Subscribe: RSS

Like us? Tell your friends about us. facebook-small twitter-small linkedin-small

Top 5 Reasons Older Adults Are More Productive Becoming Entrepreneurs

Our thanks to Mohit Sharma for this contribution to our blog. 

 

Presenting the new age entrepreneurs, They are all above 65!

An unexpected generation of entrepreneurs is transpiring in the market. You may see new age people, young and full of notions and impulsive energy, passionate about business and working for more than 100 hours per week. Full time retirement has become underrated and so many seniors are preferring to work even after their retirements from their full time jobs!

Just for a sec, imagine you are 75! What picture pop ups in your mind? A retired old person, correct? We live in an ageist society, where your dreams are a threat to others. People try to threaten you. But so many older adults have proven this wrong. There are so many entrepreneurs over 50. We will discuss the benefits of being an entrepreneur for senior adults.

According to a study by Forbes “people over 55 are twice as likely as people under 35 to launch a high-growth startup.” This could be any business, be it traditional brick mortar business or any online business. So no matter what they – senior adults choose to start up with, they have a lifetime of experience which is enough to get started.

Starting a business is the best way where the old adults can use their experience to the fullest. Among older men, business is trending as they desire to be their own boss. Among older women, it’s a long time held passion that they want to fulfill.

Though there are challenges and opportunities such as getting funds, lack of support from society, ageism – it knocks down the confidence. But at the same time, being in this age is an interesting time, you can open up new surprises!

The online business has boomed among senior adults who are looking to start a business from home. Let’s see the reasons:

1. Freedom of Time

As you are retired from a full time job, you can give time to your own, for your business or for a new startup. So you have all the time with you now. With this precious time, so many tasks can be achieved. This is the beauty of time, it is like a freedom, once you are retired, you have it all, it is all yours.

So, adult entrepreneurs can focus more and be more productive as they can give it time and focus. You have all this time, you can work on multiple things simultaneously for example, you can be a Consultant for ecommerce and at the same time become a Shopclues seller. It is very good ecommerce marketplace to earn good profit online.

2. Rich Experience

It is beyond doubt that starting your business at an older age means you have ages of experience to use. You are seasoned and it is truly valuable. If you have been in huge organizations, you have gained valuable experience and skill set. Such organizations offer excellent skills to lead your own enterprise through all the growth stages.

The new startups need advice from a highly skilled person who has an excellent experience. Let’s say if you are someone who has knowledge about selling items on paytm as a paytm seller, you can become a consultant for people looking out to sell on paytm. This new e-commerce marketplace has very high number of users searching for new products everyday.

3. Age is an asset

I have seen senior adults becoming Snapdeal Seller’s and earning good income. They have worked very hard setting up their online store on the marketplace. According to various adults, they take their age as an asset. The Rich experience and network that they have gained their entire life is noteworthy and is worth more than hundreds of degrees.

So whichever niche senior adults choose to start business after retiring, they are surely like to excel. According to a study by Stanford Center, the senior adults are considered as the pillars of the company. ”They are better collaborators, and they are more loyal. They make excellent mentors!”

So considering their age as an asset, unleashing their true potential is the major concern.

4. Rich Network

As you have been around for a longer period of time, the contacts or network of people is relatively wider for you. This network can be a source of investors, partnerships, advisors who can help you out when in need. Perhaps, the many years spent in the corporate built in professional contacts will help you now!

5. Passion to start something new

Working the entire life sometimes leads to saturation. People want to try out different things. There is an unnerving passion which is seen in the older adults. As they are fully aware about their capabilities, skills and expertise, knowing what will work for them or not is not even a question for them anymore.

Young entrepreneurs are generally not sure about their success. But older adults are sure about their success as they have a passion and sense of self awareness.

Options to start:

1. Starting an Online Business

Ecommerce or online business are the latest trends in the business domain. Building an online store and selling products online is easier because of ecommerce marketplaces such as Amazon and it is a great option. You can sell on amazon very easily, just get started with the seller registration process and list your products. Your e-store is ready in a few simple steps!

