118: Retiring With A Side Hustle Whether You Are Starting A Business Or Side Hustle, A Solopreneur
118: Retiring With A Side Hustle Whether You Are Starting A Business Or Side Hustle, A Solopreneur, Entrepreneur, Mompreneur, Freelancer, Bookkeeper, Virtual Assistant, Business Owner, Or Self-Employed
When you think about a side hustle, do you think about young entrepreneurs with lots of energy who are able to work eight hours at a day job and another eight hours on their side hustle? While this may be true, more side hustles are created by entrepreneurs between the ages of 45 and 65. Does this surprise you? More and more people entering their retirement age are starting their side hustles before retiring from their jobs, and there are many people already in their retirement who are starting side hustles. In today’s podcast episode, I’m diving into what are the most significant drivers for people retiring with a side hustle, as well as the top side hustles for people entering retirement age. Whether you are starting a business or side hustle, you’re a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper, or a virtual assistant or VA; side hustles are a lucrative option and a nice addition to your retirement. If you’ve been thinking about what your second act for your career, or your retirement side hustle, you don’t want to miss this episode. These tips are essential whether you are using a computerized software system like QuickBooks, Xero, Wave, or FreshBooks for your business finances; or doing your bookkeeping manually with an Excel spreadsheet or even a Google Document…
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Show Notes:
When you think about a side hustle, do you think about young entrepreneurs with lots of energy who are able to work eight hours at a day job and another eight hours on their side hustle? While this may be true, more side hustles are created by entrepreneurs between the ages of 45 and 65. Does this surprise you? More and more people entering their retirement age are starting their side hustles before retiring from their jobs, and there are many people already in their retirement who are starting side hustles. In today’s podcast episode, I’m diving into what are the most significant drivers for people retiring with a side hustle, as well as the top side hustles for people entering retirement age. Whether you are starting a business or side hustle, you’re a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper, or a virtual assistant or VA; side hustles are a lucrative option and a nice addition to your retirement. If you’ve been thinking about what your second act for your career, or your retirement side hustle, you don’t want to miss this episode. These tips are essential whether you are using a computerized software system like QuickBooks, Xero, Wave, or FreshBooks for your business finances; or doing your bookkeeping manually with an Excel spreadsheet or even a Google Document…
Welcome Back…there are lots of names for entrepreneurs, solopreneurs, and mompreneurs, just to name a few, but have you thought about seniorpreneurs? These entrepreneurs are defined as self-employed individuals who are age 55 or older. Did you know that entrepreneurs between the ages of 45 to 65 make up over 70 percent of the population starting up new businesses? And to top that, many of them turn their side hustles into profitable businesses. More than half of working adults plan to work past retirement age because they don’t feel like they have saved enough money for their retirement. If you are like many of the people getting close to retirement with little to no retirement savings or want to create additional income for the longer lives we are living, a side hustle can help you add that extra income you are looking for.
So, what is driving these entrepreneurs to start their side hustles? Most want to continue to be social and stay active. They need extra income or want to build an emergency fund and want to make a difference in the world. They are looking for a challenge; they want a new purpose in life and a reason to get out of bed each day. Does this sound like you? Are you ready to follow a dream or passion you’ve had for some time but couldn’t do it while working your full-time job? Are you ready to help others solve their problems? Now is your time.
Being able to work remotely or take advantage of the gig economy makes it easier than ever to start a side hustle, and by keeping your investment low, you can increase your profits. Before you start any side hustle, make sure you do your research and understand all of the costs involved, so there are no surprises as you start your new venture. So, what’s holding you back from starting your side hustle? Can you find a problem that needs a solution that you would be able to fill the gap with the skills you already have? Think about the skills you have acquired over the years. Which ones do you like the most? Could any of these skills help solve other people’s needs? One simple way to start a side hustle is to teach others what you’ve learned throughout your lifetime. What do you find that most people come to you for help with? Do you enjoy this type of work, and are you ready to turn it into your new side hustle? There will be a learning curve when you start your side hustle, but that is all part of the challenge. Make sure if you are lacking skills in a certain area that, you get the help you need. Don’t let technology or sales outweigh the feeling of the satisfaction you’ll receive when your side hustle starts gaining traction. This is where I help many of my clients overcome the obstacles that are holding them back from their side hustle.
