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Welcome to the new age of entrepreneurship

The stereotype of the millennial entrepreneur isn’t exactly as it seems.

In many cases, older entrepreneurs are taking on the challenges of the small business world and making it a fulfilling pursuit during retirement. This is largely because older people can leverage their skills, business experience and professional networks developed over the course of a career. Today, they’re giving younger entrepreneurs a run for their money.

Here’s 3 ideas to get you thinking about how you could start your own business in retirement.

Become an online seller

Maybe you enjoy finding bargains in thrift stores, or you’ve got a talent for making quirky items that you’d like to sell. With the growth of online selling platforms like Amazon and Etsy, you can make these hobbies your own business.  Best of all, you can do it from wherever you are – all you need is a trusty laptop and a great idea.

And it’s easier than ever to grow your businesses globally. In addition to the right e-marketplace, you need the right currency management tools to ensure you bring as much of your earnings home as possible when buying and selling internationally.

There are countless guides to getting started with an online store, but the process for a standard buy and sell platform is quite straightforward. Find suppliers you can buy bulk products from at a discount, and then sell them through a marketplace (like Amazon or eBay).  The simple goal is to earn more for the resale of the product. That’s it.

Outsource your talents

These days, almost any skill can be outsourced, as you’re almost guaranteed someone will have a need for it. There are also several online platforms like Freelancer and Upwork that allow you to outsource your skills in areas like writing, accounting, DIY and building, gardening or even mowing the lawn.

But perhaps you’re looking to run your own business instead of using online platforms. With years of prior experience in the workforce, coupled with industry networks who can help leverage your idea, you could start outsourcing as a home business. 

Teach the next generation

Did you reach the end of your working career and wish you could’ve done more to mentor other people? You can help people boost their CVs and enhance the professional skill sets of others by sharing your own expertise that you’ve acquired throughout your life and career. Why not give back by helping the next generation be the best they can be and avoid some pitfalls along the way?

You could do this by running classes from home, or even creating and selling instructional courses online. This may require some heavy lifting in the beginning, but the potential dividends of a product that can be made readily available to buy online are worth considering.

Although younger generations are digital before they can talk, retirees today have the skills, experience and the confidence after a long career to build a business that plays to their strengths. So if you’ve always dreamed of creating a business, why wait? With the access to technology that we have today, there’s no better time than now for the new wave of entrepreneurs to pave the way for the next generation.

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