60s_S2_Ep7_Starting a Business After 60

60s_S2_Ep7 - Starting a Business After 60

[00:00:00] GTS: Hi, everyone. Welcome back to another episode of 60-Something. I'm Grace, your host, and I'm so glad you're here. Today, I’m going to dive into a topic that has obsessed me for the past 30 years: starting and running a business of my own. But we’re going to focus on doing it after age 60.

[00:00:24] GTS: I do know what it’s like to take that leap because I started my own business in 2000, and in 2004, I went full-time as an entrepreneur. Now, I was a freelancer/independent contractor, but nevertheless, I had my own business. I made my own hours, and I...

[00:00:47] GTS: Was my own boss. And I liked it that way. As for you, whether you're newly retired or looking for a passion project that can bring in some extra income... [00:01:00] well, this episode is for you. Today, I’ll share some of my experiences, great business ideas, help you figure out which of them is right for you, and walk you through the first steps to get started.

[00:01:17] GTS: By the end of the episode, you'll have some actionable steps to get that business going, if that's what you'd like to do. Let's start by talking about why entrepreneurism after 60 is such an exciting and viable option. Many of us in our sixties have accumulated so much knowledge and experience in life and at work. That wisdom is a valuable resource, and starting a business gives you the opportunity to put it to great use.

[00:01:50] GTS: Plus, being an entrepreneur allows you to work on your own terms. You can focus on something... [00:02:00] you're passionate about or that you're very good at, without the pressure of a nine-to-five job and all those rules. And let's face it: living well into your sixties, seventies, and beyond is becoming the norm. Retirement looks different now than it did decades ago. For many of us, it’s not about slowing down; it’s about creating something meaningful, something that contributes value, and maybe even leaves a legacy.

[00:02:34] GTS: Now... my first thought of starting my own business was really when my daughter was born. I had four little boys and...

[00:02:45] GTS: I was thrilled to have my job as a hotel sales manager because I was able to make a good living and provide for my children. Then I got married again... [00:03:00] I had a daughter, and computers were really becoming a thing. This was in the early to mid-90s, and people were starting to work at home. I wanted to do that because I wanted to be with my little baby girl. And I couldn’t... couldn’t make it happen. First, I thought I'd have a resume business.

[00:03:26] GTS: Then I thought I could somehow parlay a regional job with a hotel into a work-from-home situation. Yeah, it never happened for me.

[00:03:40] GTS: But... I kept trying. I kept trying, and eventually, I made it work. As for you... how do you decide what business to start? I believe the best place to begin is by looking at your interests, skills, and the problems you can solve. [00:04:00] Ask yourself: What do I love to do? What am I good at? What do people often ask me for help with? These questions—especially that last one—will help you find the sweet spot where your passion meets a market need.

[00:04:21] GTS: Now...

[00:04:22] GTS: The second chapter, I guess you’d say, in my quest to have my own business was... when I was working at the local newspaper and I went out to lunch with an ad sales rep. I worked in the marketing department at the time, and I would accompany them sometimes on their sales calls and make presentations.

[00:04:45] GTS: And I went out to lunch with this... early-twenties, single mom. And she asked me what I did before I came to work at the paper. So I told her that I had been a hotel sales... [00:05:00] manager, and she said, "What is that job? I’ve never heard of that job before."

[00:05:07] GTS: And I described the job to her, and it really is a job where... there are more benefits than responsibilities. It’s just a fabulous career; it pays great, and on and on. And she was sort of stunned—she kind of had her mouth hanging open—and she said, "Where can I get a job like that?" And bingo. I came away from that lunch, and I thought, "This is a business."

[00:05:37] GTS: This is something I could teach people because a little-known fact is that hotels, in my experience, prefer to promote from within because they’ve trained you. And they know you understand... their company values, that you know that particular hotel very... [00:06:00] well. And so, you don’t have to go to Cornell...

[00:06:03] GTS: You don’t need a four-year degree. You just... really need to learn how to navigate the... landscape inside the hotel in terms of... making some strategic moves and getting into that sales office. Anyway, I thought to myself—and courses were becoming a thing at that time; this would have been... 1999—and I thought, "I’ll create a course."

[00:06:38] GTS: Anyway, here are some business ideas that can work well for people over 60. Consulting or coaching—if you've spent decades in a particular industry, why not offer your expertise to others who are still learning the ropes? Coaching is huge and lucrative.

[00:07:00] GTS: Online courses or tutoring. Teaching others what you know is a fantastic business model, whether it's maybe a hobby that you're really good at, like photography, cooking, or business strategy. You can teach courses online about anything, and so many people are incredibly successful at that. Now, there's freelancing—writing, graphic design, marketing, and other services like that can easily be transitioned into a business. E-commerce—selling products online, whether it's handmade crafts or products that you...

[00:07:43] GTS: Can buy online and then resell—that can be very lucrative and fun. Then there's service-based businesses like pet sitting, event planning, or home organization services. Those are businesses [00:08:00] that require minimum upfront investment and can be tailored to your schedule. The top home-based businesses that are popular among people 60-plus in the U.S. today: consulting again, freelance writing or editing...

