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That great idea for a home-based business you’ve had in mind for years can become a reality in your retirement. This type of business works well in your golden years as mobility issues aren’t a factor, and you don’t need a lot of money to get started. Here are the five steps to start your post-retirement company.
1. Do Market Research
Market research reveals that 69% of Americans shop online. If you’ve been successfully selling your product or service as a side-gig during your career, you already know a market exists for your business. Otherwise, ask these questions to help you decide if there is an online market for your idea.
- Does it solve a want or need for consumers?
- How many people would buy it?
- Who is your competition?
- How will you make your product or service better than what is on the market?
2. Write a Business Plan
Move your idea one step closer from dream to reality by writing a business plan. This document includes details about your product or service, your goals, and how you will achieve them, as well as who your target audience is and how you will reach them.
3. Find the Startup Funds
Your plan helps you determine how much money you need to start your business. Ideally, you have extra money saved up to cover the costs until your profits start rolling in. If not, look for ways to cut back on your living expenses or research if you qualify for a small business grant. Do your best to keep your retirement savings intact.
4. Create a Digital Marketing Plan
Your online business starts with a responsive website viewable on any screen, from a mobile smartphone to a desktop computer. To advertise your website successfully, make sure visitors can easily see the unique details about your product and service and that they have a clear path to make a purchase. Include blog posts filled with information that is interesting to your target audience. As sales increase, add some referrals from satisfied customers.
There is no charge to create a page for your business on Facebook, Instagram, and YouTube. You can use these social media platforms to reach current and future customers by telling them about the benefits of your product or service. Promote your website blog posts here by linking the article with an enticing sentence or two on what the reader will learn in the post.
During your launch, consider running a contest for a free product or service on your website and social media pages to promote your company. Then, you can ask the winner to write a referral that you can post online.
5. Sharpen Your Skills
It’s never too late to go back to school and increase your business knowledge. A great way to do this is with an online MBA program, which gives you the flexibility to combine school with your startup work. In addition, your MBA studies increase your business knowledge, especially in management and strategy, and further develop your leadership, self-awareness, and self-assessment skills.
Following these five steps helps you make your online business dream a reality. They set you up for success by providing you with the information you need to start your online business. Visit theonlinereview.org for more insights like this.