Tips & TricksTips for Seniors

Senior Side Gig Success Hints

Are you retired? Missing the business of business, and the interaction with others?  Maybe some extra income would help?  Now could be the perfect time to launch a business. There are endless possibilities. You can find jobs online, tutor, consult, sell your creations, and more. And it can make your retirement better.   Where do you start?

First, what do you want the business to look like? Make a list of the perfect gigs.  Don’t filter your thoughts.  Write it all down.  Make a list of what you don’t want in your business.  Make another list of things that are negotiable.  As you compare your opportunities to the lists they’ll help you make decisions that will fit into your life without viewing them through rose colored glasses.  Once you’ve made your choice, here are some other things to consider.

1. Where will you go with your business?  What are your goals?  Define where you are headed so you stay on track.

2. How much will you choose to work? Will you set a goal of working for a minimum number of hours, or a specific dollar amount you want to earn?  Plan your schedule accordingly.  As you go along you’ll find your rhythm and you can adjust to fit your preferences.

Decide how much time you want to invest.  It’s a business, so you can treat it as such and have official open and closed hours. Plan out your calendar with dedicated hours that you want to work.  Working 2 hours a day tutoring from home might be easy.  Or you might schedule 4 hours a day to deliver food orders.  You’ll be glad that you left room in your schedule for other activities. 

3. Remember that this is a business. Run it like one. Acquire the necessary permits, licenses and insurance. Set up a separate bank account.  Create a budget for yourself.  You might need material and supplies, a new computer, even a virtual assistant to reach your goals. You might find it worthwhile to pay fees to join online and local professional or networking groups.

4. Get the word out.  You’ve hung your Open sign, now how will you let people know?  Will you need business cards with your own logo? List the contacts, groups and friends who can help.    Are you an artist with a current following, or a consultant with a list of prospects? Your contacts are like gold!

5. How much are you worth? Setting your prices determines whether you’ll have a money generator or an expensive hobby.  Selling your art or crafts may give you a lot of personal satisfaction but pay very little compared to the time it took you to create it.  If money is important, you might make more per hour teaching your skills to others or doing something entirely different, albeit not quite as much fun.

6.  Handle the finances. Talk to an accountant about tax implications.  Keep good financial records, and track expenses.