Tapping into your entrepreneurial spirit and starting a small business after 50 can be a great way to use the knowledge, skills, and contacts that you have developed throughout your career. Your key advantage over younger generations is your extensive industry experience. Add value to clients by helping them leverage from your professional expertise.
Senior Citizen Service Business
Senior citizens require assistance with their day-to-day lives. You could perform tasks, such as taking seniors to appointments, organizing their bills and finances, or providing fitness training classes. For example, you could start a business that helps customers in their 70s and 80s pay their utility bills on time. If you have experience in the construction industry, you could start a home modification business that makes homes more suited for senior living by installing items such as grab bars in the bathroom, portable shower seats, and ramps for walkers and wheelchairs. Seniors may feel more comfortable being assisted by people over 50 as they are often a similar age to their children.
As of December 2015, roughly 98% of all businesses in Canada were small businesses. Small-business owners often require the services of a bookkeeper to help perform general accounting duties, such as maintaining financial records, keeping track of accounts, and assessing the procedures used for recording transactions. If you have gained experience with basic accounting concepts throughout your career, you could open a small bookkeeping business. Cloud accounting software allows you to work from a home office, while staying connected to the real-time accounts of your clients. For example, if you have experience in the mining industry and want to target clients in the Northwest Territories, cloud accounting makes it possible to service them even while living in other parts of Canada.
When you reach 50, you have accumulated a wealth of knowledge and expertise in your chosen industry — allowing you to potentially start a small consulting business that uses your experience. For example, you may have been a buyer for a national department store that involved negotiating with a large group of suppliers. You could use this experience to help small product sellers find the right supplier for their business. Your industry experience may have alerted you to possible opportunities where your skills could be used to service a niche market that larger companies may have overlooked. Being a consultant gives you the flexibility to create your own schedule and accept clients of your choice.
People like to feel good about themselves. In the digital age, online image is becoming increasingly important. If you have experience in the hair, fashion, or makeup industries, consider starting a small business that targets customers seeking services in these areas. For example, you could provide advice about what attire to wear for LinkedIn and Twitter profile photos. You could reconnect with past clients, letting them know that you have started your own business. To build your profile, you could start a business blog to discuss the latest fashions and trends to engage customers and showcase your experience in the industry.