Starting a business after years of experience in retail or sales, it can be a new area of expertise for you. E-Commerce is an elevation which does not even require a physical retail location. So this is an excellent option to start an ecommerce business.

So if you have decided to go for this option, you can either create your own website from scratch with a team of IT professionals else, start selling on the trending marketplaces which are already well built, you just need to set up your products.

The decision is yours of course. Based upon your ideas, goals, available resources and the target audience one must come to a conclusion.

If you are planning to sell on various marketplaces, I am here to help you!

2. Content Writing For Blogs and E-Commerce Products

If you are fond of writing and sharing your experience, blogging is the best way to share your skill and create an audience for your own firm or, you can work as a freelancer for other firms. Companies these days are hugely concerned about their online presence. Indexing plays an important role. To be on the top notch, content and blogs are the key.

So when any company wants to start with a serious blogging, they go to professionals with rich experience in the respective domain. If you are someone who wants to blog for other companies then there is Upwork and Elance which can get you started.

So, decide your area of expertise, what do you want to convey to the people with your blog, what do you want to accomplish, etc.

3. Business Coaching and Speaker

Senior adults are highly experienced and skilled retirees for whom business coaching or consulting is the best option to get started. The young people need someone to show direction. There is an extreme need of experienced people, who can guide and lead the way to visualise businesses.

I have met a senior adult who had a rich experience as a flipkart seller, so being in this area for so long, he has started consulting the young. He provides coaching to the young who are in dire need of a direction.

Every course in the world is available online. Most of the senior adults have valuable life learning lessons to teach. One can create online courses or webinars to share their expertise meticulously. So many portals such as Udemy, Unacademy and Techable allow users to create their own videos, easy to create and share with the audience.

4. Social Media Agency

With the increased use of social media, social media marketing is trending these days. Social media marketing is marketing or promotion of products using social media. As everyone is aware of social media these days, this business to promote products on social platforms is a huge benefit.

So if you are someone with a background of marketing, and knowledge about various tools this is the correct profile for you. You can start your own social media agency, be your own boss! Lovely isn’t it.

5. Graphic Designing

Graphic designing has always been in high demand. If you have an existing knowledge in this area, you can build your own business to provide graphic designing services. Freelancing is the best option here.

People with startups, need logos, designs for their websites, prototypes etc. So this is an evergreen field which is always in demand.

Author Bio:

Mohit is an ECommerce Enthusiast and Owner of MohitECommerce. He is Working With Many Vendors in Different Categories of Products Across Various Marketplaces. He is Very Good at Amazon Seller Training, Amazon FBA, Amazon Seller Registration, Amazon Brand Registry, Amazon Account Suspended (Making Plan of Action). He Likes To Help All Type of Businesses Mainly Small and Medium Businesses Which are eager to Step in Online Business.

10 Innovative Apps for Seniors

Our thanks to Artur Meyster for this contribution to our blog. 

Smartphones each year are farther away from being a cellphone and closer to being a mobile supercomputer. Therefore, it is undoubted that they play an essential role in our daily lives. The rapid advancements of technology have allowed developers to create apps that can make our lives easier—especially for seniors. Whether or not you are a fan of tech, below are some innovative apps that might come in handy and bring about positive impacts in your life.

1. FallSafety

The app offers help when you need it the most. With its intelligent fall detection feature, FallSafety can detect when a user experiences a fall and will automatically send an alert to an emergency contact or healthcare organization. The app takes a few seconds after the fall to send the alert, in case it’s a false alarm. The app is available for Android, iOS, and Apple Watch users.

2. Red Panic Button 

This app is for everyone to use in emergencies. If you find yourself in a threatening situation or if you worry about your safety, you can whip out this app and press the red button that will immediately send a text message and an email containing your GPS coordinates to your emergency contacts. This app is especially great for seniors who have problems with mobility as it will ensure they get the right help at the right time, with just a push of a button.

