Research local opportunities to start a home-based business over 40.
Nowadays many people over 40 are looking into working at home. Homemakers and stay-at-home moms are making money working out of the home and seniors are finding that home-based work is an ideal way to supplement a fixed income. You can start a home-based business at any age, but if you're over 40 or entering your senior years, look beyond "the now" and consider how you can benefit from your endeavor when retirement is nearing.
Instructions
1. Evaluate your skills and talents. In order to successfully run a home-based business it's important that you choose a field that you have experience and interest in. Keep in mind that what you are capable of at 40 may not be so easy at 50 or 60. For instance; if you are fully capable of painting a house at 40, that may not be the case 10 years from now. Instead of a house-painting business, consider a "handy-man" service that allows you to take on smaller and less strenuous jobs. Use your past experience and skill as a guide in choosing your business and consider how much staying power you'll have in that position in the future.
2. Research opportunities in that field. Once you have an idea of what business best suits your interests and capabilities, explore potential opportunities in the field. If you have experience in health care, you may find that your area has a need for non-medical in-home care specialists. Former fitness instructors may consider becoming personal nutrition consultants. If you have a professional background in finance, perhaps a financial counseling service will benefit you. Find out what services are needed in your area that directly relate to your skills.
3. Research the need for tax ID numbers or business licenses. Depending on what type of business you create, you may be required by law to possess a business license and tax ID number. You may be able to avoid these technicalities if you are a contractor, but it's better to be safe than sorry. Check with your local secretary of state's office to find out if your field of work requires a license.
4. Explore health insurance and retirement options. Once you become self-employed you will be responsible for providing your own health insurance benefits, and as you get older you may really need them. You'll also be without a pension plan or retirement fund. Plan ahead and investigate affordable health insurance and a 401k plan--or other retirement fund options--to ensure that you are in a comfortable position in the future.
5. Create your business. Outline each and every step you'll need to take to perform your services, gather all necessary equipment and materials, and set your plan into action. Most new businesses--home based or not--experience a period of "trial and error" and you may not be exempt. Carefully plan and execute every aspect of your business, and if you experience any difficulties or failures, don't be discouraged. Learn from your mistakes and reformulate your strategy.
6. Market your business. Your business can't grow without clients and marketing your services is the most effective way to attract them. You can use traditional methods, like TV or radio ads, but those are expensive and some of the best advertising methods today are low cost or completely free. You can save money on marketing by printing and distributing flyers, creating a website and participating in online social networking communities where you can reach millions of potential clients without leaving your computer or spending a dime.
7. Prepare for tax season. Explore your options for paying taxes on the profits generated by your business. There are several laws and stipulations associated with taxing a home-based business. You may be able to write off a number of expenses as deductions, pay estimated tax payments quarterly or pay in one lump sum at year's end. Keep all receipts and a detailed account of your financial activity all year and put away sufficient funds to pay your taxes on time.
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