business, either way, there are lots of options through which you can work from home and earn an income. You don’t need to have advanced tech skills or to learn a new profession.
To find out lots of different ways in which you can make money after retirement, we hired Minuca Elena and asked her to reach out to 39 online entrepreneurs that all are over 50 years old. We asked them:
What is the best way for a person over 50 to earn money from home without needing to invest large amounts of money or having technical skills?
We received a variety of answers from successful people that are the living proof that you can earn money online at any age.
Hopefully, you can find something in this expert roundup that will guide you to your next endeavor.
Drew Stevens – Stevens Consulting Group
For many 50-year-old individuals seeking additional work or income, there is plenty of opportunities. The plethora of technology enables a single or family oriented individual to make additional income from home without investing large amounts of money or even return to school for technical skills.
Most importantly, some opportunities allow the social class to operate where ever, whenever and however they desire to create additional income. Here are some options:
1. Coaching – Dependent on experience anyone over 50 has an array of professional experience. From middle managers to senior staff, these are people with over 25 years of business experience that are willing to coach, counsel and mentor others seeking to expand their business careers.
The thrill of coaching is that the experience can be conducted at any time of day or evening, on the phone or through video chat.
Sessions can last from 30 to 45 minutes enabling both parties to control their time, get what they need and move on. Mentees invest $75 to $300 per session or sessions can be retainer-based. To that end, some coaches can make from $25,000 to over 6 figures per year from their home.
2. Student Mentoring – The increase of online education creates incredible connectivity with students and teachers globally. And, the recent media about college entry illustrates the competitiveness of many desiring a decent collegiate education.
Students seek help in subjects from math, to English to history. People 50+ are exceptional instructors for these foundational subjects.
Similar to coaching there is little need to leave home, mentoring is conducted via telephone or video chat, is interactive to help the student apply learning theory and completely private. Student teachers over 50 can make a significant 5 or 6 figure income based on time and talents.
3. Information Technology/ Coding – The multitude of global companies seeking information technology help is incredible. There are more jobs than there are individuals so many companies are seeking labor however they can get them. A significant number of 50 years old’s are either empty nesters or both spouses work creating additional time to have secondary employment.
Firms focused on cybersecurity, education, infrastructure allow employees to work virtually. Therefore, those over 50 provide the needed skills required to complete projects for many of these firms. Income is based on project or time but can provide a significant income for the over 50 crowd.
4. Network Marketing – Albeit, there are a number of firms and each requires significant marketing but talents and time are not age-based. Many individuals 50 and under and even 50 and over create significant 6 and 7 figure incomes selling anything from insurance to nutraceuticals. Technology, travel or investment is not required – only time. I know of one individual making $4.5MM/year selling insurance part-time.
The advice provided is not consuming but rather provides some surface insight for individuals over 50 seeking additional income. Age is not a factor only a willingness to find something interesting and the time required to fulfill an income dream.
Julie Humes – Second Momentum
You might also enjoy our video on 5 Reasons to Keep Working After Retirement
Here are a few recommendations for the 50+ age group to consider:
1. Author. If you can write you are an author. If you can speak into a microphone, you can still be an author. If you can talk into a camera? Yep, you can still be an author. Transcription of audio and video can easily be translated into written words. Everyone has a story to tell, be it fiction or nonfiction.
Whether you have a unique family story, are creative as J.K. Rowling, or are purely passionate about a topic, writing a book has never been easier. There are traditional, print-on-demand and eBook methods of publishing available.
If you’re comfortable writing a novel as long as War & Peace or just a 50-page e-book explaining how to do something, authorship will bring you passive income for the long term.
If you want to see what others have written in the how to market, browse through the Amazon Kindle How-To Books. There are over 20,000 results.
Remember one thing: just because someone else already wrote the book you were thinking about doesn’t mean it’s game over. You are unique, your style is unique, and your words will reach the people they were meant to reach. The cost of entry is time and a keyboard, microphone or camera, along with some editing and layout.
2. Blogger. If the thought of writing a book is way too daunting and seems unachievable for the time being, a good place to get started writing is to create your own blog on a topic you know well. Heck, it can even be on a topic you don’t know well!
The point of writing about what you know best, however, is to get your name out there as the expert in your field. Setting up a blog is an introduction to setting up a business — you can choose the title, theme, branding, domain name (if you wish), layout, etc. — that can grow into a future money-making endeavor.
Blogging is not a means for overnight discovery so don’t get discouraged when you are only hearing crickets for a while. It takes time and consistency to start being found through search engines. This is an excellent way to practice your writing and it’s free to start.
Once your audience and following grow, adding advertising snippets within your blog posts can produce small amounts of passive income that will grow with your readership.
3. Consulting. The one thing the 50+ crowd has is an invaluable amount of knowledge that has been learned through on-the-job-training, serving in an industry for many years, or practicing a craft or vocation.
Becoming a consultant, an expert who understands problems and provides direct solutions for their client, can be as easy to start as setting up a website with a scheduling calendar. Fees are typically higher depending on the expertise they provide.
A good consultant with a set of skills that is in demand can easily charge $100-$300 per hour. If it’s a highly unique set of skills with a very concentrated specialty and years of knowledge, that amount can increase exponentially. Becoming a consultant after retirement is an excellent side income opportunity.
4. Proofreading. If you are the king or queen of sentence structure, spelling, punctuation, paragraphs, and consider yourself the grammar police, this might just be a great job for you.
There are some brilliant minds out there creating and writing their messages, but grammar and spelling is not on their list of strong traits. That’s okay. You can start a business to help with very little investment.
Beginning proofreaders can charge $20 an hour, and more seasoned editors can earn up to $75 per hour.
With the exception of buying and selling products online (which require shipping and fulfillment), all other side businesses mentioned above can be run remotely. Enjoying a location independent means of earning money is what many of us have aspired to run, even in our youth.
The entrepreneurial drive never leaves those who have it – it just might just get delayed several years while we trade those dreams in for a more secure financial situation for ourselves and our families.
Debbie Donaldson – b2bENTREPRENEUR
Designing a laptop life as a retirement career has never been easier. It doesn’t require large investments or even producing your own product. It does, however, require some knowledge of how things work on the internet, along with some easy to learn online marketing strategies.
Fortunately, the companies that want our business as new solopreneurs are willing to help us out by teaching us how to use their free products. They are free until we grow large enough to pay for the online expansions needed as we grow. Those companies are betting that when we grow, we’ll be loyal to the company that gave us a free start.
Here are three easy online retirement businesses that do not require a financial investment outside of owning a computer or smartphone and having access to the internet.
1. Affiliate Marketing:
Becoming an online affiliate for a company like Amazon.com simply requires filling out a form. Affiliates make a commission on all sales that come from their links.
The affiliates who are most successful do not try to sell everything Amazon has to offer – which is almost everything. The most successful people in affiliate marketing have a hobby or passion around certain topics.
They create a following on social media, their own blog or build an email list of people who are interested in what they have to say about the hobby or passion.
Consider turning your favorite hobby into a money-making operation by providing how-to instructions, reviews or commentary others interested in the hobby would find appealing. Place your affiliate links in the copy of your blog or email.
However, don’t stop there. Once you know your niche, search out other companies that offer affiliate compensation.
Income growth from this type of business is very slow and methodical. If generating immediate income is the goal, consider pursuing other avenues as this one grows.
Upwork, Fivrr and other deeply discounted freelance sites offer immediate access to companies looking for everything from photography to copywriting to social media posting and more. Simply follow their instructions for setting yourself up to sell your services. The upside is that it is typically easy to get work.
