Too often, people are quick to discount those who are over 50 when it comes to chasing their dreams – especially if they relate to opening their own business. After all, they may feel as though you don’t have enough industry experience or question why you hadn’t started this venture earlier.
However, it’s important to remember that there’s no right time to launch a business or a side-hustle – as there will always be something that could hold you back – be that financial worries or self-doubt. Therefore, you shouldn’t let your age hold you back – especially if you have a great idea and solid business model to back you up.
Nevertheless, picking up a side hustle – no matter what side of fifty you may be on, can truly transform your life for the better. Here are just some of the reasons why.
- A side-hustle can provide you with greater financial stability and boost your budget significantly. This means that you may no longer need to pinch pennies when it comes to saving for retirement – instead, you can sit back and watch your bank account grow or even start treating yourself more frequently. Furthermore, it can also mean that you can start paying back debts sooner.
- If your side hustle begins to gain traction, you can even leave behind your current job in the pursuit of something you truly love. This means that you can finally be your own boss, set your own schedule and work towards goals and deadlines that you have set for yourself. If you’re retired, a side hustle can also be a great way to spend your time, as you can earn money without having to commit to a hectic work schedule.
However, in order to turn your side hustle from a pipe dream into something feasible, you’re going to have to be ready and willing to put the work in. On occasion, this means that you’ll even have to work late nights or early mornings – though this won’t always be the case. However, this determination is sure to pay off – especially if it gives you the chance to chase your dreams.
With that in mind, here are some tips that you can use to get started.
Put together a strong business plan.
Although a side hustle may seem more like a hobby than a business to begin with, if you want to turn it into a stream of income – you have to start treating it like it is your own company. This means that you need to put together a strong business plan that breaks down your short and long term goals into smaller, more manageable tasks. Your business plan should also discuss your finances (how much you are willing to invest in the company, or how you will pay for materials etc.) so that you don’t land yourself in a difficult financial situation.
Work from home.
Start by setting up a business based from home as opposed to hiring out a workspace. This can save you a great deal of money when you are first getting started, and you can later re-invest your earnings into the business should you wish to purchase/rent out an office or factory in the future. However, with most side-hustles, you can continue to work from home no matter how much the business grows.
Despite this, working from home doesn’t mean that you can operate your entire side-hustle from your couch – as sitting in front of the TV probably doesn’t create the perfect working environment and lends itself easily to distraction. (Especially if you want to binge-watch the latest show). As a result, you should carve out some space in your home to set up an appropriate workspace – whether that is a craft table or desk. Ensure that it is in a bright, well-lit area that is free from distractions. This is a great way to ensure that you’ll remain on tasks when you are supposed to be working.
Whether your side-hustle pertains to you making homemade soaps or tutoring, you need to find a way to spread the word and raise your businesses profile – especially if you need to pull in new customers in order to stay afloat. The easiest way in which you can do this is by cultivating a strong online presence. Thankfully, with the digital world living at our fingertips, creating this kind of presence has never been easier.
To begin with you should focus on putting together a killer website that is sure to bring in the right customers. Though the content of your site will vary depending upon the services you offer, you may want to consider setting up the following pages on your site:
- An ‘About Us’ section that details the story behind your company and a little about who you are. This is a great way to develop a personal relationship with your customers from the outset.
- A ‘Contact’ section’ that provides your customers with various ways to get in touch with you – whether they want to send a review or ask a question about a specific product before purchase. While this means your site should include a contact number and email, you should also find out what the best chat rooms for websites are so that you can add one to your page.
- A Blog. While you may not consider yourself much of a blogger, running a blog in conjunction with your business is a great way to get your name out there. It can also help improve the visibility of your business as your company will appear more often in online searches.
- Testimonials. Testimonials are a great way to demonstrate that your products/services are of a high quality – and can be the difference between a new customer making a purchase or taking their money elsewhere. However, whenever you feature reviews on your site, you should also remember that it leaves the door open for negative reviews to come in- and you should respond to them in a quick and timely manner in order to resolve any potential conflict.
Furthermore, it’s important to remember that there are many different places in which you can sell and promote your products aside from your own website. In fact, you can even advertise on multiple platforms at once in order to maximise the amount of traction you receive. This includes:
- Facebook Marketplace
- Sell it, Swap it.
In addition to setting up an online store, you can also promote your side hustle on social media. In fact, this is perhaps the most effective marketing tool at your disposal – and it is entirely free to use and operate, though it may take a little getting used to, to begin with. One important thing to remember that although some of your posts should be product advertisements, you can also post a range of brand-relevant content that you think your followers will enjoy. Varying the content you post is a great way to build an online following and can help you connect with customers.
Manage your time effectively.
No matter what you may be doing – be that working a 9-5 or helping raise an ever-growing family – it often feels like there isn’t enough time in the day to do everything that needs to be done. As a result, it’s vital that you get to grips with your time management skills if you’re considering adding a side hustle to your to-do list.
For example, you should set aside a certain amount of time each day – be that thirty minutes or two hours that you can dedicate entirely to your company. Whether that means you spend that time working on your business plan, responding to emails or coming up with new product ideas is up to you – but you need to have it worked into your schedule. Otherwise, it will be all too easy to push aside a task to a later date.
Adopt a positive attitude.
There are many attributes that make up a successful business owner, however, your mindset is just as important as your skillset. For example, you have to be able to tackle every situation with a great deal of positivity and focus – as this is what will keep you going when you encounter issues or setbacks and can also help you minimise stress.
Furthermore, it is important to remember that when you run a side-hustle, you are in the driving seat – and the success of the company lies entirely on your shoulders. As a result, you have to be able to motivate and support yourself through turbulent waters as opposed to relying on somebody else to help you make it through to the other side.
In conclusion, there are many reasons as to why a side hustle can have a genuinely positive effect on your life, and it’s clear that there is no limit on when you can get started on turning this dream into reality. Therefore, what are you waiting for? It’s time to turn your hobbies into cash.