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Supplement Your Retirement Income Through Small Business Ownership

Many seniors opt to pursue small business operations after retiring, both as a way to b personally fulfilled, and to earn additional income while being their own boss.

Not only can being a senior entrepreneur be an exciting way to continue using your lifetime of skill sets, but it can also open the door to new friendships, and new opportunities.

The key to success?

Learn the best ways to market your business. Living On Lean Means can help you devise creative and impactful ways to market your business for free.

What to Do?

There are a few different directions you can go as an entrepreneur. According to Consulting.com, maybe it’s time to build on your previous career in a consulting capacity.

For example, if you used to work in accounting, maybe your new business is small business bookkeeping, or teaching companies how to utilize accounting software.

On the other hand, maybe you want to branch out into a new area of interest or to monetize a hobby. For example, if you always enjoyed tinkering with old cars, consider opening your own garage and focusing on custom car restoration.

Whatever you decide to pursue, make sure it’s something you’re good at, enjoy, and has the potential to be a financial success.

Marketing 101

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Promoting your business via marketing strategies will be one of your first priorities after launching. You’ll want to ensure you have an engaging website, a social media presence, and an established brand. A few pieces of well-designed marketing collateral will be essential.

You may opt to handle design on your own or hire freelancers or a small marketing agency to handle the work on your behalf. According to Vivial, it’s important to set up a mechanism for targeting the demographic you want to reach and tracking how well your various marketing vehicles perform by utilizing metrics review.

This will help ensure you focus on areas that work, and pare back on so-so approaches.

Be Recognizable

A well-designed logo can help your business get recognized. It also positions you to elevate your marketing by creating logoed products and giveaways that will help get your name and image to the public.

If your startup is on a budget and you’re looking for ways to market your business for free, use a free logo maker instead of paying for design services. Just choose a style and icon and add your text, then select from a range of appealing logos and adjust your color and font accordingly.

Differentiating yourself from your competition can help your business stand out in the marketplace.

Stay in Touch

Look for creative ways to stay in touch with customers and prospects to keep you and your company top of mind. For example, create an email newsletter with news and information that’s helpful for the customer.

For example, if you’re a financial advisor, you might periodically send out tips for year-end tax preparation, or advice on how to manage an investment portfolio.

If you’re a landscaping company, send out tips for how to winterize your yard, or protect plants from frost. Staying in touch with customers without actively trying to sell them establishes you as a thoughtful and helpful service provider.

Build Your Network

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Networking is a great way to help build awareness of your company, solicit customers, and even look for creative ways to collaborate. Attend business and social events, like business expos, chamber of commerce events, and small business development center mixers and educational seminars.

Join industry associations and network online, or at conventions. Volunteer your services and speak at high-level functions as a way to establish yourself as an expert in the field. Also, recognize the value of community involvement. Being a good corporate steward and giving back to the community will help connect your good works to your business.

Leverage Existing Relationships

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One of the best things about being an older business owner is that you likely have an extensive background of connections from which to draw.

Make a list of every company, individual, service, or industry organization you’ve ever done business with, and strategize how you might leverage the relationships. Perhaps someone you mentored years ago now runs a major company, or an organization you used to support is now in need of an advisor.

If you’re not already on LinkedIn, create a profile and start making contacts with people from your past.

Look for Partnerships

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Many small businesses find success by working in tandem with other small operations in adjacent fields. For example, if you run a small advertising agency, you might work in collaboration with a small graphic designer, a printing company, or a public relations firm.

You can collectively agree to refer businesses to one another, or even work together on projects to ensure the client gets coordinated services in one location. This type of approach allows each of you to leverage one another’s contacts and areas of expertise, which can help you all flourish.

Stand Out From the Crowd

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For a small business to differentiate itself from the competition, it has to go above and beyond in customer service. Offer high-level and personalized service, and make every client feel special.

For example, offer coupons and giveaways and run special promotions for repeat customers and for those who refer new business to you. Say thank you often to encourage repeat business.

Poll customers or take surveys to find out what they like best about your company, and do more of it! If a problem arises, address it and solve it quickly, and make sure the issue doesn’t come back up again.

Launching a small business as a senior offers a number of advantages. You have professional and life experience, as well as an established network, to draw from. You likely have business savvy, as well as good people skills. Look for ways to maximize all of your talents and build a business you can enjoy well into your retirement.

Living On Lean Means provides tips and insights into how to stretch a fixed income, generate additional revenue, and flourish as a seniorpreneur. Visit the site today for details.

I would like to hear what you think, so share your comments and questions below so we can have Sharon address them for you.

All the best,

Sharon Wagner

Seniorfriendly.info

sharon.wagner@seniorfriendly.info

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