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A friend of mine has spent her whole life doing the right things. While I was out partying, she was doing homework. She went to University, got married in a church, held down on job for about 40 years and all along salted here money away in a personal RRSP and with the company pension plan. And so when the company was taken over and she became redundant, it looked like a slightly scaled back, early retirement was in the offing. And then she watched almost half of the value of her investments go up in smoke when the market imploded. So, what's a girl to do?
A lot of people are probably looking at the possibility of taking on a second or part time job to get them through the what should have been the golden years of life. But those jobs aren't really all that easy to come by and for anyone who has made a really good income for the last 20 or so years, will working part time in the dry cleaners really make a difference? Or maybe there is a better answer, closer to home, in fact in home. Consider the possibility that your trusty home desktop could be the route so some level of salvation. I'm talking about starting up your own online business and it's a trend that I think is about to go ballistic.
Perhaps it seems unrealistic to assume that people in their 50's or 60's can be starting up businesses- many of them in their spare time- and that the businesses will be successful. But that depends on how you measure success and for many, a successful business won't need to support a growing family, or buy a first house. A successful business will only need to contribute enough income to help make the ends meet - and so again I say that the internet is a perfect medium on which to build a wave of new businesses.
Think of it this way-
1. There are lots of different business models to choose from and they can all work. A small, very niche focused retail site or one that offers more products, still within a tightly defined market is a viable internet business. So too is the sale of "information products" or the creation of clubs catering to specific interests. This could be the time when your ecentric hobby is about to pay for itself. Even if you can't write anything yourself, you can get involved in affiliate marketing - sending leads to other stores. Sell collectables on Amazon or eBay. There is an endless variety of business models.
2. Because the internet (which by the way is still growing in leaps and bounds) is so big it means first of all that you aren't restricted to selling something that would necessarily be successful where you live. The limitations of geography - to some extent- won't matter. And because you can sell to an individual, regardless of who or where they are, the fact that maybe only one in a thousand people has even heard of what you want to sell, won't matter, because you have a marketplace that can still deliver thousands of potential buyers to you store - once you know how to be found.
3. There's a phrase used in business start ups called "barriers to entry" and a further advantage to the internet is that there are actually very few barriers to entry. You can start a business on a relative shoe string. You don't need staff or offices or even inventory for many retail sites. It isn't free by any means, you will have to spend some money and you'll expend a lot of effort learning new things- but it can be done if you have the heart to do it.
4. Another reason that home internet businesses will grow is the availabity of software that you don't need to be a propeller head to comprehend. If you've never touched a computer in your life, it might be a bit too much to bite off, but if you can run a word processor or spreadsheet, you'll be able to figure out the software you need to manage to open up your own business. There will be a lot to learn- and those who aren't willing to learn will either never make the attempt or will make the attempt and fail.
It is not my intention to persuade you to start up an online business. Actually, I think if you're inclined to do it you don't need me and if you can't imagine it without my help, nothing I could possibly say will convince you. But take my word for it, there is going to be an explosion of new, small, online businesses over the next few years run by a bunch of grey haired 50 and 60 somethings who decided that when their plans were turned into lemons, lemonade looked pretty darned good.
A lot of people are probably looking at the possibility of taking on a second or part time job to get them through the what should have been the golden years of life. But those jobs aren't really all that easy to come by and for anyone who has made a really good income for the last 20 or so years, will working part time in the dry cleaners really make a difference? Or maybe there is a better answer, closer to home, in fact in home. Consider the possibility that your trusty home desktop could be the route so some level of salvation. I'm talking about starting up your own online business and it's a trend that I think is about to go ballistic.
Perhaps it seems unrealistic to assume that people in their 50's or 60's can be starting up businesses- many of them in their spare time- and that the businesses will be successful. But that depends on how you measure success and for many, a successful business won't need to support a growing family, or buy a first house. A successful business will only need to contribute enough income to help make the ends meet - and so again I say that the internet is a perfect medium on which to build a wave of new businesses.
Think of it this way-
1. There are lots of different business models to choose from and they can all work. A small, very niche focused retail site or one that offers more products, still within a tightly defined market is a viable internet business. So too is the sale of "information products" or the creation of clubs catering to specific interests. This could be the time when your ecentric hobby is about to pay for itself. Even if you can't write anything yourself, you can get involved in affiliate marketing - sending leads to other stores. Sell collectables on Amazon or eBay. There is an endless variety of business models.
2. Because the internet (which by the way is still growing in leaps and bounds) is so big it means first of all that you aren't restricted to selling something that would necessarily be successful where you live. The limitations of geography - to some extent- won't matter. And because you can sell to an individual, regardless of who or where they are, the fact that maybe only one in a thousand people has even heard of what you want to sell, won't matter, because you have a marketplace that can still deliver thousands of potential buyers to you store - once you know how to be found.
3. There's a phrase used in business start ups called "barriers to entry" and a further advantage to the internet is that there are actually very few barriers to entry. You can start a business on a relative shoe string. You don't need staff or offices or even inventory for many retail sites. It isn't free by any means, you will have to spend some money and you'll expend a lot of effort learning new things- but it can be done if you have the heart to do it.
4. Another reason that home internet businesses will grow is the availabity of software that you don't need to be a propeller head to comprehend. If you've never touched a computer in your life, it might be a bit too much to bite off, but if you can run a word processor or spreadsheet, you'll be able to figure out the software you need to manage to open up your own business. There will be a lot to learn- and those who aren't willing to learn will either never make the attempt or will make the attempt and fail.
It is not my intention to persuade you to start up an online business. Actually, I think if you're inclined to do it you don't need me and if you can't imagine it without my help, nothing I could possibly say will convince you. But take my word for it, there is going to be an explosion of new, small, online businesses over the next few years run by a bunch of grey haired 50 and 60 somethings who decided that when their plans were turned into lemons, lemonade looked pretty darned good.
About the Author:
By Louise Collins, author of Start Up Mistakes, a valueable resource for your start up business plan
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