[00:08:18] GTS: Online tutoring or course creation, an e-commerce store...

[00:08:25] GTS: Pet sitting or dog walking...

[00:08:29] GTS: Bookkeeping and accounting...

[00:08:32] GTS: Home-based travel agency...

[00:08:36] GTS: Virtual assistant...

[00:08:40] GTS: Handmade craft business...

[00:08:44] GTS: Health and wellness coaching.

[00:08:48] GTS: Now, I'm going to put all of this information, in an expanded form, in a download that I've created for you. These home-based businesses offer [00:09:00] flexibility, low startup costs, and the opportunity to leverage existing skills or passions. They're perfect for those of us who are over 60, want to stay active, generate income, and enjoy the freedom of working from home. Let's get into how to get started with this a little bit. Here’s where many people get overwhelmed, but trust me, it doesn't have to be so complicated. I'm going to break it down into a few simple steps. Step one: Define your business idea.

[00:09:33] GTS: Take some time to brainstorm. What’s the problem your business will solve? Who is your target audience? That’s important if you want to build a business around something people actually need and will pay for. You need to do some research. Next, research your market. Who else is doing this? What are they charging?

[00:09:56] GTS: How can you differentiate yourself? You don’t have to reinvent [00:10:00] the wheel, and don’t be discouraged if other people are doing it. That means there’s a market for it. But you do need to figure out what will make your business unique. Create a simple business plan. You don’t need a big 20-page thing. Just start small—answer a few key questions.

[00:10:20] GTS: Like, what’s your business idea? Who’s your target market? How will you reach them? How much will you charge? And what are your startup costs? Just begin there. Do the legal stuff next...

[00:10:36] GTS: Choose a business structure, like sole proprietorship or LLC. Register your business name if necessary. A lot of this isn’t necessary when you’re starting out, but I wanted to mention it. You’ll also want to set up a business bank account so you can keep your finances separate. [00:11:00] Build your online presence is number five. In today’s world, every business needs some sort of online presence, whether it’s a website, social media profiles, or using a platform like Etsy or Udemy. Your customers need a place where they can come, find you, and buy your product. Start marketing. Start spreading the word—share your business with friends and family, create some content for social media, and consider running a little Facebook or Instagram ad.

[00:11:38] GTS: You don’t have to do that in the beginning, but it’s a good idea—it’s a way to get attention. Remember, the goal is to just start small and grow. So, common challenges and how to overcome them. Of course, starting a business at any age has challenges, and after 60, there [00:12:00] may be a few additional ones.

[00:12:03] GTS: But I truly believe that none of them are roadblocks—you just need to know how to handle them. For example, tech.

[00:12:14] GTS: Many of the businesses I mentioned involve technology, but don’t let that scare you. There are tons of user-friendly platforms out there, and there’s no shame in hiring someone or taking a course to learn the skills you need. Challenge two: Imposter syndrome. We all feel it sometimes, especially when starting something new. But remember, you have years of experience behind you. You’re more than capable. Don’t forget that.

[00:12:47] GTS: And health and energy...

[00:12:50] GTS: Yes, it’s been a challenge for me. Pace yourself. One of the joys of being your own boss [00:13:00] is that you can work at a rhythm that suits you. Set realistic goals. And remember, balance is the key.

[00:13:10] GTS: So, are you feeling inspired? I hope this episode has sparked some ideas for you to explore. Starting a business after 60 is not just possible—it’s a fantastic way to leverage your experience, stay active, and create something meaningful. When I started, it was all about not having to do dumb stuff just because it was policy or some manager’s whim. I wanted to pick my daughter up from school every day and spend afternoons with her. I prayed that my...

[00:13:48] GTS: Independent contractor job would last until she graduated from high school. We got through middle school and high school, and I got a couple of bonus years to [00:14:00] boot—nine years in all with that company. And then I started all over again with a different organization doing the same thing when that ended.

[00:14:09] GTS: But the truth is, I want to do something new. I want to build a business from scratch. I want to teach. That’s my goal, and that’s what I’m going to do.

[00:14:25] GTS: Before we sign off, I’ve created a free “Entrepreneur After 60” brainstorm worksheet that you can download. It’ll help you map out your business idea, figure out your next steps, and get clear on your goals. There’s also a guide in there on how to do the market research on your idea and some resources you can refer to so you can hit the ground running. You’ll find the link to the download in the show notes, as always, or on my website at sixtysomething.net. As always, I’d love to hear from you. [00:15:00] What are your business ideas? Drop me a message or join the conversation in our Facebook group. Hey, thank you for tuning in. And remember, it’s never too late to pursue your dreams. Hey, if you liked this episode, I’d really appreciate it...

[00:15:22] GTS: If you could rate it...

[00:15:25] GTS: Give it some stars on your favorite podcasting platform. And next week I will be back...

[00:15:35] GTS: And we’ll be talking about ChatGPT—yes, it’s time.

[00:15:43] GTS: And I can’t wait. So, I’ll see you next time on 60-Something.

[00:15:49]