Starting a Small Home Business After 60: What I’ve Learned
There was a time when starting a business usually meant taking a fairly big risk.
You might need a storefront.
Inventory.
Employees.
Equipment.
Advertising.
And quite a bit of money before you ever made your first sale.
Today, that’s not necessarily the case.
A computer, an internet connection and an idea can be enough to start experimenting with something from home.
I know because I’m doing it myself.
At 79, I’m building Reinvent After 60 from a home office.
I certainly didn’t grow up with the internet. And I’ve had plenty of moments when the technology involved has tested my patience.
But I’ve also learned something:
You don’t have to understand everything before you begin.
You just have to be willing to learn the next step.
First, Decide Why You Want to Do It
Before worrying about websites, business names or how you’re going to make money, I’d start with a simpler question:
Why do I want a home business in the first place?
For some people, the answer will be extra income.
An additional few hundred dollars a month could help with groceries, utilities, travel or hobbies.
For someone else, money might not be the primary reason at all.
Maybe you miss having a project.
Maybe you’d like to put years of experience to use.
Maybe you want something interesting to work on a few mornings each week.
Or perhaps you’ve always wanted to try something and finally have the time.
There’s no wrong answer.
But knowing why you’re doing it can prevent you from chasing opportunities that don’t really fit your life.
Start With What You Already Know
I think this is one of the biggest advantages older adults have.
We’ve accumulated skills.
Sometimes so gradually that we don’t even think of them as skills anymore.
Maybe you’ve spent years:
- Teaching
- Bookkeeping
- Fixing things
- Gardening
- Cooking
- Managing people
- Sewing
- Woodworking
- Selling
- Writing
- Caring for children
- Organizing events
- Working with computers
Someone else may be trying to learn something you’ve known how to do for 30 years.
Before deciding that you need to learn an entirely new business, take inventory of what you already know.
There may be an opportunity sitting right there.
A Home Business Doesn’t Have to Be an Internet Business
This is something I want to make clear.
When people hear “home business” today, they often immediately think about making money online.
That’s one possibility.
It’s certainly not the only one.
A retired bookkeeper might help a few small businesses.
Someone who enjoys woodworking might sell a few pieces locally.
A retired teacher might tutor.
Someone who loves dogs might pet-sit.
A person who’s good at repairing things might do small jobs for neighbors.
Someone who knows a particular profession well might consult a few hours each month.
And yes, there are also online possibilities.
The important thing isn’t whether it’s online.
The important thing is whether it fits you.
Be Careful With the Words “Easy” and “Passive”
I’ve spent enough time looking at online business opportunities to become cautious when I hear certain phrases.
“Easy money.”
“Passive income.”
“No experience necessary.”
“Make money while you sleep.”
Those phrases get people’s attention.
They don’t necessarily describe reality.
Even a simple business requires work.
You have to learn.
You make mistakes.
You may spend time on something that never produces a dollar.
And sometimes an idea simply doesn’t work.
That’s business.
At this stage of my life, I’d rather know that before I start than be sold a dream that isn’t realistic.
What About Affiliate Marketing?
Affiliate marketing is one of the things I’ve explored.
The idea itself is straightforward.
You recommend a product or service. If someone purchases through your special link, the company may pay you a commission.
You don’t manufacture the product or handle shipping.
That sounds simple.
But there’s an important part that isn’t always mentioned:
People have to trust your recommendation.
I’ve become much more careful about that.
Today, before I recommend something on Reinvent After 60, I want to investigate it carefully. When practical, I want to use it myself.
If I don’t believe a product is useful to my readers, I don’t want to recommend it simply because the commission is attractive.
I’ve already walked away from products for exactly that reason.
I’d rather lose a commission than lose a reader’s trust.
Don’t Spend a Lot of Money to Find Out Whether You Like It
This may be one of the most useful lessons I’ve learned.
Start small.
If you want to try tutoring, find one student.
If you want to sell something you make, make a few—not fifty.
If you’re thinking about consulting, see whether anyone actually needs the service.
If you’re considering an online business, don’t immediately buy every piece of software someone recommends.
You can always invest more later.
It’s much harder to get money back after discovering that the opportunity wasn’t right for you.
Test first. Spend later.
You Don’t Have to Be “Tech-Savvy”
I hesitate to even use that phrase anymore.
I’m not sure what “tech-savvy” means.
I can do things on a computer today that I couldn’t do a year ago.
There are also things that completely confuse me.
I’ve learned WordPress.
I’ve learned enough about Google to run a website.
I’ve learned Pinterest and Facebook.
I’ve worked with artificial intelligence.
I’ve also had days when something as simple as changing a setting has frustrated me.
That’s okay.
I don’t need to become a computer expert.
I need to know enough to accomplish what I’m trying to do.
When I don’t know something, I ask questions and work through it one step at a time.
That’s how most learning happens at any age.
My Business Is Still an Experiment
I think it’s important for me to say this.
Reinvent After 60 is something I’m building.
I hope it eventually produces meaningful income.
I’ve also written about what I’ve learned while exploring extra income after retirement.
But I’m not writing this article from the finish line pretending I’ve already built a highly profitable business.
I’m still working on it.
I’m publishing articles.
I’m improving older content.
I’m learning how people find my website through Google.
I’m experimenting with Pinterest and Facebook.
I’m carefully investigating companies I might eventually recommend.
Some things will work.
Some won’t.
And when something doesn’t work, I’ll change it.
That’s a much more accurate description of building a small business than many of the advertisements I’ve seen online.
Give Yourself Permission to Change Your Mind
This one is important.
Starting something doesn’t mean you have to continue forever.
You might try an idea and discover you don’t enjoy it.
You might find that the income isn’t worth the time.
You might discover another opportunity that’s a better fit.
That’s not failure.
You’ve learned something without risking your retirement trying to prove you were right.
I’ve changed directions myself.
That’s part of figuring out what works.
Don’t Measure Your Business Against Someone Else’s
The internet makes this difficult.
You’ll see people talking about enormous monthly incomes, thousands of customers and businesses that supposedly grew overnight.
Maybe some of those stories are true.
They have very little to do with what you’re trying to accomplish.
If your goal is to make an extra $300 a month doing something you enjoy, then a $300-a-month business can be successful.
If your goal is simply to have an interesting project that eventually pays for itself, that’s legitimate too.
You get to define what success looks like.
Remember Why You Retired
This may sound strange in an article about starting a business.
But don’t build yourself another job you hate.
If your new business requires you to work seven days a week, constantly worry about money and spend your retirement doing something you don’t enjoy, ask yourself whether it’s worth it.
At this age, time has value too.
I enjoy working on Reinvent After 60.
I enjoy learning.
And I like having something waiting for me in my office.
But I also want time with Diane.
Time with our family.
Time to travel occasionally.
And time to do absolutely nothing if that’s what I feel like doing.
A business should fit into your retirement.
Your retirement shouldn’t have to fit around the business.
Final Thoughts
I don’t believe everyone over 60 should start a home business.
And I don’t believe there’s one perfect business for seniors.
But I do believe age shouldn’t automatically stop us from trying something we’re interested in.
If you have an idea, investigate it.
Use what you already know.
Start small.
Keep your expenses low.
Be skeptical of promises of easy money.
Learn one thing at a time.
And give yourself permission to stop if you discover it isn’t for you.
At 79, I’m still learning what works for me.
Reinvent After 60 is part business experiment, part learning experience and part personal project.
I don’t know exactly where it will lead.
That’s one of the reasons I’m still interested in finding out.