The Simple Way of Finding Your Business Ideas if You Are Over 50

Use decades of your experience and real-life skills

Starting a new chapter when you are older than 50 may seem scary and intimidating.

Trying new things is exclusive to younger people in any area of life, but especially when you want to start a business or online income stream.

Not only is this not true, but if you are over 50, 60, 70, or older, you have decades of experience and an advantage over younger people because you have real-life skills.

The average age of starting a business is 42 in the US. But you can start later.

Ray Kroc started McDonald's at 52, and Harland Sanders (Colonel Sanders) started Kentucky Fried Chicken at 65.

Starting an online venture is easier and requires less investment than a traditional business. I started in my 50s, and that was the best decision of my life.

In this newsletter, I will share how you can use your skills to generate business ideas for an online income stream.

Image by the author using Canva

Copy this simple exercise

Divide a sheet of paper into three columns. One column is called skills, the second is problems, and the last is people. Like in the image below. ⬇️

Grab a pen and write down all your skills. Even if you think they are small or not that important.

I can share with you some of my skills:

• Writing

• Creating offers

• Email automation

• Creating websites

• Building an email list

• Making landing pages

• Writing converting copy

• Social media management

• Writing engaging newsletters

• Making irresistible lead magnets

All of the above are essential skills in a digital economy. But I am also very good at:

• Cooking

• Traveling

• Anti-aging

• Gardening

• Pet-sitting

• Healthy lifestyle

• Moving and living abroad

Those are also valid skills, and many people would benefit from my knowledge and experience.

So, do not limit yourself and write down all your skills. Consider what your family and friends ask you for if you are unsure.

What problem can you solve

Each of your skills can solve a problem.

It is very difficult to have a skill when that skill doesn’t solve a problem. In the problem column, you can write down all the potential problems your specific skill could solve.

You can have not just one problem associated with that skill. You will have 3,4, 7, or even 10 or more problems associated with that skill.

For example, writing solves many problems:

• People don't know what your business does

• Not enough visitors become customers

• Customers don't feel connected to your brand

• People don't see you as an expert in your field

• Customers don't understand your product's benefits

• People don't know what makes your business special

• You get the same questions from customers over and over

Now, can you see how it works?

Come up with as many problems as possible.

What type of people have these problems?

The same problem can be assigned to many different groups of people.

Let’s stick to the problem of a lack of writing skills and what type of people have these problems. For example:

• A startup founder who needs help writing investor pitches

• A non-profit director who has difficulty writing grant proposals

• An e-commerce entrepreneur who can't craft compelling product descriptions

• A small business owner who struggles with writing social media posts

• A consultant who struggles with writing case studies to showcase their work

• A financial advisor who needs help simplifying complex concepts for clients

• A local service provider (e.g., plumber, electrician) who needs help with website content

Look at the people you assigned to the problem and pay attention to one very important characteristic: their ability to pay.

If you solve a problem that has a major impact on someone's life and solves a major pain for them, they will be willing to pay a lot of money for it.

The bigger problems you solve, the more you can charge to solve those problems.

The underestimated power of no-money-related skills

Everyone thinks money is only in money, health, or relationship-related niches.

But many people make serious money with completely different skills. If you are over 50, you have gone through many ups and downs in your life. Use it to your advantage.

Maybe you have been through a divorce, you overcame a childhood trauma, or you can help people go through the loss of a close family member.

Maybe you quit bad habits like smoking, drugs, or drinking alcohol.

You might be skilled at crocheting, gardening, drawing, permaculture, sustainable living, foraging, or preparing organic food.

People like to learn from people who have been through the same experience. Real-life experience.

Use your unique skills instead of copying everyone else. Being original will help you stand out.

But make sure you solve real problems, and your skills are in demand.

Summary

I am sure that you have many skills that you can charge for. But focus on one that is most likely to be monetized.

It doesn’t always have to be money-related problems. It can be a weight loss for executives or a new mom who wants her pre-baby body back.

Simplify everything instead of complicating it.

The worst thing you can do is try to use all your skills. It will overwhelm you and your potential clients.

Simplicity is the key.

Use your skills to offer the solution to:

1. Specific problem.

2. A specific type of person.

3. Specific way.

And that is how you use your skills to start your online business ideas and income stream.