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Living Your Dream in Your Golden Years: How to Become a Senior Entrepreneur

You can become an entrepreneur at any age. Yet, as Forbes notes, starting a company later in life gives you more advantages and room for success. As an older professional, you have the experience to leverage that other entrepreneurs may not have. When you become an entrepreneur in your golden years, you can invest in your retirement by pursuing your passions. Staying active in retirement doesn’t always mean exercising or attending social events. If you have a hobby that you enjoy sharing, why not turn it into a business?


Check Into Continuing Education

If you feel you need to brush up on your business skills, look into online educational resources. Earning an online degree in business allows you to learn about management, accounting, entrepreneurship, and much more. Getting a business degree also adds to your credibility, and completing classes and tests online allows you to continue working on your enterprise without attending in person. As you explore your choices of programs, here's a good option that will enable you to complete a course in just five weeks.


Learn Your Target Market

Before you can create a successful business, you have to identify your target market. Who do you want to tailor your products and services towards? Once you know your primary market, you can figure out how to target those people specifically. This is the first step in creating a marketing plan, which will guide you through your marketing development. While you may want to be a business that can reach a wide variety of clients, knowing how to narrow down your marketing will help you succeed.

Consider the characteristics of your potential client and how you can reach them about the business. Also, think about reasons why they might buy from you. For example, if you start an eco-friendly business, use that to your advantage. Many want to help the environment and would instead support companies that take eco-friendliness seriously. Market yourself as a green company.



Explore the Internet for Promotion

When marketing your business, look for low-cost tools. For instance, if you are working on a marketing project with multiple teams, you probably have an overflow of documents to deal with. Do not bother having various documents in different formats. Instead, merge everything into a PDF so you can keep all your documents in one file. You can use a PDF merging tool online to combine PDF pages and move the pages into the correct order.

You should start working on your online presence if you aren't already online. The best way to promote your business online, and add credibility to your business, is with a Website that has a URL that reflects your business name. Your business Website allows you to provide information about your products or services, as well as background about yourself and why people should buy from you rather than your competitors. Contact us for a resource to help you build a professional Website for your business.


Using Social Media

According to Lifespan, about 70% of people in the U.S. are on social media. Social media allows you to connect more personally with your customers. Social media platforms can also help you cultivate a following in your target demographic. For instance, older adults use Facebook, whereas younger people tend to be on TikTok. Social network sites like Facebook also allow you to advertise on the platform. If you have a business site, you can target the correct audience through this and other forms of online advertising. Digital marketing allows you to target large groups or individuals who share similar interests through multiple sources.


Find Partnerships With Other Businesses

Look for businesses with a similar target audience to yours and create a partnership marketing relationship. Streamline Marketing explains that partnership marketing can boost your sales and benefit the other company too. For instance, you could collaborate with another business, host a charity or raffle, or create co-branded products. Marketing partnerships require you to network and build strategic relationships that could help boost your business.

Partnerships could also include partnering with potential marketers. For instance, you could partner with a blogger with a similar demographic. He or she could review your product or service to help you gain more traction with potential clients. Another form of partnership, also known as “Influencers” are reviews or recommendations for a product or service that come from people, often celebrities, that are considered trustworthy. An example of influencer marketing would be Tom Selleck who has become an icon for reverse mortgages on Television advertisements.


Apply What You Know and Keep Learning

Becoming an entrepreneur later in life has a variety of different benefits. You have more age, wisdom, and experience on your side giving you an advantage over your younger competitors and the know-how to succeed in business. You understand the motivation, discipline, and focus it takes to stay on task and be productive. As a new entrepreneur, you may need to learn a few marketing tricks, go back to school to brush up on business concepts, which social media platform to choose, and how to market to your target audience. But you will put the same energy into these pursuits as you have with your previous endeavors and come through as a successful new entrepreneur.


If you need tips and resources to help you age well, be sure to spend some time exploring the different content provided by Enjoying Aging.


A special thank you to Sharon Wagner at seniorfriendly.info for contributing this article.


If you enjoyed this article, or have a topic you would like to suggest for a new article, please leave a comment in the form below.

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