The downside is that the fierce competition forces the rates to be ridiculously low. If gaining experience at a new skill is your goal, this is a good place to start. Aiming for excellent ratings and reviews from buyers will help generate even more requests for work.
3. Consultant or Coach:
Online video conferencing tools like Skype, Zoom, and GoToMeeting make it easy to be a consultant or coach from almost anywhere in the world. Each has its own features and benefits worth checking out. If you subscribe to MSOffice365, Skype is already available to you. At the writing of this article, Zoom offers a free plan and GoToMeeting offers a monthly subscription service.
Business owners and professionals are willing to pay well for expert advice. Especially performance based expertise like marketing, sales and leadership. On the personal side, those same people are willing to pay for motivational and self-help or self-development programs.
With all the tools available, the real cost of starting this business is marketing. Before investing in advertising, put together a list of people who know you. Start with an email introduction to your new business. Gain their permission to add them on your email list. Then stay in touch regularly with information of value to them.
In each email make it easy for them to share it with someone they believe would have an interest in your content. This email strategy works for Affiliate Marketing and discovering Freelance work opportunities as well.
There are several email services available for sending group emails. MailChimp offers an easy to use system. The starter level is free and would work for most start-up businesses.
Each online business requires a marketing and sales strategy to grow. Beware of the online advertisers or “sponsored content” advertisers with get rich quick promises. As with any business, building trust and a following that is willing to invest their money takes a commitment to consistent online communication.
Once you’ve passed the 50-year mark, it can be daunting to think about starting a new career or transitioning into working from home.
The good news is you have lots of experience to draw from. You simply need to find the right avenue for creating steady streams of income.
Here at MultipleStreams.org, we don’t believe there’s just one way to do that. Instead, we encourage our community to explore every option that could leverage your existing strengths and experience.
The key is to be willing to learn new skills as you do that, so you can build a business that brings in a comfortable living income.
For instance, if you’ve got writing experience (or even some basic writing skills), you can easily bring in $2K to $3K a month as a content writer or blogger. Once you become known, especially if you know how to sell your services, you can hit 6 figures doing something you love.
Our advice? Think about the skills you already have. Are you good on the phone? Are you exceptional at organizing or cooking? Everyday skills like these are valuable if you know how to package them as a service.
And while some (like fashion consultant or personal trainer) may keep you local, other possible career options (such as photographer, writer, or e-Commerce store owner) can be done from anywhere in the world. So you can start a new career and travel the world, if that’s your goal.
Once you’ve identified a skill or talent that you can turn into a business, research the cost of offering that service. For instance, a graphic designer needs specialized (and often expensive) software. A writer can get away with Microsoft Word (relatively cheap) or Google Docs (free).
Now do the math—and be realistic. To enjoy your new career, your income needs to exceed your costs. But it can take months, and sometimes years, to get traction in a home-based business. You need to have a plan for bringing in some money while you build your primary business.[box type=”tick” style=”rounded”]Summary
There are different ways in which you can start earning money at any age.
Coaching – teach others things about which you have knowledge and experience. It can be any field. You can do it by video, audio calls, group coaching or 1 on 1 coaching.
Blogger – you can start a site in any niche you like. There are many different ways in which you can monetize your blog such as affiliate marketing, promoting your services, ads, selling digital products, etc.
Consulting – use your experience from your past career to offer consultancy to business people and companies.
Student mentoring – if you are a retired teacher or you know a foreign language you can tutor students online. [/box]
I lost everything and was homeless in my 40’s due to domestic violence, but that didn’t stop me.
I started an extremely successful online business after age 50. I’m 68, and still going strong. I teach others how they can do it too. Specifically, I teach how to become a direct response copywriter, serving other online entrepreneurs.
Revenue from this endeavor can easily reach at least a generous five figures, and up to multiple six figures.
I personally exceeded $100,000 in my first year online, but I do not teach this as the “usual” outcome. But even a beginner could expect to generate $36K to $48K a year if they are willing to learn and put in the effort.
I’m totally NOT a techie! And you don’t have to be for this. You need a reliable Internet connection, a computer, a printer, and a phone. Expenses are LOW, especially if you leverage social media for advertising when first getting started.
Basically, the expenses are just for your office supplies, Internet, cell phone, and computer. Some books on marketing would also be recommended.
The other expense would be for some education, i.e. training programs specific to copywriting and marketing.
The advantages of copywriting as a work-at-home job are phenomenal! You get to choose when, where, and if you work. You can travel to anywhere you want, as long as you have an Internet connection.
For example, I have a 45’ mobile office, built on a Freightliner heavy duty truck chassis (looks like a semi). I have internet, solar panels, a generator, a complete mobile office. I tow a 4-door Jeep Rubicon behind the mobile office (I have many photos if you are interested).
This is particularly noteworthy, because I actually do all the driving, as my husband is legally blind. I met Ron after the domestic violence event—discovered my soulmate later in life too!
We lived in San Miguel de Allende Mexico for two years, and I ran my business from there. We travel all over the USA and parts of Canada, and I run my business from there too.
We can go be with our little granddaughters in Washington DC whenever we want. I was there for each of their births, thanks to the kind of work I do. We travel to the mountains or beach, attend marketing conferences…and still run my business.
The other big advantage is the potential to make more than you have ever made in your life, OR make more than you did in a previous job.
I work in my bare feet, looking out at gorgeous views, with my beloved dogs close by. I can stop whenever I want, go outside to putter in the garden, take a walk, or have lunch with my husband.
I rarely work a 40-hour week, and I make multiple six-figures a year.
Your confidence soars, and the feeling you are finally doing work that means something, and even changes lives is unparalleled. The first time I was financially compensated for writing anything, was when I became a copywriter in my 50’s.
I have no intention of stopping. Why would I? It doesn’t matter how old you are, what you look like, where you live, or how much you weigh.
Frankly, it’s a GREAT life, one I could not imagine in my 40’s, or anytime prior to that either.
I grew up in a dysfunctional, abusive family, and have been on my own since I was 17-years old. No college. No degree. I even raised a Rhodes Scholar too.
So I’d say, “If a formerly homeless woman and a blind guy can do it…so can you!”
I’m a 69-year old freelance writer who still works at it, along with a mixture of other side gigs for one key reason — thanks to online job sites and freelance placement agencies, the hourly rate for freelance advertising and business writing has plummeted over the past few years.
I think it’s a great field as you’re driving at for we older types to find work-at-home gigs, with the caveat that you’d better be happy with $25-30 an hour max.
And yes, there are a ton of opportunities now out there at that range, often placed by younger entrepreneurs and clients who don’t want to pay more, believe that bullet points are usually all you need, and frankly wouldn’t appreciate the caliber of what you get from a $125/hour writer like myself.
So I have a handful of clients, mostly direct response, who still understand the difference — and the rest of my time I do business writing/email writing/copywriting seminar training around the country as an independent trainer for the leading company that does one-day programs in hotels (more for enjoyment than big bucks; wife is still working full-time and my income is no longer crucial.)
If I can do it, then anyone can do it.
Peter Bowerman – The Well-Fed Writer
Does your perfect “retirement” career look like this:
1) Good money for the time invested
2) Flexible – you say when, and how much you work
3) Ability to leverage your past career experience
4) Mentally challenging (and creative!) to keep the mind sharp
Sound about right? Well, if that’s your criteria, and you like to write (and know you’re good at it), you might just consider the lucrative field of “commercial” freelancing – writing for businesses (brochures, ads, newsletters, websites, etc.), and for hourly rates of $50-125+.
