It is important that you are fully prepared to start and operate your online business. As a senior or retiree, you are likely to have more patience than a younger person who just wants to dive in feet first. This is a good thing as some careful planning will go a long way.
1. What Time Commitment can you make?
There are no miracle online businesses where you can click a few buttons and money starts pouring in overnight. It doesn’t matter what some product vendors tell you on their fancy sales pages, it really doesn’t work like that.
You will need to dedicate some time to your online business to make it a success. So, the first thing you need to do is to assess the amount of time each day you are willing to commit. The last thing that you want is for your online business to make you a slave so that you do not have any time to do anything else.
Think about the other things that you want to do and then decide on the amount of time you will have available for your new online business. There are different online business models that all have different time commitments so you can choose the one that best suits your time availability.
2. Set a Goal for your Online Business
There is a great deal of power in setting goals for your online business. Most people do not do this and then wonder why things are not turning out as they wanted them to. It is critical that you take your online business seriously if you want it to be a success. You are not doing this as a hobby.
How much additional income do you want your online business to generate for you in the first year? Create a goal around this. Use the SMART goal-setting process to write your goal(s) properly. This is an acronym for:
Your goal needs to be specific, there is no room for vagueness here. Specify the income that you want your online business to generate for you in the first 12 months for example. All goals need to be measurable because you need to know how well you are progressing. With a financial goal, this is easy to measure.
Achievable and realistic are similar but not the same. What you can achieve with your online business is probably going to be related to the amount of time that you can spend on it. While it is possible to make 6 figures a month with an online business, this is unlikely to be realistic for you as you are just starting out. Always add a timeline to your goal.
3. Plan to Succeed
Once you have your goal(s) for your online business you need to create a plan of how you are going to achieve it. As a senior or retiree, you probably have a lot to learn about online business and you can make this part of your plan.
What you want to end up with is a daily list of tasks that you can perform to move you closer to your goal. By working on tasks every day, you will reaffirm your commitment to your online business. It is very important that you take consistent action.