3. Lumosity

Lumosity is a brain-training app that can help improve a user’s memory and focus. While we could all use a little brain teaser every now and then, seniors especially can benefit tremendously by using Lumosity as it keeps the mind active in a fun way. The app offers various interactive features to sharpen your problem-solving skills and math abilities, among others.

4. Seniors Phone

At the rate of which technology is advancing, it is understandable how some seniors might find it overwhelming. That is, however, a problem of the past. Seniors Phone is an app that changes the user interface of any smartphone to a simplified version. You can customize everything—from the size of the fonts to the buttons—to make it easier for a user to navigate the smartphone. Some other features include bright-colored widgets for better identification and an SOS button which can send a distress signal to an emergency contact. 

5. VizWiz

Many seniors have deteriorated vision which can make daily activities a real challenge. Enter the VizWiz app, which allows a user to take a photo of their surrounding and receive the corresponding descriptions. According to its developer, the app combines automatic image processing, anonymous web workers, and members of the user’s social network in order to collect fast and accurate answers to their questions.

6. EyeReader

This is another app that is meant to help individuals with visual impairments. The app is essentially a unique reading magnifier that can help many who find it difficult to read the smaller print. As we age, our visions will likely deteriorate, therefore this app can prove to be really helpful for seniors to perform daily tasks that involve reading.

7. MedMinder

MedMinder is not only an app, but it is also hooked to an automated pill dispenser. This innovative device helps seniors to stay independent by alerting them about the right time to take their medications. Its safety features ensure that pill mix-ups are a thing of the past. The dispenser will be locked at all times unless it’s time to take a pill. First, the compartment will flash, then the device will make a beeping noise before sending an alert via the mobile app. If the patient fails to take the pill at the right time, the app will notify all caregivers. 

8. LibriVox

We all love a good story but what happens when your vision starts to deteriorate and reading becomes more of a hassle than a hobby? Opt for audiobooks. LibriVox offers an extensive list of audiobooks that are recorded by volunteers, available on the free public domain for anyone and everyone interested. Users can either choose to listen to the audiobooks online or download them for later. 

9. Yesterday USA

For those who are feeling nostalgic about the old times, Yesterday USA is the perfect app for them. The app is an internet radio station that broadcasts old radio shows from the 1920s to the 1970s. Now in its 31st year, the best part about Yesterday USA is you can tune in any time of the day as it operates 24 hours. 

10. Medisafe 

Medisfe is an app that works with Machine Learning and AI. The app is for seniors to keep track of all their medications. It gives reminders of when to take each pill and also alerts users when the prescription is running low. Medisafe also lets users enter their caregivers’ information, allowing the app to send alerts if the users forgot to take a pill.

What to Do With Your Home After Transitioning to Assisted Living

Our thanks to Jim Vogel for this contribution to our blog. 

When seniors transition into an assisted living facility, there are many questions raised about the home they’re leaving behind. After spending years of their life in their house, it can be difficult to determine the best option. Generally speaking, there are three choices seniors are faced with: selling their home, renting it out, or giving it to a family member. Each option comes with its own set of advantages and disadvantages. It would behoove seniors and their loved ones to consider their financial and overall life circumstances before deciding on one of these options.

Sell the house to pad your savings.

The traditional step to take when moving out of a home is to list it on the market and put the proceeds toward a new property. Even though you’re not going to purchase a new home, you can still use the money to help cover the cost of the assisted living facility (assisted living in California averages $3,750 a month) or to pay off prior debts.

Before listing your home on the market, it’s important to take note of the average price of similar properties in your area to help determine what to do with your own (Alameda homes have been selling for an average of $979,000 over the last month). You want to avoid missing out on potential earnings from underpricing and prolonging a sale due to asking for too much. If you have the resources, hiring a real estate agent can also be a great way to sell your house smoothly.

Entrust it to a family member.

If you don’t like the idea of losing your home or renting it out to tenants, you can always entrust it to a family member for safekeeping. You’ll be able to maintain ownership of the property without having to worry about maintenance or upkeep. You might even find a relative willing to live in the home while paying a small fee. You’ll have the benefit of monthly income without the hassle and responsibility of dealing with renters.