Why commercial writing? Well, downsizing and outsourcing in the business world for decades now means that companies and creative agencies (advertising/design/PR/marketing firms) increasingly rely on talented freelancers to handle many creative tasks, including writing.
About #3 above: While not mandatory, if you have 5-20+ years experience in a specific industry, marketing folks in those fields, tasked with generating ongoing marketing-writing projects, are always on the lookout for writers who know their world and need minimal “getting-up-to-speed” time. AND, they’ll pay handsomely.
Commercial freelancing is no get-rich-quick proposition, but it IS a solid opportunity that will never go away as long as companies need to market themselves (which they always will). And given that the field lines up nicely with our wish list above, many 50+’ers are finding it to be an ideal pre- or post-retirement career.
Lisa Rohner – Crowd Content
I manage a team of more than 3,000 freelance writers and editors whose ages range from 18 to older-than-Methuselah. I spend tons of time mentoring, training and recruiting writers and editors – it’s a really fulfilling job, and age is completely meaningless to me.
Companies know that an online presence (or lack thereof) can make or break their business, and they’re all looking for high-quality content to populate their sites. Working as a freelance writer or editor has a ton of perks: you make your own hours, you work when and as much as you want and you learn something new every day.
We don’t care if you’re 18 or 80 – as long as you can produce engaging blog posts, product descriptions, and articles that do their job and meet the client’s requirements, all is good. We pay twice per week via PayPal, and we have work available for all different skill levels.
You just need to have a good grasp of grammar, spelling, and punctuation and be able to write articles that flow well and speak to the audience.
Freelance writing can be a wonderful encore career because the new retirees can tap into their hard-earned knowledge gleaned from work, life, and their formal education to write content that can help other people. The beauty of a freelance writing career is that you can scale up or down, depending upon your target income, how much time you want to work (or not work), and so forth.
Typically, work can take place from the person’s home, if that is preferable or the retiree can write while on the road. Perhaps, as just one example, he or she bought an RV and is seeing the sights; not only can that provide fodder for writing, but the work can be done wherever the person is, given that he or she has a decent computer and a reliable internet connection(things that most retirees probably already have). So startup expenses can be manageable.
As far as income expectations, it’s important to know that, while people really can earn a nice income from freelance writing (with persistently dedicated ones earning in six figures), it does typically take time to build up opportunities and revenue streams. It’s definitely not a get-rich-quick avenue, but possibilities are significant, especially if the person has valuable niche knowledge (technical, medical, and so forth).
I am a 57-year-old fulltime freelance writer. I’ve been writing professionally for 30 years, 20 of it full-time. One of my specialties is working with people who don’t have writing credits to find the best avenues to build a professional writing portfolio of published work that they can use to go after more of the writing work they want. I do not have a specially-built course, and that’s intentional.
Instead, I work with the person from wherever he or she is, experience-wise, and go from there. Because my own resume is so broad (books, plays, scripts, magazine writing, and editing, newspaper writing, encyclopedia writing, blogging, copywriting, copyediting, ghostwriting, short stories, poetry, SEO, content marketing, and more), I can help people with a wide range of goals and dreams. I write for both of the two broad markets: for clients and for publications.
So, I offer customized, one-on-one mentoring for people who want to freelance in writing.
My biggest achievement to date is being the sole writer on an Emmy-Award-nominated documentary, TrailMagic: The Grandma Gatewood Story, that appeared on PBS. I’ve taught writing online for English-speaking writers around the world via Writer’s Digest, and I speak at writer’s conferences in Ohio, Pennsylvania, and New York.[box type=”tick” style=”rounded”]Summary
Freelance writing it’s something that anyone can do at any age. All you need is an internet connection and a laptop/PC.
Although it’s not required, having experience in a certain niche can be very useful. It can be anything that you are passionate about like cooking, parenting, home decor, sports, etc. You don’t need a degree.
You can work from anywhere, even if you travel or move to another city or country. You decide your own schedule.
There are a lot of free articles and cheap courses where you can learn how to promote your services to attract clients. [/box]
SELLING ONLINE COURSES
Rob Palmer – Go Freelance
There are many different freelance jobs and side hustles you can do from home – or anywhere in the world – to make a great retirement income. Even without previous experience or qualifications, you can get started as a writer, editor or proofreader and make a decent living.
But for anyone approaching retirement, there is an even better opportunity. At this time of life, you have accumulated a vast amount of knowledge and expertise. You may have decades of valuable experience from your career specialism ad your hobbies – plus a vast store of wisdom gained in the ‘University of Life.’
Now you can cash in on this huge store of expertise by becoming an online course creator. Today’s tools make it easy for anyone to create training courses and market them successfully. There is a genuine opportunity to create a six-figure – or even a seven-figure – income this way.
There will be some initial costs of around $1000 to get everything set up, and some ongoing costs such as Facebook advertising. But many course creators clear over $10,000 a month profit, and many do much better than that.
For me personally, running this kind of online business has meant the opportunity to relocate to Thailand, and spend my mornings working on my laptop at beach cafes. In the afternoon and evening, I have free time to enjoy doing whatever I want.
I am able to travel the world, and spend time with my children and grandchildren, wherever they may be. I don’t have to worry about my pension income being eroded by inflation, as my online income keeps growing from year to year.
Any retiree – or future retiree – who wants to experience this kind of freedom can dip a toe in the water by starting a blog for less than four bucks. That will give you a taste of what is possible, and perhaps open the door to a wonderful retirement career.
One of the best ways for someone over the age of 50 to make money after retirement without needing to invest large amounts of money or having technical skills is to provide classes and training on particular skillsets that they have developed over the term of their career.
This is one of the pieces I do as part of having multiple income streams – I teach various aspects of marketing.
There are two ways to accomplish this, and the first is using online learning platforms such as Udemy or Skillshare. This does require a computer, microphone, and if you want to be on screen a video camera or webcam, and understanding how to use those, but beyond that, it does not require extensive technical skills.
Pros: This can be a great way to reach the largest number of prospective students since you have the possibility of reaching their existing student base. You can create and upload a class from anywhere in the world as long as you have a computer and internet. Cons: you won’t make as much money as if you owned the entire system yourself since they will need to take a cut.
The best results will come with having developed a set process that others will be able to follow and replicate and sharing that exclusive knowledge through these courses/training.
If you are able to tie into the right audience, even beginners can make several hundred dollars a month once their classes have been uploaded to a platform, without having to do any work since these platforms are usually designed to be all-encompassing – you can set up self-graded assignments, for example.
Those who are able to share a whole catalog of courses, that provide great information, can make several thousand per month, and even more as their following grows. Adding a new class periodically will insure that the results are ongoing.
The second way is to offer live workshops. Pros: If you enjoy traveling the country, or even the world, this can be a great way to combine travel with work. It also allows the possibility of greater income potential since you can have greater freedom in what you charge, and retain a larger percentage of the revenue if you keep expenses down.
Cons: there is more logistical work involved, and you won’t have a built-in audience unless you have already developed your own database. You will be required to be in a certain location on a specific date, which can limit your freedom to an extent. You will also need to move materials, such as handouts, computer, projector, and other items with you.
These do require preparation before the event, and the day of, usually to a greater extent than online classes. However, the result can be a bit more flexibility on larger cash flow on the timing that you choose.
Both strategies can mesh perfectly with other income generation activities such as coaching and consulting, public speaking, selling books you’ve authored, and direct products and services.
Gayle Carson – Spunky Old Broad
I can only speak for what I do and I am 81 years old. I do 12 radio shows a month, coach women 50+, write books and articles and do speaking.
