You’re retired…..now what? Have you reached retirement, but still want to pursue your passions? Is your retirement lifestyle currently not fulfilling your desire to stay active while using your previous work experience to benefit you in the future? This is true for many retirees as a new trend is underway – starting a business in retirement. Research has revealed more and more baby boomers are deciding to start their own business in their retirement years. Some retirees are deciding to be a consultant, open a franchise business or many are developing their own home based businesses that are centered around their passions or a hobby they love.
Starting an online business ranks as #3 of the top seven retirement start-ups according to Inc.com. They state, “By launching an online business, you can maximize the flexibility your company’s medium allows. Work wherever, whenever. All that’s really needed is a basic Internet connection and the ability to reach your start-up’s team. As long as your business is well organized you won’t even have to invest in an office and all of the other accoutrements and expenses that come along with a brick-and-mortar store. You can work comfortably at home and capitalize on the endless possibilities of an online business, whether it’s pursuing your true passion or finding a new way to utilize those honed career skills.” Well, we could not of said it better ourselves! That is exactly right, an online business allows you the freedom to live and run your business from any location which marks it the perfect business to start in retirement.
Starting a business in retirement can offer you many benefits and Pure-Ecommerce would like for you to consider these five factors:
1. Do what you love – love what you do!
Sure it sounds simple, but when starting your own business you want to enter an industry in which you are passion or can become passionate about. This will help you better understand and market the products and services you represent to the online marketplace. A large portion of online selling is bring able to write and be expressive through your content. Therefore, it helps to have a passion for the products. For instance, you love pets then we would suggest starting your own online pet business, you can bring your knowledge and passion to the forefront of your business. Maybe you love to decorate then what better way to help others fill their homes with stylish furniture and decor than by running your own online furniture ecommerce business. If you are going to invest your time, money and energy into starting a new business then why not open an online store that helps to “feed” your passion!
2. Be a Lifetime Learner
Owning an ecommerce business is probably a new concept to you. You do not need to run away from learning something new, the key is to embrace it! While in retirement you have the opportunity to be a lifetime learner. Just because you may not have much knowledge or experience with ecommerce does not mean you are not able to learn it. This is a great opportunity for you to embrace a new path and learn from the help of others. This is where Pure-Ecommerce comes in – we offer our clients 40 hours of ecommerce consulting to help you learn to setup, run and market your new online business. We even have a 10 step instructional program to set you down the right path to online success.
3. Freedom & Flexibility are Key
Do you think starting a business in retirement is going to hold you down? Well, it depends on the type of business you choose. Let’s introduce you to a concept you may or may not have heard of before – drop shipping. “What is drop shipping?”, you ask……it is a supply chain management technique. This is where the retailer (you) does not hold any product inventory in stock, but instead transfers the customer orders you receive and shipment details to the vendor. At that time the vendor then ships the products ordered directly to your customer. You then profit from the difference between the wholesale and retail price. By owning a drop ship ecommerce business you are able to work from any location as long as you have an internet connection and phone. This gives you the freedom and flexibility to run your business in the location and on the schedule you need to maintain your retirement lifestyle.
4. Minimal Start Up Costs
That’s right – you will not “break the bank” when starting an online retail store especially if you go with the method we discussed above and open a drop ship internet business. An ecommerce business is one of the most economical types of businesses to start. Considering you are starting a new business, the start up, as well as, maintenance fees are pretty minimal especially if you compare them to starting a brick and mortar retail store. The difference in cost can come down to thousands and thousands of dollars. When you factor in the rent, utility expenses, property tax, and insurance alone can add up fast with a physical store location. Plus you would need to hire other hands to help you run the store, but you will not need to do this when you start a web based business.
5. Where do I go from here?
With ecommerce as the driving force in retail the possibilities with owning an ecommerce business are endless. It is simply up to you as to how large or small you want to keep your business. The consumers are there as E-commerce sales in 2013 reached $258.9 billion – this is up nearly 15% from $225.2 billion in 2012. This is just the beginning for ecommerce as it accounts for ~8% of total retail sales in the U.S. It is expected to outpace sales growth at bricks-and-mortar stores over the next five years, reaching $370 billion in sales by 2017. By that time, ecommerce is expected to account for a full tenth of all retail sales in the U.S.
When done properly and effectively, a retirement business can not only help you fill the time and replace your work identity, but it can also help make your retirement savings last longer. Pure-Ecommerce believes anyone and everyone who has the desire and ability to own their own business should be in the ecommerce industry. This is a thriving industry with the statistics to back this up. There will be incredible growth in ecommerce and that makes taking advantage of one of our home business opportunities an ideal investment in your future. The choice is your’s! The wind at your back and you have no where to go, but up!