What next for the over 50s losing their jobs to Covid 19?

Finding your path to being financially self-reliant with an online business of your own!

If you’ve somehow found yourself here on this page, chances are you’ve decided you need to start doing something about your situation. Lockdown is getting you down and money’s tight. Worse still, either the axe fell early and you’ve been put out of a job or you’re sure sooner rather than later, you’ll be facing redundancy. A fact that’s daunting in itself, but if you’re also no longer on the green side of 50, the whole picture starts to look pretty grim. Of course that doesn’t stop the bills coming in or that you have others relying on you. You need a plan, some kind of lifeline so you can regain control of your life and livelihood.

So where to start? Well maybe you’ve already begun, as I did, and started researching your options online, looking for a way to achieve financial independence.  What became very clear to me early on was the most practical choice particularly given the restrictions of Covid 19, was to start some kind of online business.

More and more people are coming to this conclusion.  For one thing, it’s a way to still work a day job while you’re making the transition.  The number one thing people want to know when considering this of course is, ‘is it a realistic option that can replace my income so I can ultimately quit my job and focus on my business full time?’  All I can say is, that for me, ‘yes’ it absolutely was.  Like it or not our future is entrenched in today’s digital world, and now more than ever given the uncertainties we face.

What was really important to me when I was starting out, wasn’t just about making money running my own business, but the opportunity to focus on the part of my job I loved most; helping people attain their goals, through personal development training and coaching.  Now I spend my days exclusively doing something I enjoy and believe in.  I can’t say I plunged in headfirst either.  I procrastinated. A lot!  The usual reasons, fear of rocking the boat, fear of failure, fear of it all being a bit fat con.

For a long time, even before the pandemic, I’d lived with a niggling dissatisfaction with my status quo.  It was this simple maxim that helped me crystallise my thinking, where I finally understood that my subconscious was indeed ‘haunting’ me.  It finally became clear to me, that not only wasn’t I reaching my potential, but I wasn’t doing what I really wanted to in my life.  All I can say, is that once you out figure what you really want, the decision to take action gets much easier.

What kind of business can you run part-time?

American businessman and famous author Robert Kiyosaki advocates that one option is to begin with a business that’s very product-driven and easy to fulfil.  The chances of success are much greater he advises, if you choose something that you believe in and feel confident selling. Also look for a product that can be sold many times over on a weekly basis, without the necessity of spending too much of your personal time on customer service and transactions.

What About Affiliate Marketing?

For many it’s important that they have a business model that can work around their job. If you find the idea of creating a product or service daunting, especially when starting out, then affiliate marketing could be the solution for you.

If you’re unfamiliar with what’s involved, you basically sell other businesses’ products and get a commission – without having to do any fulfilment or delivery. As an affiliate, the variety of products you can sell is unlimited.  The real appeal, however, is that you can sell those products many times over, 24/7, 365 days a year. So even when you’re at work or sleeping, you’re busy growing your income as you grow your sales.  And, not only can it be done part-time around a job, but also, you can choose how you promote your products. Many successful affiliate marketers use a blog, other entrepreneurs have a single squeeze page website where they build an email list and market to subscribers.

By going down the affiliate marketing route, you have the added bonus, that it’s an income stream that can run parallel with any other home businesses you wish to pursue. For example, a coach, might guide clients to educational materials for sale, via his/her affiliate link.  Other possibilities for reaching your audience are available through any social media platform that allows the inclusion of affiliate links.

Sell with E-commerce

Another opportunity is to sell physical products with an E-commerce business. With physical products, you don’t have to reinvent the wheel. You can order existing products in bulk at a fraction of the cost and then set up a sales system. 

Opportunities like Amazon FBA will do the heavy lifting for you. They will process the payments from customers and deal with the packaging, distributing, and customer service. In the meantime, you’ll get busy selling the products and setting up marketing and ad campaigns to make those sales happen – which you can do around your job in just one or two hours a day.

What you need to know…

Irrespective of what you’re selling, it’s likely the first 10 sales are going to be the hardest. With perseverance however, once you’ve made your first double figures in sales, you’ll find your rhythm and recognise that repeating that success will lead to growth.  Over time it’ll become clear exactly how many sales you need to make each week and month to achieve a steady business that’s going to eventually replace your income.

How long will it take? It’s not surprising that the most often asked question is “how long is this going to take?”  Given the number of variables involved, some people have scored in 2 days, whereas for others it’s taken 12 months to make the first 10 sales. The upshot is whether you choose the right product for the right market at the right time – not to mention how committed you are to learning the digital skills you need to succeed. If you’ve reached the point where you’re dead serious about taking your life back; if you’re determined to shrug off threats to your livelihood like the Corona lockdown, then isn’t it time to consider starting your own business

Remember what Phillip Brooks said, We are haunted by an ideal life…because we have within us the beginning and the possibility of it.”

I think he’s probably right…don’t you?