Most side hustles start small with little or no investment, but the key here is just to start. If you continue to think about your side hustle, you are only losing valuable time when you could be growing your customer base or your revenues. Don’t let perfectionism get in the way and hold you back. You can always start out your side hustle and pivot or many any adjustments needed as you go. Make sure that when you are ready to start your side hustle, you get the word out about your business and start getting customers so that you know it is a valid business and you know you can make money with it. One of the best advantages of starting a side hustle when getting close to retirement or after retirement is your existing network and contacts you have that you can utilize to start building customers and getting leads. It has taken you years to acquire these connections; make sure they all know about your plans with your side hustle. Another point I want to make here is not to be afraid to charge what you are worth and make it easy for people to pay you. This means that while you may want to offer your products or services at a discount or for free, make sure you are confident enough with your side hustle so that you can charge what you are worth so that you can be profitable.
I want you to think about the amount of time you have or are willing to devote to your side hustle. If you are still planning on working your full-time job for a few years, you may need to start with fewer hours and then plan to add more hours after you’ve retired. This gives you a jump start on your side hustle while you are still making money at your job and allows you to start building a customer base so that when you retire, you are able to rely on that income coming in and grow it with any additional hours you may have available. Most people entering the age of 40 or 45 are starting to be empty nesters, which allows them the extra time they can devote to getting their side hustle up and running without feeling bored, and it gives them the purpose in life they are missing.
Speaking of purpose, I want to ensure that you set goals when you are getting your side hustle started and throughout your business. By setting goals, you have something to strive for. Think about what you want to achieve with your side hustle. Set monetary and other goals, so you know when you have achieved them. You can go back to my podcast episode 115, where I talk about setting the right goals for your business. Think about if you are looking at making just a little extra income or if you are looking for a more sizeable income for your retirement. What are the goals you are going to set?
Some of the top side hustles for those getting close to retirement or are already retired are consultants and freelancers, online businesses, eCommerce, gig economy, tutoring, online course creators, seamstress, bookkeeping, and virtual assistants, just to name a few. There are so many options for you to choose from. You just need to spend some time analyzing your skills, your customer’s needs, and the solution you can provide. If you feel stuck or need help with this, you can sign up for one of my free consultations, where we can walk through this together, and I’ll help you make decisions so that you can start your profitable side hustle. You can go to www.FinancialAdventure.com and click on the work with me button to schedule your consultation today.
One of the main reasons many people start side hustles in or near retirement is so that they can give back. When you have a side hustle, you can give back in many ways. By generating additional income, you can make monetary donations if that is what you’d like to do to give back, or others like to donate the products and services they provide. Overall, when you look at starting a side hustle at or near retirement, one of the greatest advantages you have is your extra time and the experience you’ve gained throughout your lifetime. You have the ability to set your own hours when you have a side hustle, and your possibilities are endless when you have the ability to lean into your wealth of knowledge and experience, which will lead you down a successful and profitable side hustle journey. If you need help choosing the right side hustle, getting your side hustle started, or growing your side hustle, you can go to www.FinancialAdventure.com/sidehustle and grab the free download I created for you which includes a detailed checklist as well as a side hustle assessment so that you can build confidence and peace of mind knowing you are putting in your best effort for not only the right side hustle for this time in your life but one that you can enjoy throughout your retirement.
And, you know I’m going to ask…what’s at least one thing you will take away from this episode that will help your business succeed and grow your bottom line? If you need some accountability, join our PRIVATE Facebook community and post your action item, we’d love to support you.