All can be done from my home except for the speaking. I love everything I do and payment is dependent on a variety of factors.
However, the important thing is what they bring to the table and their background. I teach people how to get on radio, TV and podcasts if they have a message, how to reinvent themselves and keep a positive mindset, and get articles and books published.
Tom Antion – Screw The Commute
I’ve been selling on the commercial Internet since there was a commercial Internet circa 1994. I was 39 years old at the time. It’s a good thing I had lots of energy because it was the wild west in those days. All the tools were expensive. You absolutely had to have a technical person to get things done and if your website worked consistently, you were one of the lucky ones.
Fast forward to 2019 and it’s a different kind of wild west. Inexpensive and free tools come out daily that are more powerful than the original space shuttle. You can do virtually everything you need to do to earn money by yourself, and most of the tools are extremely reliable.
When I train people from Gen “O” (for older hahaha) on how to earn income online I still recommend they keep their eyes open for young people to help them. These youngsters came out of the womb swiping screens. If you look closely at recordings from delivery rooms around the world, you’ll probably see tiny cell phones in their hands.
Heck, if you needed computer help in a hurry, you could probably go down to the local pre-school and wake a kid up from his nap. He/she would be more tech-savvy than you or I.
You can make world-class WordPress websites for less than $100 dollars. There are many ways you can earn even if you don’t have a website. You could start a Facebook group where people pay you to be in the group. You could start a YouTube channel and build a following on just about any topic you can imagine. You can start online stores with zero technical ability at places like Etsy.com and Zazzle.com
One of the things I’ve been teaching for years is how to make your hobbies legitimately tax deductible. If you love golf, you could start a golf blog. Like to travel? Start a travel site? Tinker around with small motors? Yep, you could have a small motor repair channel on YouTube and get ad revenue every time someone watches your videos.
Are you willing to put a little more into your entrepreneurial endeavor? Write an e-book on your subject and either sell or give it away. I wrote a brief e-book at a 4-hour layover while traveling that has brought in 3.5 million dollars so far. Yes, I know that sounds like craziness and get rich quick stuff, but let me explain.
Here’s the concept. I wrote an e-book teaching someone how to do something, but they couldn’t do it unless they bought the tool mentioned in the e-book. If they bought the tool, I get a commission. This is called affiliate marketing.
You recommend a product and get paid when someone buys it. Amazon is the biggest and best-known affiliate program in the world, but there are many other smaller companies that would be happy to have you promote their wares.
There are tons of ways to legitimately earn money online and the tools have never been more powerful and easy to master. If you get the knowledge you need to be successful online, the risk is extremely low compared to any other physical business, franchise or even real estate. Plus, it’s a heck of a lot of fun especially if it’s based around your hobbies.
Margo Lovett – Her Business Her Voice
The best way for a person over 50 to earn money from home is to sell helpful information that they have acquired from living or their experiences. People want guidance, verified successfully executed tips; they want to shave off the learning curve. Most people over 50 can teach at least one thing so sell that information.
I quit my job (of 26 years) and retired at age 62, created and host a very successful podcast. With over 70 shows on my hard drive, I decided that I would write articles from the info that I have from life & business coaches, strategists, psychologists, speakers, and authors. These are people that reinvented themselves.
The articles and podcast led to 2 Amazon Best Sellers. And my next step is to sell the info from my interviews according to what is trending in “self-help.”
To host a podcast calls for less than $100 each month and with consistency, people able to make a difference will be a guest on the show.
Nic Squirrell – Skillshare
There are so many opportunities to earn online from home these days, whatever your age. I earn a good full-time income from a number of online income streams as an artist, illustrator and as a teacher with Skillshare.
If you have the knowledge to share (which most people over 50 do by this stage!) then teaching on Skillshare is a great way to go. It’s very rewarding to share what you know and to pass on all the tips and tricks and shortcuts you have collected.
I had never even filmed a video when I started, but there is a wealth of information on the Skillshare website which walks you through everything you need to know. It’s something I never imagined doing, but I’m so glad I gave it a try.[box type=”tick” style=”rounded”]Summary
Teaching online courses is a great way of earning money online. You can create a video or audio course and sell it through platforms like Udemy and Skillshare.
You can teach through workshops or webinars online. You can share your knowledge by writing an eBook and sell it.
You can also sell your course through your own website, which is more profitable but requires an on-going small investment.
Build a website where publish regular content that can be written, like blog posts, or audio, like a podcast. If you prefer video you should also make a youtube channel. This way you will build a targeted following which will buy your products or services.[/box]
Richard Lowe Jr – The Writing King
I recommend using websites such as Fiverr.Com to create small jobs, or gigs as they are called, to match your specific skills.
You can do proofreading, format documents, edit graphics, create videos and so on. If you have a skill that can be sold as a service, you can probably feature a gig on Fiverr.
The really cool think about Fiverr is you create 3 levels for your gig: a basic one at $5 that gives the minimum, a “standard” one that is more complex and a “premium” gig that provides the best service.
You can also specify add-on services for additional charges. It’s a great way to make money.
Bernadette Janson – The School Of Renovating
The low hanging fruit for over the fifties is short term rental( Airbnb). We have many over 50s in our community ( myself included) producing substantial incomes through Airbnb.
It can be as simple as renting a spare room and earning an additional $1000 -$ 2000 per month to renting properties and earning between $2000 and $10,0000. The main expense is the set up which can be done cost effectively using FB market place. Ongoingly the biggest expense is the cleaning but this is paid by the guest
The benefits are not only financial. It brings a sense of satisfaction to derive an income from our natural born skills as homemakers. It also brings a richness to life, meeting and interacting will people from all parts of the world and often making friends for live
The secret to success is in hosting, managing and marketing skills.
Statistically, a good host will earn 20 times what an ordinary host will earn. We run a training offer a training My Airbnb Empire for women who want to replace their income through Airbnb.
Bobby Warren – Wooster Media Group
I’m a former award-winning journalist, who left a secure reporting position with a steady paycheck shortly after my 55th birthday to form a search engine optimization/digital marketing agency. I do the work myself, and I help others get a start in digital marketing.
After my wife crunched the numbers, if my new venture took in about $18,000 in its first year, we would be OK. We would have to trim some things from the budget, but our lifestyle would remain relatively intact.
After completing an online course at SEOAuditGuide.com, I was prepared to launch a new career. We seeded the business with $3,000, primarily as a way to hedge against slow sales in the first two months.
The focus of my company, Wooster Media Group LLC was threefold:
1. Offer Search Engine Optimization services
2. Content creation
3. Social media management. Sales turned out to be better than expected.
I ended up working as an independent contractor with Claudia Pennington, a millennial digital marketer who created SEO Audit Guide, to write about how people can get into this field with little investment.
At the time, I paid around $400 for the course. I ended up joining Claudia at a blogging conference to teach others about SEO and how it can benefit them.
If you are looking to offer a product or a service for money, look first at your own skills and abilities. And don’t overlook the obvious. Consider teaching English. The demand for native English speakers to work with international students is huge.
Your native ability, a university degree and a love of teaching are the only firm prerequisites. Teaching experience and/or a TEFAL certification are nice to have but not necessarily required.
The pay for teaching online using face-to-face meeting software like Zoom is about $22/hour. According to Mara Gano, a retired teacher living in Ecuador and teaching children in China, it is not easy to make a comfortable living teaching online as the hours are limited, but if your goal is to supplement your income, a five to 15-hour work week is possible.
The good and the bad news is, most classes are offered at times most convenient for the students. For example, in China classes are offered in the evenings and weekend mornings.