Some seniors may want to go a step further and legally transfer ownership of their old home to a family member. This can be done immediately following your transition into an assisted living home or set up for a posthumous transfer of ownership. Either way, you can be sure that the home is taken care of and stays in the family.

Find tenants for a monthly income.

It’s a sad fact that millions of seniors in the United States are struggling financially, but if you’re willing to put in a little effort, your old home can be an excellent source of passive income.

The first step to turning your home into a rental property is making any necessary updates and renovations to make it livable and appealing. Next, you’ll need to find reliable tenants with good credit scores, little to no debt, and no criminal history. You may also have to hire a property manager to care for the property while you’re away. It can be a small yet necessary cost for seniors who don’t have the physical ability and time to keep a rental property up and running.

Moving into assisted living raises many questions about what to do with the home you’re leaving behind. When you have such an emotional connection to your home, it can be difficult to make the right choice. Before making the final call, make sure to consider your current circumstances and think about which option is most suitable.

Photo Credit: Pixabay.com

Simple Ways to Relieve Insomnia Without Prescription Medication

Our thanks to Gabriel Patel for this contribution to our blog. 

Sleep disorders are surprisingly common. In fact, Science Daily says about one in four Americans struggles with insomnia every year. It’s normal for things like work stress, major life transitions, and emotionally upsetting events to trigger brief episodes of insomnia. Even something as simple as an old mattress or a noisy new neighbor can cause sudden sleep problems.

Fortunately, 75% of people with acute insomnia will recover without developing persistent or chronic sleep issues. The best part? You don’t need to reach for addictive sleep medications to resolve your battle with sleeplessness. Here are some simple but effective ways to improve your sleep naturally.

Invest in a New Bed

Old mattresses are a common cause of sleeplessness and are sometimes the culprit behind health issues like sleep apnea and allergies. If you’re finding it hard to get comfortable at night or you’re waking up stiff in the morning, a new mattress can make a world of difference in your sleep quality.

Finding the right mattress is a must, so read some online reviews before purchasing a bed to ensure your new investment will be a good fit for your sleep style and body type. For example, mattresses made by Tuft & Needle tend to provide better support for petite and medium-sized sleepers but can cause too much sinkage for people over 250 pounds. Whether you sleep on your side, back, or stomach is also important to keep in mind during your mattress search.

Stick to a Consistent Sleep Schedule

If you go to bed at different times every night, you may be fighting against your body’s natural internal clock. Try to stick to a regular sleep schedule every single day—yes, even on weekends! This will help condition your body and brain to start winding down at the same time every night. You should also find it much easier to wake up on those early weekday mornings if you avoid sleeping in on the weekends.

If you need your weekend sleep-ins to catch up on missed sleep during the week, try to go to bed earlier. The CDC recommends that adults get at least 7 hours of sleep each night! While this might mean going to bed much earlier than you’re used to, it’s vital to happy and healthy daytime functioning. If you have trouble getting on track, you can use your phone to remind you.

Engage in a Relaxing Bedtime Routine

Going to bed right after writing emails to clients or dealing with family stress will leave your mind reeling for hours after your head hits the pillow. Separate your daytime stressors from your bedtime with a relaxing routine.

Start your routine at the same time each evening. Engage in activities that you find calming, such as gentle yoga, meditation, reading, or listening to a podcast. It can also help to begin your routine by writing a to-do list for the following day, so you can get any lingering obligations or responsibilities out of your head for the night. Recent research reported by CTV News found that people who wrote a thorough to-do list before bed fell asleep faster than those who did not!

Avoid Stimulation Before Bed

It’s important to keep stimulating activities far away from your relaxing bedtime routine. Electronic devices, for example, emit a stimulating light wavelength that can interfere with your sleep-triggering hormones, so staring at them can be counterproductive. High-intensity exercise and heavy meals right before bed can also keep you awake.

