We’re all tired of the phrases from 2020, you know the ones, “new normal” and “pivot” and I will be happy to see the end of their regular use in our everyday conversations. Along with “bubble”, “uncertain” or “unprecedented times”, “quarantine” and “COVID”.

Just the sound of these words make us all cringe and bring back all those negative emotions.

The fear we felt when the only businesses that looked like they would survive were the ones who supplied hand sanitizer, masks or provided virtual meeting software.

We have all been evolving and changing the way we work and live.

The lockdown found us binge-watching Netflix, doing our shopping online, working from home and meeting with friends and co-workers online.

We have watched all events get canceled, families who couldn’t be together, celebrations pass without acknowledgment, have faced financial challenges or know someone going through economic challenges, and worse yet, we have suffered the loss of loved ones.

People are now re-examining their careers, the years spent in corporate positions and what they want for their lives now and in the future.

For many, the dream of becoming an entrepreneur is on the rise, especially for people who are over 50. There are many reasons, some of them obvious such as financial security. For others, it’s about finding a sense of purpose.

In the wise words of Stephen Hawking: “Work gives you meaning and purpose, and life is empty without it.”

Whatever reason you’ve been thinking about having your own business, this is a great time to start something of your own, even during a recession.

 

Here are 20 business ideas for employees who want to become entrepreneurs.

1. Business Consulting or Coaching

I put this as the number one business for people over 50 because it is one of the fastest, least expensive and fulfilling ways to create income.

You have undoubtedly developed skills and experiences over the years. Use your business, marketing, human resources, leadership, productivity, media experience to help other business owners grow. People seek help from experts about nutrition, health services, fitness, or relationships. Consulting and coaching can be very lucrative businesses and allows you to work on your schedule.

I have hired coaches and mentors for my own business and all have been mature experienced business people who have left large corporations. One of my coaches was a sales manager and director for a fortune 500 company who left because he was tired of the corporate environment but wasn’t ready to play golf or lay by the pool every day. I gain so much knowledge from his mentorship that helped to propel my business to success. He was invaluable to me.

2. Digital Marketing

Every business needs a presence on the internet and it is getting increasingly hard to keep up with the demands of online marketing for brands. Small or mid-size companies are often looking to outsource web development, content marketing, social media management and SEO.

Many companies are looking for people to help them manage their online marketing. And this is a business you can do from anywhere in the world. It’s perfect for the avid traveler or snow birds who like to escape the cold each winter. All you need is a computer, phone and an internet connection.

3. Virtual Assistant

Are you great at organizing and managing schedules, email, phone calls and making appointments? Some virtual assistants also offer bookkeeping, social media or blog writing services.

A virtual assistant is someone who specializes in offering administrative services remotely to a business owner or entrepreneur. People employed as virtual assistants often have years of experience as assistants or office managers. The demand for virtual assistants has increased with more people working from home.

3. Graphic Design

Branding, promotional materials, presentations all require the skillset of a creative eye. If you’ve got a creative eye and can organize information into a pleasing format, then a graphic design business could be something you consider. Businesses need designs for everything from flyers, digital ads, social media posts, posters and signage.

You can start a graphic design business with a laptop and a few creative tools.

4. Copywriter

A wordsmith and a bit of marketing knowledge can set you up as a freelance writer. Businesses need people to help them write blogs, website content, press releases, and internal communications.

You can increase your value with a few SEO skills to help your client with keywords to improve their online search results. Or, if you have unique expertise in a particular niche, you can increase your rates.

5. Editing, Proofreading and Transcription Service

In the same arena as writing, you can add transcription services, transcribing voice or video files into word documents. As well as editing and proofreading services. Some companies hire people on contract or as freelancers to work from project to project. You can work as much or as little as you want.

6. Facebook and Instagram Ads Manager

There is over $10 billion spent every quarter on Facebook advertising and companies are looking for experts to help them set up and run their marketing on this social media platform. You don’t need much to run this type of business, just a computer and internet connection.

Although there is a learning curve, it can be a very lucrative business that provides you with the freedom to work from anywhere and when you choose. There are many resources to learn how to do online advertising, training ranges from free to as much as $5,000.00.

Many ad specialists will get paid 10-20% of the monthly ad budget. Some charge a flat fee that can be anywhere from $500 to $5000 a month. Prices vary with experience, the complexity of the project, ad budgets and return on investment.

7. Photography

If you love taking photos and enjoy meeting people, a photography business is an excellent option for you.

Start by deciding what types of services you will provide. Will you offer family photos, pets, events, business portraits, homes for realtors. Having a specialty or niche will improve your success.

I know someone who left their job after starting a family and became good at photography using her own family as subject matter. After being asked repeatedly by friends to do photos for their families, she eventually started a business. The nice thing was she could work around her own family’s schedule and fit her business into her lifestyle.

8. Tutoring

Private tutoring is a great business to start and takes very little investment. Anyone who enjoys teaching or helping people learn can offer their services both in-person and remotely. You don’t have to have a formal teaching education, but you should have extensive knowledge in at least one specific area.

There are opportunities to teach English online to people around the globe. It may require certification to be eligible for this type of tutoring.

9. Computer and IT services

If you are comfortable with technology and computers, there is a big market for you to help people set up or troubleshoot tech issues. With so many people working from home and having businesses, the need for IT assistance has exploded.

Coming from the corporate world where we always had a guy or a team of experts at our disposal made us take for granted these skills we don’t possess ourselves. Entrepreneurs, families and individuals need help setting up computers, installing apps, setting up wireless systems, and putting in firewalls. Setting up security systems to keep people safe has become more critical as we transition to working from home.