Due to the 13-hour time difference, working hours for someone located in the Eastern Standard time zone are early mornings, beginning at 5:00 AM or Friday and Saturday nights.
The advantage is, if you are looking to start your own business, or pursue another hobby or interest, your work day will be over before breakfast. Of course, other countries, Russia, Japan, Korea will have a slightly different working schedule.
Check out this resource for a list of organizations that hire native English speakers to teach online. Before you commit, be sure to do your own research as not all language schools are as scrupulous as they should be. Read the reviews from others and ask for a signed contract before you begin.
Barbara Wainwright – Wainwright Global
Becoming a Certified Professional Life Coach is a great way to earn money from home. If you love helping people get clarity on their dreams and goals, coaching is a fabulous way to work from home while providing life-changing coaching services.
If you have an expertise as a consultant or counselor, coaching is a great add-on where you can “switch roles” and provide additional consulting/counseling for your coaching clients.
If you enjoy deep, meaningful conversations with people, then coaching may be ideal for you.
As a coach, you can work from anywhere in the world, including your home office. Some coaches conduct their sessions on the beach!
If you have ever wanted to own your own business, coaching is a great business to start. There is no inventory to purchase, store, pick, package and ship. In fact, you simply need a business card and a phone to get started.
You can start part-time and work up to full-time. Once you have the clientele to support your lifestyle, you can make the switch to full-time!
There are over 52 coaching niches for you to choose from when beginning your coaching career. Imagine spending time having conversations on topics you are passionate about with people you value spending time with!
You can learn a step-by-step coaching system in 16 hours and become a Certified Professional Life Coach for under $1,000.
Should you become a coach? Only you can know if coaching is right for you.[box type=”tick” style=”rounded”]Summary
You can earn money through different gigs.
Fiverr is the starting place for many freelancers. Depending on your skills you can do different types of work like: proofreading, web design, writing, create graphics.
Airbnb – you can rent a spare room in your house.
SEO – if you’ve worked online for a while and learned SEO, you can provide SEO services as a freelancer, work remotely for a company, or even start your own SEO agency.
Teaching English – if English is your native language you can also teach it to others. You could also teach other international languages that you know like French, Spanish, German.
Life Coach – if you enjoy helping people, giving advice, you can take some courses and later become a life coach. Although there are some life coaches that have no training, we don’t recommend you to the same. This is a job for which you need some training to make it work well for everyone involved.[/box]
SALES & NETWORK MARKETING
I believe that one of the best ways for a person over 50 to make money after retirement without needing to invest large amounts of money or acquiring any new technical skills is through Direct Sales.
Direct Sales is an equal opportunity career with a low barrier to entry. It provides a flexible schedule, requires a minimal investment and has unlimited earning potential.
It also doesn’t require the interviewing process where you are pitted against other people vying for the same position. You aren’t going up against anyone else, just reaching to become the best version of you.
Carol Mann – Women On the Web
Network marketing! I earn an extra income of about £850 per month just with doing the bare minimum with a company and a product which bio-hacks our DNA to help our own bodies create more antioxidants.
It’s about finding a legitimate company, that offers amazing support and a product you believe in. Also, the compensation plan needs to be fair and achievable.
If you do this then, with very little investment – about £500 max – you can build a tidy little business. All you need to be able to do is talk to people and copy what the successful people are doing.
Pedro Okoro – Astute Copy Blogging
The flexibility of working from a laptop anywhere in the world as long as there is internet access is an unbelievable advantage.
It’s the ONE strategy that’s allowed me to be successful: Building a large audience from scratch QUICKLY – on a shoestring budget – and monetizing that audience effectively.
For example, with an email list of 1000 subscribers, you can expect a weekly income of about $1,000 because 1% of your list would generally buy from you.
So, for instance, if you wanted to start a coaching program, and you have 1,000 subscribers, you should easily get 10 clients within a few days of sending a simple email to your list.
Here’s a sample email you could send:
Subject: Call me?
Hi [First Name ]
Want to get on the phone with me and talk about how to [DESIRED OUTCOME]?
I’m providing a new service where I help you do exactly that. Click here for more details: [LINK TO YOUR SALES LETTER]
Talk with you soon, [YOUR NAME]
Every month, you can send out a new variation of the email to your email list, and you’ll get more clients. You might also develop a few different types of services, which is helpful because you can avoid pitching the same thing every month.
If you develop yourself and you’re ready to put in the hard work, you can easily work 10 hours a week, earning $99 per hour. 10 X $99 = $1,000 per week. $1,000 X 52 weeks = $52,000 per year.
As their coaching services become more popular, you increase your rates, jumping to $200 per hour, and then $500 per hour, and then $1,000 per hour.
They can absolutely make $100,000 per year from selling services if you have a list of 1,000
Scott McKirahan – Store Coach
Alas, I am, indeed, 55 years old and got into eCommerce a decade ago after getting laid off during the recession and I’ve never looked back. Although I’m not quite at that age yet, I really appreciate the fact that I’ll be able to only put in 1-2 hours work each day when I do reach “retirement age” and still maintain a very healthy living while also collecting social security.
Frankly, I’d get bored if I didn’t have a little bit of work to do. My biggest problem is that there is so much potential to make even more money, it’s hard to just work only an hour or two each day!
Working from home is a double-edged sword. Although you have the freedom to do what you want, when you want, in order to succeed, the work still needs to get done. That may mean taking off at noon for four hours for a family event but then returning home and working into the night to catch up.
Worse, you never really leave the “office” – the work is always sitting there, waiting for you at home, and it’s always beckoning you to come “play” with it.
Nowadays, with internet access practically everywhere and the ability to use so many different types of devices to access it, that “office” really is everywhere. It travels with you on vacation and family trips.
You can definitely make money while laying in a hammock on the beach with an umbrella drink in your hand, so the temptation is always there to get “just a little more work” in, no matter where you are.
Because of that, setting up personal ground rules for family, friends and yourself is extremely important. They have to know when (and where) to leave you alone. You, in turn, have to remember to call it quits and make time for your family and friends, even though there is still so much more work that you could be doing.
The expenses of setting up an eCommerce website (or two or three) are pretty minimal – less than $100 for some of the initial stuff like logos, banners, web hosting and maybe a toll-free number and then as little as $50/month thereafter.
The profit potential is the real wild card. If anyone in this industry knew for a fact what the profit potential of any prospective product niche was, they’d be overnight millionaires.
There is a lot of trial and error, hit and miss. I know that I have never built an eCommerce store that lost money but some only make a few hundred per month and others, several thousand (or more). I only wish I knew which would be which ahead of time so that I could concentrate my efforts solely on the big winners.
Really, anyone can work from home and make good money in eCommerce. I was a complete “newbie” when I first started. I knew nothing about how to build a website, how to source products, how to edit images and a host of other things that I now do.
It all comes down to effort, self-discipline and a willingness to learn and try new things. There will always be roadblocks but they can almost always be overcome. The answers are all online if you only take the time to look, learn, try and implement them.
Pat Roque – Rock On Success
At age 55, I’ve reinvented my career several times. Most recently, a midlife meltdown (a bad combination of losing my high-paying gig and raging hormones) caused me to hit rock bottom. I cried everywhere for over a year.
Then, I reinvented myself as the “Rock Star Transformation Coach” and started teaching others how to rock their strength, monetize their genius and get paid well doing what they love.
I’m all about simplicity. I am NOT techie, so I suggest you find tools that are easy and comfortable for you to engage. Do not try to tackle too many things at once.
Focus brings you freedom so think about your priorities first with some soul searching.