If you need a snack, reach for sleep-promoting foods like yogurt or tart cherry juice. Most importantly, avoid stimulants like caffeine and nicotine before bed. And while alcohol is not a stimulant, it can also interfere with your sleep quality and lead to waking in the night.

Suffering through an episode of insomnia can be very frustrating. While it may be tempting to reach for a quick fix in the form of medication, adopting healthy sleep habits will serve you much better in the long run. If nothing you try is helping, consider making an appointment with your doctor to get to the root of the problem.

Media Release: Entrepreneurs In $7 Trillion Longevity Market Learn Insights On Investors, Distribution And Marketing At What’s Next Longevity Business Summit

 

 

Entrepreneurs in $7 Trillion Longevity Market Learn Insights On

Investors, Distribution and Marketing at What’s Next Longevity Business Summit

Conference Keynoted by Expert in Aging, Ken Dychtwald;

Powerhouse Speakers from AARP, NIA, Ziegler Link·Age, Home Instead

 

ATLANTA, January 30, 2020 – The What’s Next Boomer Longevity Summit kicks off its 17th year as the premier curator of 300 thought leaders in aging – this year here in the ATL – to network and learn about the trends, innovations and opportunities addressing the consumerism and needs of adults age 50+.  The one-day conference will feature power-packed panels on the conference theme of “Mobility, Memory, Money and Marketing,” all focused on capitalizing on the $7.6 trillion longevity economy.

Executive produced by Mary Furlong & Associates (MFA), the What’s Next Boomer Business Summit is known for delivering an expert forecast for success in entrepreneurship. Attendees will learn from panelists such as investors Ziegler Link·Age, Nationwide Ventures and Portfolia on how to obtain funding; opportunities in deal-making with distribution partners such as Home Instead; customer insights and market research trends from top research agencies, innovative programs driving dementia care and brain health and more. This year’s keynote address, “The Next Wave: How Boomer Retirees Will Redefine Money, Consumerism, Family, Work, Housing, Mobility, Health and Success” will be delivered by one of the visionaries in aging, Ken Dychtwald, author and co-founder of AgeWave.

“I’m looking forward to sharing my latest ideas on which industries, products, and services will dominate the emerging longevity marketplace—many of which are hiding in plain sight,” said Dychtwald. “I’ll be covering everything from medical technologies on the horizon that have the potential to dramatically transform health and aging – to how aging Boomers’ time affluence will re-define the travel and leisure, housing, education, media, and financial services industries.”

In addition, author Maddy Dychtwald who is co-founder of AgeWave, will moderate an inspirational panel of business women discussing female economic influence and fiscal makeovers for 2020 and beyond.

Attendees learn trends and insights, but also valuable business coaching such as how to scale a business, leveraging senior housing and transportation deals, delivering for home as the new health hub, using emerging technology including VR, Voice First and AI to change consumer habits and enhance workforce development, understanding fintech and privacy issues, changes in  MedicareAdvantage reimbursement models, how to incorporate aging vitality and caregiver wellness into a business model, marketing success using content development and social media, designing with aging in mind and more.

What’s Next Longevity Business Summit Comes to the A to Focus on Longevity Economy Trends

“For 17 years we have been diving into markets in longevity and we see 2020 as an important milestone where women are at the epicenter of purchasing power globally as well as building innovative businesses to address an aging society,” said Mary Furlong, a successful entrepreneur and author in aging who has made the What’s Next conferences the must-attend events in the longevity economy. “Knowing what priorities investors have for funding, how to build distribution partner pipelines, building a business based on strong research and how to create and leverage innovations in marketing are the cornerstones of what our event delivers for attendees.”

