Contributed by Carla Lopez
Have you considered becoming a digital nomad? As Investopedia states, this is a location-independent worker, which can be ideal for seniors. As a remote worker, you aren’t confined to your home or apartment but have the freedom to see the world while making ends meet. With a little legwork, you can launch a home-based business that won’t tie you down. Here are some things to consider when making the transition from retiree to entrepreneur.
First, Decide What You Want To Do
There are many types of business that you can run from home that still allow for location flexibility. Take a look at your work history, skills, and even your hobbies to get an idea of what might interest you.
Do you like to write? Offer your wordsmithing skills to businesses in need of things like blog posts, user manuals, product descriptions, or employee handbooks. Did you jump headfirst into the digital age when it began? You might make an ideal technology consultant. The point is that you already have much of what you need right inside of your head to lay the foundation of a successful entrepreneurial endeavor.
Tools Of The Trade
When you’re going to be working from all corners of the globe, you need technology. One of your most important tools is your smartphone and it’s data plan. Today’s devices can do much more than make calls, you can use them to monitor your inbox and to handle some functions of your business from the palm of your hand. Before you get started with your new venture, look for an unlimited cell phone plans so you aren’t eating into your profits with pesky overages.
You’ll also need a reliable laptop. Digital Trends has chosen the Dell brand as its top pick for portable PC powerhouses. Apple is a close second followed by HP, Microsoft, and the affordable Asus line. Choose something that’s at your price point and with bells and whistles to make your new career sing!
The Letter Of The Law
Legally, running a business from home—or on the go—is a lot like owning a brick and mortar location. Wolters Kluwer recommends that new entrepreneurs double-check with their local zoning board regarding rules and restrictions of running a commercial enterprise in a residential area.
Something else that you will need to consider is that your taxes are structured much differently when you are a freelancer or business owner than they are as an employee, even if you worked remotely before. For one, you will pay more taxes. You’ll also be required to report your earnings and pay on your self-employment earnings quarterly.
Why Should I Start A Business As A Senior?
The simple answer to this question is for a better lifestyle. Unless you have enough money to live comfortably for the next 25+ years, you’ll probably need to supplement your Social Security. Launching a home-based business is a good choice for highly-experienced workers on a budget. You don’t have to have a ton of capital, and you are in control of what you earn.
Keep in mind also that when you reach full retirement age, Motley Fool points out that there are no earning restrictions. Perhaps most importantly, once you are established, you can continue to work even when you are sick or if mobility limitations rear their ugly heads.
On top of all that, you can pursue something just for the joy of it. An idea you have put on the backburner, colleagues that you miss connecting with, or just the thrill of the hunt—it’s your baby, and there is a unique satisfaction in pursuing whatever you wish in retirement.
When you are ready to retire, the world is your oyster—and now, it can be your office. Being a digital nomad is a natural fit for seniors. Make sure you have the right tools at your side and remember, you can always change what you’re doing if you decide that checking your emails from the beach isn’t your idea of the ideal retirement.
Carla Lopez retired a couple of years ago, but she didn’t lose her entrepreneurial spirit. She created Boomer Biz for retirees like herself who still have a desire to work and achieve. The site is a resource for people in their golden years who want to start their own business or go back to work doing what they love.