Next, decide what you enjoy or a narrow down a topic where you’re an expert.
- What are the things you like to share or teach?
- Why do folks repeatedly thank you?
- What do you want to be your legacy?
- Do you thrive on working alongside others or in a virtual environment?
- Would you enjoy a laptop lifestyle?
NOTE: I work remotely since 1988 – and spent 19 weeks serving others from my oceanside condo in Myrtle Beach. That is a tremendous quality of life choice and I’m happily teaching others how to make those important decisions about what matters most at the next stage of your life.
I recommend 3 routes to make money online:
- Reselling/referring to others (called affiliate sales)
- Creating and selling your own content (such as in online courses)
- MLM or direct sales
The first involves simply serving as a referral (or affiliate) source. In this model, you don’t have to create your own content. Rather, you are reselling products or services produced by others.
You are paid a percentage, or commission for steering folks to your favorite items. You can use digital marketing, or even handle high-ticket sales calls via phone and zoom (easy video conferencing).
You can likely participate in these referral programs with little to no investment, but I’d bet the help would be welcomed.
Your potential income is related to your goals and the type of product or service you resonate with: one friend resells designer handbags on eBay and tradesy.com.
She’s not manufacturing products, can adapt her inventory to reflect the hottest shopping trends, and buys as much or little inventory as she’d like.
If you’re more inclined to monetize your expertise and build a personal brand, then you could create an online course and teach others how to fast-track their success.
I’ve seen successful courses around interesting topics: from interior decorating to pet training to tax preparation and more.
Programs can go from free (to grow your fan base and email list) on up to $25K, and we drive qualified traffic to what may help you most.
Finally, if you prefer to buy into a system where the tools are built and you can simply sell products for a name brand, the Avon lady or other direct sales/multi-level marketing companies allow you to buy in, pay monthly fees (or minimum purchases of their own products).
You typically don’t have to house inventory (perhaps a sample kit, but not stock a full warehouse). Referrals come through online marketing, social media, live local house parties and/or meetup events and such.
I was a successful executive with a nutrition company, but I learned that the best way to leverage this is to use it to supplement your own personal brand.
Otherwise, you may invest thousands of dollars and years of your life building up equity for the parent company.
If they disappear, as has happened many times over the years when these businesses fail (think Herbalife), you are left with nothing and have to start over.
Rather, I always recommend folks who want to create income streams do some soul searching, get clear on your own priorities and decide what is non-negotiable. From there you can work with a coach or pick a path that serves you and your family best.
Regardless of which path you choose, ALWAYS build a personal brand, a tribe of loyal followers.
Lead from the heart, share valuable information and the products or services you offer will further enhance your relationship.
Follow this whether you have a job, serve as an affiliate or become your own business leader.[box type=”tick” style=”rounded”]Summary
Network Marketing is an option for older people to earn money while having a flexible schedule. Prior experience is not needed because all the training is provided by the company. Keep in mind that this is not a work from home opportunity because it requires meetings with potential clients and participation to different events.
Email Marketing – if you have a site and you want to use it to sell something then you must start building an email list and then promote them your products.
You can also make a good income by running an eCommerce store.
Affiliate Marketing allows you to earn money by recommending some products and getting a commission every time someone buys them through your affiliate link. Amazon offers lots of opportunities for affiliates and you can earn a lot if you rank for competitive keywords and produce hundreds or thousands of sales.
HOW TO CHOOSE YOUR NICHE
Janet Attard – Business Know How
While there are all sorts of lists about the best businesses to start, there is no answer that’s right for everyone.
That’s because the right business – one that really does make money – is going to depend on the skills, interests and marketing ability of the individual, as well as the need for the product or service they plan to sell.
For instance, selling mugs and Tshirts online is profitable for some people but not for others.
For instance, someone who’s a talented graphic artist, comes up with some clever t-shirt designs and has a good social media following or other way of getting people to see and want her designs, could start an online t-shirt business very economically using a print on demand company to print Tshirts as they are ordered and a low-cost online shopping cart like Shopify.
(Shopify integrates with at least one print on demand company, and possibly more.) If the business turns out to be viable, they can expand to other sales channels and find less costly ways of having the shirts printed.
But a talented graphic artist who isn’t good at social media and doesn’t have much of a following, would find that the cost of advertising his online website to get potential customers to see his designs could wipe out any profit he made.
Similarly someone with no skills who wants to make money and doesn’t mind scrubbing floors, for instance, could start a housecleaning business. How much he or she could make would depend partly on whether that person planned to do all the work themselves or not.
If they were doing all the work themselves, they might make $150, to $200 per house they cleaned in some areas of the country. But if they hired people to do the work and were good at marketing, they might clear $100,000 or more a year in profits, eventually.
Businesses take time to build, so no matter what business one is starting they need to have realistic expectations about costs, income, and how much time they’ll have to work at the business.
Being 54 I can relate to what you are looking for.
Two years ago I came back from a one year trip across Canada. I met many people who were like me (50ish) who wanted to live their life with more passion and purpose.
The most important thing for anyone to have a business including people over 50 – is do what you like doing.
We are living in a time, where people find enjoyment in all kinds of past times and in almost all cases – will pay for the experience.
Here is what I mean… people like to eat a certain kind of food, what do they do? Go out to eat (Biz = restaurant) OR They cook it themselves (Biz = cookbook is bought) OR they go get ingredients at a store, maybe even prepared (Biz = store)
What is available to us today is a plethora of platforms to deliver a solution to a problem or challenge. And many people will pay for the solution.
So what do you do when you get to my age or older… is you start to think – What can I do?
The first step to make something that you can build a business …. is think about what problems are in the fields of interest you have.
DON’T DO SOMETHING YOU DON’T LIKE – just because you think you will make money. It won’t last.
Next, once you think you have the problem identified… do some research. Look up online anything related to that problem. Maybe see who else is talking about it. What are some of the solutions?
Then start to lay out what you know about the problem AND what you don’t know (or want to).
Then start to lay out all the struggles you had. Think about where you went wrong on your journey.
Think about what you found helpful.
If you have some great insight – reach out to others you admire or who helped you.
Ask them how they got started. Ask them if they ever take on assistance or help.
You see you can put a plan together for a business at $0 cost. You can lay all your ideas, questions, thing to do, not do, needs, wants…. and by doing this you will get clearer on what is possible for yourself.
You will also begin to create a plan. Your job as a business owner is to work your plan.
People over 50 who want to start their own online business have probably reached the point in their life where working for someone else doesn’t serve them anymore.
I am convinced that no matter how close or far you are from retirement if you have the drive or feel the necessity to keep making a living with rewarding work, you can put the wheels into motion with minimal financial investment and a small window of time. Even if you aren’t tech savvy and have no inclination to become so, you can overcome these perceived hurdles with a little research and time.
To find the kind of business to start think about the fact that most people spend their life avoiding what they wanted to be when they were children. Try to put yourself back in time to recall what activities made your heart race with excitement. Can’t remember that far back? Think of the last time you were doing something that made you feel right in your element.
Also consider those activities that have always been a hobby or come the easiest to you, like arranging furniture, diagnosing a car problem, even whipping up a full-course Thanksgiving dinner for a small army. Those things that come as second nature to you are probably innate aptitudes that can’t come from training, education or exposure.
Perhaps you were born loving to draw or taking things apart and reassembling them. Or, you’ve had a way with words ever since you learned to write or have a knack for convincing others to see things your way. People often take these gifts for granted simply because they come so easily.