What’s Next Longevity Business Summit is co-produced by Lori Bitter, founder of The Business of Aging, and Sherri Snelling, CEO of Caregiving Club and has been held concurrent with the American Society of Aging’s annual Aging in America conference for the last 17 years. This important partnership offers attendees both conferences: one a comprehensive look at aging, the other is the Summit’s select smaller learning and networking event of thought leaders in longevity. The Summit lead sponsors include: AARP Innovation Labs, Great Call, Ageless Innovation, CareLinx, VitalTech, Medterra CBD, Business of Aging, Susan Davis International, Caregiving Club, iN2L, Hamilton CapTel, Home Instead, myFamilyChannel, SilverRide, Outpatient, Noboscu Technology, Nationwide, Portfolia, Embodied Labs, Caremerge, Stay Smart Care and Thrive. See the event agenda and full list of speakers and sponsors at: boomersummit.com

Media Contact:

Phyllis Weiss – Weiss Communications, Inc.

weiss@weiss-communications.com

# # #

About Mary Furlong/Mary Furlong & Associates

Founded in 2003, Mary Furlong & Associates (MFA) is a strategy, business development and marketing company. A serial  entrepreneur, Mary founded SeniorNet.org, and ThirdAge Media (acquired by Ancestry.com), prior to MFA. For 17 years, Mary has produced the industry leading What’s Next Longevity Business Summit and Silicon Valley Boomer Venture Summit, adding the Washington Innovation Summit and What’s Next Canada in recent years. Author of Turning Silver into Gold, How to Profit in the Boomer Market and The MFA Longevity Market Report, Mary has been recognized by ASA, Fortune, Time and as one of the top 100 Women in Silicon Valley. She is an adviser to the Ziegler LinkAge Fund, CABHI and numerous start-up companies in addition to her private client practice.

About Lori Bitter/The Business of Aging

Lori K. Bitter provides strategic consulting, research and development for companies seeking to engage with mature consumers at her consultancy The Business of Aging. Her current research, Hacking Life Shifts, in collaboration with RTI research and Collaborate, was championed by AARP, and funded by Proctor & Gamble, Bank of America, Unilever and others. She is a 2017 Influencer in Aging, named by Next Avenue and author of The Grandparent Economy. She was president of J. Walter Thompson’s Boomer division, JWT BOOM, the nation’s leading mature market advertising and marketing company and led that firm’s annual Boomer marketing event for five years.

About Sherri Snelling/Caregiving Club

Sherri Snelling is a corporate gerontologist and founder/CEO of Caregiving Club, a strategic consulting and content creation firm focused on biopsychosocial aging, Alzheimer’s and caregiver wellness. Her innovative wellness programs include the Me Time MondayTM and 7 Ways to Caregiver Wellness workshops. She is the author of A Cast of Caregivers – Celebrity Stories to Help You Prepare to Care, a contributing columnist and national speaker on caregiving and has done work for AARP, Keck Medicine of USC, UnitedHealthcare, Wells Fargo, Goldman Sachs, LifeCare, QVC. She was chairman of the National Alliance for Caregiving and is on an Alzheimer’s Association board.

Age-Related Stressors and How They Affect Your Quality of Life

Our thanks to Kent Elliot for this contribution to our blog. 

Stress can affect us at any age, but seniors are often triggered by different types of stressors than kids, teens, and adults of other ages. For instance, the American Institute of Stress (AIS) explains that some of the most common stressors among seniors include the loss of a loved one, changes in personal relationships, and physical impairments affecting the five senses. For some older adults, the lack of structure in their daily lives can become problematic as well.

While some strategies for senior stress management may include a combination of meditation, yoga, exercise, healthy eating, and controlled breathing, other treatments include antidepressants and/or cognitive behavioral therapy. Since recommended treatments vary widely by situation, it’s important to speak with a doctor about your symptoms and the different types of solutions that may be available to you.

Read on to learn more about the stressors that most seniors face, as well as the steps you can take to get the emotional support you need when managing any ongoing worries and fears.

Common Stressors Affecting Seniors

For many seniors, difficult life situations can result in feeling stressed, fearful, or emotionally unwell—especially if they begin to notice changes in the ability to walk, talk, hear or see. Many seniors also experience stress after the development of an age-related health condition or mobility impairment, as this may lead to the fear of losing the ability to live independently, age in place, or drive a vehicle.

