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Self-Employment at 40+

  There are many reasons for considering self employment when you are 40 or over. It may be that you've had enough of being told what to do by someone else or that you feel you could do much better on your own. It could be that your current job has become humdrum and boring and you are looking for a fresh challenge. You may have been made redundant or you may be setting up a part-time business to pay for some extras or to provide a retirement income. Whatever the reason, this section of the website will help you get started.F irst of all, what sort of business could you set up? If you are still deciding what you want to do, read the general section on self-employment and then come back to this page.

If you are in your 40s, 50s or older, you've already accumulated a lifetime of experience, both in work and in your personal life and it is likely that you'll want to start in an area you're familiar with. There are 3 broad options - you can provide goods, services or a combination of both.

Let's use the example of teaching: say you taught at secondary or high school before you had the kids and there is a demand for private tutors in your subject. In this case, you are offering a service and your earnings are limited to the number of hours you have free to work. If you travel to students' homes, your time is even more limited.

However, there are several things you can do to create more business for yourself. The most obvious is teaching students in groups - they each get a reduction, but the overall fee is more per hour than for individual sessions.

Once you have familiarised yourself with the current syllabus and exams - private tuition almost always involves preparing young people, or indeed adults, for exams - you will become aware of the main problems students have in relation to the exams or coursework. You could write a booklet - or a full-length book - dealing with these problems and sell it online. It's very easy to create an e-book and it can be done at no cost, other than your time.

Once you've been through your first year, you could develop a revision course, enabling students from all over the country or state to receive tuition from you. Create a series of lessons, and devise assignments, which you will mark. All of this can be done by email and telephone. You could start by advertising locally or in national newspapers and then get yourself a website.

See if you can apply these steps to your own situation, using either your work experience or the skills you have gained in a hobby, sport or some other activity you enjoy as your starting point. Consider your preferred skills and be prepared to be a continuous learner, by developing new ones.If you know absolutely nothing about setting up a website and marketing online, here is a really good website package - one which includes hosting, domain name, templates and all the tools you need to get started.

If you have no idea what you're going to sell, it will help you work that out too! Go to: Site Build It - and you'll find some case studies to inspire you, as well as a free Action Guide which will explain the system and help you understand selling online before you invest any money. It does take time and a lot of thoughtful consideration to decide on the right business and then you will need to develop entrepreneurial skills and put in a lot of time to get the business off the ground.

However, if you have chosen wisely, you will enjoy being self-employed and this will speed up the process of making your business a success.

Another possible alternative for older workers who have a significant amount of experience is a freelance career.

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