Posted on: Monday, February 21, 2005
Home business with flexible hours can rev up retirement
By Andrea Kay
Most people I know who are older than 50 aren't hanging up their careers and moving to golf communities. While some can't afford not to work, many want a new way to share their wisdom and still be valuable contributors. And there's no reason you can't start fresh. But this time, work the days and hours you want.
One of the best ways to have flexibility and supplement retirement income — or make as much, if not more, than you used to — is to have a home business. But not just any home business. Let's talk about the ones 50-plus workers have found to be most appealing.
These are businesses older workers say are reliable income generators without undue effort and risk and fit well with their priorities. I discovered them in Paul and Sarah Edwards' book, "The Best Home Businesses for People 50+."
The authors admit there's no list of ideal home businesses for any age. Their list is based on research that proved the businesses can be or have been successful and practical at or from home.
First you want to decide which of these four businesses types appeals to you most:
• Serving the business world. • Serving businesses and consumers. • Helping individuals and families. • Turning your hobby into income. They organize business ideas ranging from mediator, makeup artist and feng-shui practitioner to virtual assistant, financial planner and cake baker and decorator into these four areas. Then they evaluate such criteria as start-up cost, potential earnings, flexibility of hours and stress level.
For example, if you want to be a mobile notary, notarizing documents by going to the people or businesses that need your service, you would have start-up costs under $2,500, some stress and very flexible hours.
Potential earnings are between $20,000 and $50,000. To get started, check out the American Society of Notaries, www.notaries.org or National Notary Association, www.nationalnotary.org. To start a business in environmental assessment and inspection, in which you inspect commercial or residential property for environmental hazards, you'd need to get certified.
You would have start-up costs of $2,500 to $7,500, deadlines, somewhat flexible hours, rare stress and could make more than $50,000.
What if you wanted to turn your antiquing hobby into a business? To make a business out of selling treasures you discover in yard sales and flea markets, you'd need a Web site and to invest up to $7,500 up front. Although you can make more than $50,000 and hours are very flexible, there will be stress.
If you would enjoy interviewing people to record their stories and pulling together treasured family photographs for a book, audio, video or family Web site, you might become a personal historian. You could make $20,000 to $50,000. Go to the Association of Personal Historians, www.personalhistorians.org. Another popular avenue is to become a fitness trainer and make up to $50,000. You'll have frequent deadlines because of regularly scheduled appointments and some stress, but low start-up costs and overhead.
Doulas are a booming profession. This is someone who supports and assists pregnant couples before, during and after childbirth.
Sometimes they act as advocates for clients in the hospital to make sure they get the care they want.
Some doulas help people with hospice care. Potential earnings is $20,000 to $50,000, and there are frequent deadlines and flexible hours.
The right home-based business can be a rewarding way to spend the second half of life, make money and still have time for what is most important to you.
Reach career consultant Andrea Kay at andrea@andreakay.com.