10. Accounting and Bookkeeping

With so many people starting small businesses, there is a growing need for people with expertise in accounting and bookkeeping services.

Small businesses don’t necessarily need to have a full-time person doing their accounting and will hire these experts on an ongoing contract to help them prepare their payroll and take care of their payables and receivables. Once you have a few of the right clients, they usually stay for a while and you have consistent work and income.

11. Blogging

Are you interested in food or fashion? Do you have a lot of knowledge in the health and wellness area? Do you have a passion for a specific topic that people ask you about all the time? Sharing this information via a blog or vlog (video blog) can be rewarding and profitable. But this is not a get rich quick system.

A successful blog has one specific niche, great content and can successfully attract an audience. For example, if you eat a plant-based diet and are always creating new recipes, this could be your niche. You know who your audience is and what they need to make your recipes or learn about cooking.

How do you make money? You could make affiliate income from the products you promote, sponsorship from brands you use or paid advertising. Or you may sell products to your audience, a book, a course, wearables or tools you use. Create and sell a course that you know your readers want.

12. Pet Care

Love animals? So do millions of other people. And they spend a lot of money on their furry friends. Data shows that over $36 billion are spent on our pets each year.

You can offer services to pet owners for dog walking or pet sitting. If you have people skills and love dogs, then dog training could be an option. If you are physically strong, you could offer pet grooming, bathing, clipping and cleaning to make pets look and feel good.

13. Lawn and Garden Care

For many people taking care of their lawn and gardens is a chore. If you love to work outdoors and get your hands dirty, this can be a fulfilling and profitable business.

With some essential equipment, a proper vehicle and a few clients, you have yourself a start-up. And you can quickly grow this small business into a full landscaping company with staff as you establish your brand reputation providing excellent service.

Some lawn care business owners only work in the nice weather and then take the winter off and travel or go south to get out of the cold.

14. Home Repairs

Home repair people or handyman has enormous potential for someone capable of doing projects such as carpentry, plumbing, tiling, picture or tv hanging, deck building, or drywall. Many homeowners need help with these skills that they don’t have.

If you have any of these skills and are good with people, you could have a bustling and profitable business in a short amount of time. This type of business allows you to do work you’re good at doing. Your business can grow on referrals from clients and you may not have to invest in advertising.

15. Professional Organizer

Help people to minimize and declutter their homes. Clients can be downsizing and moving or families that are growing and running out of space.

Help clients make their homes more functional and have better storage systems. Provide support on minimizing their possession and maintaining an organized space that will, as Marie Kondo says, “Bring them joy.”

16. Interior Designer

With more people spending more time at home, they are now noticing things they want to change. Everything from the design and functionality of their space to the colours and furniture that they’ve had for 20 or more years that needs to change.

If you are creative and have design sense, this could be a business for you. Depending on your knowledge and what services you want to offer, you may need to get some training to add to your expertise. Fortunately, there are plenty of accredited online training courses to learn the skills you need.

17. Real Estate Investing

There are many ways to create a business and increase your wealth in the real estate industry. You can provide rental properties using additional space in your home or purchasing another property to rent out.

After they do one successful property rental, many people will add additional properties to grow their business and income.

When you start, I suggest doing your research and finding a community of real estate investors to learn from and get support. Many groups offer education and training that range in pricing. Finding a mentor or coach can be extremely valuable and cost-saving.

18. Arts and Crafts

Are you artistic? Do you love to paint, make jewelry, design t-shirts, knit, sew or make soap? People turn their love for arts and crafts into handmade businesses, investing very little money from your home.

This type of business requires an online presence and some digital tools to market yourself. Many artists will create an online store using Etsy or Shopify to sell their products.

You can add to your revenue by offering additional services, including teaching your audience how to make their own creations or become an affiliate with some of your suppliers and earn a commission for promoting their products in your business.

19. Reselling on Amazon

If you enjoy shopping and finding a good deal, then you may want to consider an Amazon FBA (Fulfillment By Amazon) business. You find discount products to sell and send them to Amazon. You use their platform, their warehouse and delivery system. And buyers don’t stress about the credibility of a seller because they’re dealing with Amazon.

You can shop in regular stores, Walmart, Target, or discount stores and find inexpensive items or products on sale. Then you resell for a higher amount online. You can also source from online stores. Categories examples include health & beauty, household items, toys or books. There are millions of people on Amazon each day shopping, so the possibilities are endless.

Start small and test this business idea. This type of business can be a nice side hustle that provides a little extra cash for a vacation. Or grow beyond that to make anywhere from $500 to $10,000 a month. Check out how this family makes money selling on amazon. https://courses.thesellingfamily.com/

20. Franchise Business

Franchises are a common choice for new businesses because they come ready-made for you, with a proven product or service. You can get traditional retail companies with brick and mortar locations as well as home-based options. These businesses come with credible brands and support.

It is essential to do your research and choose wisely. Understand the franchise’s opportunity and the rules you will have to conform to as the business owner. Make sure you are clear on all the fees and ongoing costs will be involved. What are the risks?

If you select the right franchise and investigate thoroughly, this can be a fast track to business success.

Starting a small business takes work, but with a plan, the right tools and resources, you can get your company up and running in no time.

Each entrepreneur’s journey will be different. Learn more about how to make the transition from employee to entrepreneur.

 

 

Ready to fast track your business? Come join the Employee to Entrepreneur Society Facebook Group and get tips, resources and support from a community starting and growing a business, just like you.