On the contrary: what comes easiest is often the very thing you do best. In turn, what you do best is probably what you should be doing to earn a living online and creating a lifestyle that suits you best. It’s that simple. Starting an online business can be the best solution for someone over 50 who doesn’t want to spend a lot of time and money on starting a traditional brick and mortar business.
Perhaps you have heard of “second act entrepreneurs”. Many people over 50 are ready to retire from a corporate life, were laid off from their job, or are close to retiring and fear what will happen next. As a result, they seek entrepreneurship.
This is a great time to act on what they’ve always wanted to do. Here are some tips to make that happen:
1. Identify the skills, talents, and interests you have
2. How can these be implemented into a business?
3. Identify how to reach your audience and future clients.
4. Start building your brand around what services offer and be where your clients are: if your service is local (for instance, a dog walker), then visit dog parks, humane societies, veterinarians, etc. If your service is internet-based, for instance as an online researcher, visit libraries and colleges/universities to build awareness.
5. Be aware that neither money nor high tech skills is necessary for many entrepreneurs to get started. Utilize local resources such as SBA, SCORE, and co-working spaces to learn and interact.
6. Speak to other 50+ entrepreneurs/retirees to learn how they make money after retirement. Many can also provide resources and referrals to those who can help.
The best way for a person over 50 to earn money from home without needing to invest large amounts of money or learning lots of new technology is to leverage the lifetime of skills and knowledge they already possess.
List out your current skills – which can be career-related or things you picked up along the way, like a second language.
Then, list out the things you love to do. Your goal is to find a business or contracting opportunity that combines what you are good at with what you love. Then search for online jobs that match the description you come up with.
You can search job sites – there are some that specialize in remote work. You can look at freelancer sites for ideas and inspiration, too.
You can work for someone else as an employee, do contract work, freelance, or start your own business. Each of those options comes with at least some flexibility to work from wherever you want – the beach, a campground, visiting family and friends, pretty much anywhere – as long as you have a good internet connection and a laptop.
If you are an employee, your startup costs likely will be minimal as your employer may provide you with a laptop and pay for your internet and other work-related costs. However, you may have to trade off some flexibility.
If you decide to do contract work for someone else, you don’t have to worry about things like finding clients, marketing, customer support, and so on – which you would have to do if you ran your own business.
Since you aren’t an employee, you have more flexibility as far as when you work and the types of jobs you’ll take. However, you may not have as much earning potential as you would if you ran your own business.
Starting your own business has the highest earning potential, but also is the most expensive route as you provide the laptop and any other needed equipment, you pay the bills, you find and acquire the customers, and so on. However, if you have experience running a brick and mortar business, a lot of the same things apply to business in the online space.
Income possibilities really vary based on your skill set and the type of online work you decide to do. I personally have more than replaced the income from my 9-5 job, but not everyone wants or needs to keep working full time.
At 50 and beyond, we still have lots of years to enjoy life and make the world a better place than it was when we arrived. Why not take this opportunity to do work that is fun, that keeps your brain active and agile, that puts you on the cutting edge, and allows you to work from wherever you want in your sweats?
I have worked with clients who have been looking for income from home and surprised how often they want to throw away their main advantage.
You work for decades and have decades of life experience. You have skills that younger people can’t possibly imagine. Find some way to help those coming up behind you.
Today, technology allows us to work wherever we want through video meetings. You may not have a line of people asking for help but you can help. Mentor any of the billions online asking for help. Get good at it, and then build a business around it.
David Leonhardt – SEO-Writer
Most people over 50 have some experience at something. They have built up a knowledge base through a lifetime of working and of hobbies, and simply living. Over 50, put that knowledge and experience to work.
The first step is to brand yourself. Don’t wait for Donald Trump to call you something; give yourself a name. If you were a superhero, with the power to fix this one thing, what would your name be? For instance, if you’ve learned how to assemble kitchens, name yourself:
· The Kitchen Dynamo!
· The Countertopper!
You get the idea.
Now buy the domain (like TheCounterTopper.com), get hosting and install WordPress and a theme that allows you to sell items, such as eBooks. If this is all too confusing, it shouldn’t cost much to hire somebody to set it up.
The rest is standard Internet marketing through SEO and social media to drive traffic. That’s a lot of work, but not much money. But it’s not really that much “work”, if it’s something you are passionate about. After all, you will be guiding people in something you enjoy.
Money can be earned by selling an eBook, through affiliate links or even through advertising. But you have to first build up your traffic. The key is to harness the priceless asset that costs you nothing – your knowledge – because years of experience have already paid for it.
I would advise others over 50 to look for something to do online that plays nicely with their current skill level and uses their years of work experience to their advantage.
Using what they already know means they spend less money and time learning new skills and programs. In turn, they start earning money online much sooner and with much less struggle.
After 20+ years working as an Executive Assistant for Presidents and CEO’s in the corporate office, it took very little effort to convert that knowledge and skill set from the office to the online world. I easily moved into working as a Virtual Assistant. And, instead of being tied to one area, my clients are now from all over the world.
No money is needed for this transition. The only hardware needed is a laptop or desktop which most people already own. One can always purchase additional hardware and spend additional money on expensive programs, however, it’s not needed to get started.
Working online doing what you love, have years of experience doing and from a location you love? What could be better than this?
Especially, since others think the second half of life is all about endings. I say the second half of life is all about “really living!”
David James Demko – Demko
Prior income is no indicator for future success. There are many wealthy people who have lost their wealth due to stupidity (research citations available). And, there are many examples of poor, even illiterate people who have achieved epic success.
Start hour online success story from “Ground Zero”.
“Age is experience.”
So, regardless of your past success/failure, your best asset is “experience” … is your old then you are a survivor …. you have achieved what others (sadly) have not, later life.
Your online product/service needs to focus on your “life experience” which is an undeniable asset.
- Choose a product, your life success can attest to its merits.
- Promote a service, your life success can attest to its merits.
- Promote a business strategy, your life success can attest to its merits.
For all this to work you have to be honest or your success will be temporary.
Gabriel Antonio – Profit Press
I get this question a lot and we always recommend learning to use WordPress. WordPress is the best for making websites. It’s widely used (1/3 of websites use it) and it’s relatively easy to use.
- WordPress is great for a few key reasons:
- It lets you build websites without knowing how to code.
- It’s free, all you need is a domain name (~$15/yr) and website hosting (~$5/mo).
- It supports a range of skills, so you can make money building websites, designing, writing, or whatever your skill/interest is.
For these reasons and more, WordPress is the #1 way to make money after retirement.
Next let’s talk about the framework for finding your way to make money from home. We highly recommend the Technology, Skill, Specialty method. Here’s a quick overview:
- Technology: Which technology or app will you leverage to make money? We’ve already picked WordPress because it’s cheap and easy.
- Skill: What skill can we leverage? Do we have existing skills like writing? Do you like making things to sell online? If you don’t have a skill, then what are you interested in learning? If you need ideas, we wrote a guide with dozens ways to make money with WordPress.
- Specialty: What will you specialize in? If you like making websites will you specialize in websites for Realtors? If you like writing will you focus on writing about dog breeds?
This Technology, Skill, Specialty method won’t work for everything, but it’s an effective way to get started and find what niche is most promising for you. You’ll need to invest some time learning the basics (e.g. take online classes, search for guides, etc.) but you’ll develop expertise in your unique niche. Becoming an expert in your niche is what will allow you to charge higher and higher rates over time.
Kim Krause Berg – Dancing Timber Homestead
We are living longer and healthier lives, which allows many of us over age 50 the opportunity to earn money doing what we love and being our own boss.
