A question I’m often asked is what is a really good home based business for people over 50?
My reply is always the same. It doesn’t matter if you’re over 50, under 50, over 60 or under 40, if you can start a successful home based business then your financial worries are over.
Made Redundant at 50
Yep, that was me. 2-weeks after turning 50 I was dropped from my job at an engineering consultancy…
A heavy mortgage, car loan, usual debts to service, the lot.
I won’t bother you with the daily stress and struggle of how I got through it, but here I am in my late-fifties, a healthy career with qualifications in Workplace Health and Safety, a Home Based Website/Seo Consultancy, a Home Based Affiliate Marketing business and a small property portfolio.
And let me make this clear.
Before I was made redundant at 50, I knew very little about any of these opportunities.
My skills were within the building maintenance sector. You know, stuff like plumbing, electrical work, bathroom and kitchen fitting etc.
To me workplace health and safety was on a par with completing my tax return. I mean it was dull. But today I have some great experience, some decent qualifications, and really get a buzz out of advising others on getting compliant.
Web building was something I’d dabbled with, and Google was a noise that a baby made. But now I have multiple websites of my own, and build websites for others, including sorting out their SEO.
But best of all, and I get a kick out of it every time, is when one of my affiliate commissions comes rolling through the letterbox.
Payments that I hardly have to work for anymore because of the learning and training that I discovered.
A Great Opportunity Came My Way.
About 12 months after redundancy I was fortunate enough to be offered another position. (Not an easy thing to find when you’ve turned 50)
Anyway, this job was at a much lower pay scale than I’d previously been used to, but savings were almost out, and some income was better than nothing.
Unknown to me at the time, it was actually a turning point, both career wise and business wise.
The job that I took more or less forced me into taking on a role within health and safety, which after a while I discovered I quite enjoyed and was quite good at.
This led me to get qualifications which are now at a degree level. Not bad for a kid who left school at 16 with hardly an exam pass to his name.
However, despite this great opportunity, which even to this day I’m still thankful for, I still wasn’t earning enough to fully cover my outgoings and was borrowing on a monthly basis getting further into debt.
And it was this situation that forced me to look at other opportunities.
Affiliate Marketing Became The Answer.
In case Affiliiate Marketing is something new to you, it’s a form of earning money (a commission) by being affiliated to somebody else’s product or service and promoting it on your Website, Facebook page, Social Media, or other method.
You can learn more about Affiliate Marketing by reading my training here >>> Affiliate Marketing – The Basics.
Now at the time I wasn’t a total stranger to the concept of Affiliate Opportunities. I’d dabbled a little bit here and there, and tried my hand so to speak, but nothing life changing.
The biggest problem being that the information out there was a mish mash of misinformation, downright dishonesty and a whole jungle of predators trying to part me from my money. (And I don’t mind admitting that unfortunately many of them did!)
It was while searching the internet trying to find an opportunity that I could work with long term that was ethical and scalable that I came across Kyle and Carson.
Kyle and Carson are the founders of Wealthy Affiliate (or the WA University as it is now referred to).
They started Wealthy Affiliate back in 2005 as a means of teaching people how to become successful online Affiliate Marketers without all the hype and BS that you get on other training platforms.
Read about Carson Here Discussing WA’s Incredible Built In Keyword Tool. Discover Unlimited Keywords
Since those early days, WA has become one of the longest standing and most ethical Internet Training Platforms on the planet.
It’s a place where you can train, meet with a like-minded community, host multiple websites, write content, source royalty free images, conduct in-depth keyword research, and Earn while you Learn.
Let me be clear on one thing though, as it’s important.
Wealthy Affiliate is not a Biz Opp whereby you have to promote their services to make money. In fact it’s not set up as a business opportunity at all, and further to that they won’t try to sell you anything or allow their members to either.
Yes, they do have an affiliate program, and one that pays very generously to promote the membership of WA, but you don’t have to get involved if that’s not your interest.
Wealthy Affiliate is a training platform for people who want to set up an online business (or multiple businesses) and you can do that in any product niche or service you desire. You Will Be Trained How To Do It
So Why Is A Home Based Online Business The Perfect Answer for Over 50’s?
Many people dream of owning their own business. Often it’s based around something they are currently experienced in, and sometimes it might be a completely different opportunity.
Unfortunately though, the common thread with most business aspirations is that the majority of ideas involve a heavy investment in bricks and mortar premises and up-front cost, all of which can sound the death bell within the first 9 months.
I know it’s been documented before (including me on several posts), but what I’m going to list here is the #1 killer of the majority of new start up businesses.
1) Upfront deposit and rent on premises.
2) Refurbishment costs.
3) Product or business development.
4) Stock, equipment and inventory.
5) Business overheads (Insurance, rent, utilities etc)
6) Loan repayments.
8) Staff and staff training.
There’s probably a load more that I haven’t even touched on yet, but have you spotted the biggest killer?
Yep… That’s right, the business hasn’t even taken a single dime yet….
With the technology and global opportunity available to all of us today, why on earth would anybody at any age want to risk everything with this sort of old-fashioned business approach? Let alone when you’re 50+
The whole point of starting a business in your 50’s or 60’s is to build your income and enjoy life, not wipe it out completely working 80 hours a week and then go broke in the process!
This is why I’m such an advocate of starting an Online Affiliate Marketing Business.
1) It’s cheap to start (you can even start for FREE at Wealthy Affiliate)
2) You can earn while you are learning the skills to make a life changing income.
3) You can go at your own pace without risking your life’s savings.
4) It’s scalable to any level, at any point when you feel comfortable and ready.
5) You are in charge. Both of your time and finances.
6). Once set up correctly you will earn money even while you sleep or are on vacation. (No standing by the till for 11 hours a day).
7) You can have multiple businesses in subjects you are passionate about.
All these points are important, but for me the last two resonate.
I like coffee… But I don’t like it to the point where I feel I’d need to open up at 06.00 in the morning and serve it to other coffee lovers until 6 in the evening.
However, I could set up a coffee lovers blog and write about loving different coffees from around the globe, while at the same time promoting coffee related products such as grinders and filters to a super targeted audience.
That’s my idea of making money. One where I do the work once and then do something else while passive sales come in.
Do you see my approach on this? (In fact here’s an example of a coffee related website that I build for my clients) >>>
This is one of the things I do to create multiple income streams, and if you want to work with me, I can help you to set your website up if that’s what is holding you back.
In fact, you don’t need to let the fear of technology hold you back at all.
We’ll start really simple, just one step at a time, and have your web business up and running in no time whatsoever.
You can work with me at Wealthy Affiliate by joining Here for Free. (You don’t even need a credit card or any other payment details.
It is what it says. FREE to get started.
You can read further about Wealthy Affiliate HERE. This is where I give you more insight.
If you want to work with me at Wealthy Affiliate, you can read more HERE.
If you have any questions, please leave them below and I will get back to you as soon as I can.
Whatever you decide to do, and however you decide to build your retirement income, I wish you all the very best…