Changes to finances or socioeconomic status—especially after retirement—may also cause seniors to worry about their financial standing more than ever before. Depending on their financial situation and current state of health, seniors may even worry that they cannot afford to support themselves as they age. However, working with a financial advisor and setting a budget may help to ease some of those worries.

Moreover, the loss of loved ones or any change in their personal relationships is another common stressor among seniors. For many older adults, the fear of losing a child, spouse, pet, or another loved one is more worrisome than the thought of their own death. However, speaking with a trained mental health professional can help seniors to control their fears and develop a plan for the future.

How to Get the Emotional Support You Need

Anxiety disorders in seniors may occur as a result of extreme stress, trauma, bereavement, neurodegenerative disorders, or other medical conditions. As such, it’s important to identify your stressors and know when to seek professional help for chronic stress, anxiety and/or depression.

According to the American Psychological Association (APA), about 19 percent of adults age 60 and older take an antidepressant medication for relieving symptoms of stress, depression, and/or anxiety. While some seniors may be able to control their stress without the use of antidepressants, it’s important to meet with a doctor to discuss your symptoms as soon as you begin to worry about your emotional health and well-being.

If the cost of seeking professional help for your emotional health is holding you back, however, keep in mind that Medicare Part B includes coverage for counseling with specialists such as psychiatrists and clinical social workers, as well as other mental health services. Plus, Medicare Part B provides you with one free depression screening each year. To schedule your free screening, contact your primary caregiver.

Relief from Age-Related Stress is Possible

Stress affects us at all walks of life, but our ability to cope with stress becomes even more difficult as we age. As such, it’s important to seek immediate treatment for stress to reduce your risk of heart disease and other stress-related medical conditions such as high blood pressure. By seeking treatment for your stress, anxiety, and/or depression, you will improve your quality of life and prepare yourself for any other obstacles that may come your way.

4 Surprising Things That Can Make Life as a Solopreneur Less Stressful

Our thanks to Courtney Rosenfeld for this contribution to our blog. 

Looking to earn some extra spending money with a new side gig? Do you need to supplement your retirement savings? Are you simply ready for a new venture? The truth is, more and more retirees are returning to the working world in the form of solo entrepreneurship. According to Forbes, half of all small business owners are over age 50: “one-third of all small business owners are between 50 and 59 years old; 17% are 60 to 69 years old; and 4% are 70 or older.”

Getting started as a “solopreneur” can be full of challenges and stress. Thankfully, you can reduce some of those headaches by keeping these handy tips and tricks in mind as you get your new business up and running.

Think About Hiring a Freelance Virtual Assistant

It may sound silly to invest in an assistant for a side gig or small business. But when you stop to consider how valuable your time is, you may quickly change your mind. Now, you can get detailed and calculate your time’s value, but it really just helps to know that you could be spending your time on more valuable projects to get your business up and running. So, consider hiring an assistant to help make the most of your time. If you’re not sure where to locate a virtual assistant, you can use an online job board to quickly find talent. You can use job boards to get freelance help with other startup projects, like logo or website design for your business.

Consider Investing in a Dedicated Mobile Hotspot

No matter what type of side gig you decide to start, having reliable internet access is a must. Staying connected to the internet can help you stay connected to valuable online tools that can make managing your new startup easier. Most of these tools are completely free to use and can make essential business tasks, such as managing email marketing or creating social media content, virtually effortless. So, how can you ensure you have access to fast, reliable internet no matter where your business takes you? You can add a hotspot to your current cell phone plan; look for a device with extended battery life, multiple device connections, and access to phone charging. Using a dedicated hotspot, instead of your phone, will provide a much stronger connection and fewer worries about draining your phone battery.

Think About Downloading Productivity Apps

With reliable internet and more time, you can get more done to make your new startup a success. Even with these helpful tools, keeping yourself productive as an entrepreneur can be a major challenge. That’s especially true if you already have a busy schedule or just want to kick back and enjoy retirement, which is why task management tools can be extremely effective for busy older adults looking to start a new side gig. Apps like Asana and Timely allow you to manage your tasks so that you can get more done throughout the day. Many of these productivity apps offer free tools and services, but you can also add paid features if you have room in your startup budget. You can also use more traditional productivity hacks, such as limiting distractions during work hours or focusing on a single task instead of multi-tasking.