I started a hobby business by accident two years ago at the age of 58 when I sewed up a microwaveable heat wrap and added a combination of scented oils and dried herbs to the rice and flaxseed mixture. They were an instant hit with friends and family. Since I work with horses that are retired from racing, I was asked to invent a version for horses and their back muscles.
One day I made samples of a special sinus wrap to help with breathing and they are now my best sellers. Even though I already work from home as a consultant in a technical industry, we ended up needing to buy a small farm for my supplies, larger workshop and gallery.
I used YouTube to teach myself sewing, how to use a Serger, and later I learned macramé. Other than sewing machines, materials and supplies, which are paid for by sales of items, I use what I already have for the business, such as my cell phone, camera and laptop. Etsy and Amazon are easy ways to sell items.
Now that we have more room at the farm, I plan to offer workshops and invite others to rent space at our farm for events and small classes like Yoga and Tai Chi.
Sharing your expertise is a great way to earn money. You’ll develop interest through word of mouth too, which is cheaper than advertising. Go to free networking events and business card exchanges.
For my consulting work, I held small teaching gatherings at a local café, where local people could ask questions and leave a donation for my time.
Don’t underestimate your skills. If you can be a mentor, you make your own hours and determine your fees. I also barter. For example, foot reflexology in exchange for a custom made neck wrap or macramé wall hanging.
Pete Sisco – Safely Leave The Rat Race
Online income is an emerging lifeline for retirees. In the online economy, virtually anyone can earn a reliable, sustaining income without fear of ageism, cultural biases, being introverted, or other factors that can affect traditional employment.
Options range from companies that employ home-based workers to the ability to build an online business you completely own and control.
Many online businesses can be started for a tiny investment and built gradually on a budget of as little as $50/mo.
Importantly, online income can be built ‘on the side’ without forfeiting any existing sources of income.
Ed Taylor – The Encore Entrepreneur Learning Center
Many of the Best Retirement Businesses Bubble-Up from the Inside
The best jobs, retirement or otherwise, start with being able to do work you love. That’s why I like being an “Encore Entrepreneur”. By starting a retirement business, rather than getting a job, I can do work you love, control my own hours, and work from home.
Of course, there is a flip side, like determining what business to start… and then actually figuring out how to make money at it. But it may not be as difficult as you think.
I personally have 3 different home-based businesses. The first is portraying Santa Claus. I took a hobby & community service that I did for 7 years as a volunteer and turned it into a business.
In the 8 years since, I’ve grown the business to comfortable 5 figure income and I even added TV & movie work which produces additional income, extends the season and has been a ton of fun.
My 2nd business is an online Santa School. As I was building my Santa business, I started helping other Santas do the same. This keeps me busy from January through July when the TV work picks up. It also earns a nice income.
My 3rd business is a spin-off of my Santa School. It’s the Encore-Entrepreneur-Learning-Center dot com.
After receiving dozens of thank you emails and messages from Santas & Mrs. Clauses telling me how my training helped them earn an extra 10, 20, or $30,000 per year and hearing how this extra income was being used to take trips, pay-off debt and improve the quality of life many ways I decided to expand my ‘business coaching’ to more than Santa Claus.
I decided to help people 50 & better to become ‘Encore Entrepreneurs’. I wrote a couple of books on the subject, created a website and provide coaching & training.
Now if you re-read the paragraphs above, and this time instead of reading them as a bio, or an introduction, read them as a FORMULA. You will see that I did what many successful Encore Entrepreneurs have done… and it’s what suggest you do.
Start with something you love.
Create a business model that you can start & operate with a VERY small investment and little to no risk.
Execute it. You’ll learn far more from doing than thinking about it. Get started ASAP.
Those are the 3 steps. They’re simple… but typically not easy.
I started each of my 3 ventures with less than $3,000.
Once I made the decision I quickly ‘went to market’. In my personal experience and in the experiences of many EE’s I’ve interviewed I’ve found that getting started quickly is the best way to learn what to do.
Real world experience trumps ‘thinking about it’ every time. Especially when we’re talking about a small 1-person, home-based business. I used ‘guerrilla marketing’ tactics so my marketing was an investment of time rather than money. This is a great way to start. Get your product or service in front of potential customers and then make changes as learn from the market.
Your Home-Based business may have you also working outside the home.
My Santa business is home based but I do make appearances at parties, TV shoots, etc. I love it, but it does take me outside of my home. My other 2 business are ‘memberships’. I use membership websites to protect the information and I make several levels of memberships available. I love this business model too and it can ALL be done from home or anywhere I can take a computer and access the Internet.
So ask yourself, would you like to ‘get out and do things’? Or would you prefer to deliver your product or service online so you can work from anywhere?
If you’re going to be a handyman or a pet walker, or provide bookkeeping help or hundreds of other things you may need or want to get out and be where the customers are.
If not, be sure you select a business idea that can be done completely from your home.
Obviously my retirement businesses just ‘bubbled-up’ from what I was already doing but they can also ‘bubble-up’ from an interest.
One of my friends, Darla Claire, found herself divorced, broke, and unemployed in her mid 50’s.
Now, just a few years later, Darla has built a successful business that allows her to work from home or, and this is important to her, she can work from just about anywhere in the world.
Darla says, “The old saying that we teach what we need to learn, is true. I needed to learn how to get past my limiting beliefs of what I could or couldn’t do. So, I dove into self-reflection, learned some new powerful skills and became Master Certified in Hypnotherapy, Timeline Therapy™ and NLP (Neuro Linguistic Programming).”
Sometimes our inspiration for a Retirement Business isn’t ‘out there’ it’s something ‘in-here’, not so much something we want to do, but something, or someone, we want to become.
Darla became interested in why we do what we do. When she started exploring the topic, she was not necessarily looking at it as a profession, it was more of personal interest. She became fascinated. She felt her life improving and it became clear… she wanted to be a Life Coach.
She invested about $5,000 and 18 months and became “Master Certified” in some skills she found personally beneficial.
Darla says, “Most of my clients come from social media and personal referrals so they’re used to using the Internet.”
Being able to do work she loves and has personally benefited from and being able to work from any place with an Internet connection has allowed Darla to create the perfect Retirement Business for herself.[box type=”tick” style=”rounded”]Summary
List your skills, talents, and interests.
Choose a niche in which you would like to work. This can be the same niche in which you’ve built your career before retiring or can be something you’ve always done as a hobby.
Research the people’s needs in that niche. How is your target audience? How can you help them get what they want?
Select one or more monetization methods from the ones described above.
You want to earn an additional income by doing something you like. It’s best to choose something about which you are passionate because if you focus only on the profit you may give up too quickly. [/box]
Thank you so much to all the online entrepreneurs that contributed to this post and shared their vast experience!
As you can see in this post, anyone can earn money online, no matter the age or their previous experience.
Being retired doesn’t have to mean the end of your professional life. One of the advantages of online work is that you can choose your schedule and you can work as much as you want even if it’s only a couple of hours per day.
If you enjoyed reading this post, please share it on social media so we can help more people to earn an extra income.
Ian Bond is a private banking senior executive with over three decades of experience in wealth and asset management with Goldman Sachs, Credit Suisse, and Citigroup. He has built major businesses on four continents.
Despite his professional responsibility for assets over $100B and revenues over $1B, after the 2008 crash Ian was personally going broke. Within five years he destroyed his debt, became an expat in 2014, and built multiple streams of income to fund his imminent retirement. Ian is also the founder of MyRetirementRehab.me created to help other executives and professionals rehabilitate their finances and make a prosperous, enduring retirement a reality.