Based on my experience, I highly recommend you try it out.
Here are my reasons why…
If you’re like me, retirement will soon be a reality. I also suspect that if you’re on this page you’re looking for ways to earn additional income online or trying to figure out how to get your online business going. Starting a business for retirement income is a way to earn income during retirement if it’s created correctly as a supplement to other retirement income strategies. A retirement business is an attractive alternative to traditional retirement savings vehicles because it generally requires a greater investment of time than money in the beginning, provides investment diversification, and the ability to capitalize on a strategy that wealthy families have used to amass fortunes and pass them on to future generations.
Whether you have thought about starting a business before or it’s a new path of consideration, you’re not alone.
Approximately 25,000,000 people (one in four Americans ages 44 to 70) are interested in starting a business or not-for-profit venture in the next five to 10 years.Source: MetLife
Over half of the 76 million U.S. baby boomers have an interest in entrepreneurship.Source: AARP
From 1996 to 2011 the number of Baby Boomers starting a business increased by nearly seven percent, the largest increase among all age groups. Source: Kauffman Foundation
To survive in an online retirement business you need multiple sources of income. When one area is not performing well you have others to keep you afloat.
Selling Your Services: Consulting services like accounting, marketing, design, or coaching. This model requires that you trade your time for money. This is known as a J-O-B. We’re looking to retire and have our business work for us. Right now, I work for a huge international corporation, Siemens. My husband and I have been learning all we can about internet marketing for many years now, anticipating our businesses will provide additional income in retirement.
Selling Products: We have two online Dropshipping businesses and sell on Ebay. The great thing with the internet is you can reach a Global audience for customers. There’s no limit of the number of products you can sell. As long as you have products and clients who need your products, your income will increase.
Affiliate Marketing: Get a referral fee when you refer traffic to an offer and the affiliate company makes a sale. Try this: Google “Affiliate List”; there are 80 million listings of comprehensive affiliate marketing programs. This is a great option if you don’t have any products or services to offer or if you want to boost your income from options 1 and 2. You can refer your followers to other business offers and if your referral makes a purchase you get a commission. I have AWeber, WIX, ClickFunnels to name a few. This model does take the longest to pick up but it is a must in any business.
Licensing: Essentially, this is a license from a business to promote and sell that businesses’ products or services. This is similar to affiliate marketing but much more involved as it’s your business rather than only marketing as an affiliate. Think of it like a MacDonald’s franchise or a Ford dealership. The brand, the products; they’re already in place. It’s your business to make it successful.
I have businesses in all four areas and continue to develop and build them over time.
No matter where you are in the retirement planning process, I want to invite you to learn more about how you can use a retirement business to make a successful transition into this next phase of life both personally and financially.