Consider Looking for Low-Risk Business Funding

Funding worries top the list of the most common sources of stress for small business owners but you can easily take steps you reduce your own startup funding worries. If you have enough in savings, bootstrapping is a good option when very little capital is needed, but using your personal finances to start a small business isn’t always doable, especially if you are already living on a retirement income. So make sure you look into all business funding options, which can include loans, grants, and even crowdfunding. If you do opt for a small business loan, be sure to check your credit report first so you can get the best interest rates.

Starting a new gig or business can be a simple way to earn some extra income, both as a side gig or as a way to boost your income during retirement. Although it has its advantages, it can also be a bit stressful. So, if you’re not sure where to start, begin by using some of the tips above and research other ways to make being your own boss feel effortless. Because additional income should never bring additional stress to your life!

Photo Credit: Pixabay

Why Are Seniors Turning to CBD?

This blog is contributed by Matt Scillitani of remedyreview.com

CBD, or cannabidiol, has been studied as a substitute for everything from anxiety cures to pet medication, and this natural aid isn’t just for the young. There’s interest in CBD among those aged 54 and older.

We studied over 1,000 seniors, 54 years old or older, and asked them questions about their CBD usage, associated benefits and side effects. Read on to hear what these mature men and women had to say.

Not So Stuck in Their Ways

Nine percent of the seniors surveyed used CBD for health-related purposes. Over 65 percent of the seniors who tried CBD said their quality of life was good, whereas just 31.1 percent said the same before trying CBD.

Skepticism may have kept 91 percent of the interviewed seniors away from CBD, but those who gave it a shot reaped its rewards. Seniors who tried it admitted that CBD prompted a dramatic improvement to their quality of life.

Ingestion Options

Fifty-four percent of seniors applied CBD by directly inserting it into the mouth. For the next most popular administration method, 21.1 percent chose to eat CBD-infused edibles and add oil drops to their beverages. The least popular ingestion method was through smoke or vapor, utilized by only 10 percent of our senior CBD users.

The CBD Hit List

Forty-two percent of seniors used CBD with the goal of reducing inflammation. Relief from chronic pain was the second most-cited incentive. Anxiety and stress were cited as the fifth and sixth most common symptoms, respectively, that seniors attempted to alleviate via CBD.

Senior Symptoms Alleviated

Chronic pain saw a 61 percent reduction rate among seniors using CBD. As added bonuses, 23.3 percent experienced a better mood and 45.6 percent noticed improved sleep quality.

This data clearly encourages CBD as an alternative healing tool. Seventy-eight percent of seniors said they were satisfied with the product, and 89 percent said they would recommend CBD for health-related purposes to a family member or friend.

Over or Behind the Counter?

Twenty-six percent of the seniors think they personally consume too many prescription drugs. CBD provides a safe alternative and has piqued interest because of it.

The effectiveness of these remedies is what won over our seniors.  Nearly 29 percent rated CBD as extremely effective, while another 38.9 percent claimed it was moderately effective.

The Next Budding Market …

Interest from all varsities of age have led to CBD’s booming market. Symptoms like chronic pain can be remedy motivators for seniors, while stress and anxiety cures attract many modern health gurus.

Methodology and Limitations

We collected responses from 1,047 seniors by administering online surveys through Prolific.ac. For this analysis, we have defined seniors as adults aged 54 and older. Respondents who were younger than the designated age were excluded from our findings. To ensure data accuracy, participants who failed an attention-check question or entered inconsistent data were excluded.

The main limitation of this study is that different sources have varied definitions for the age ranges that qualify as “seniors.” Additionally, the self-reported nature of our data is subject, but not limited, to selective memory, exaggeration, or telescoping. These findings have not been reviewed or approved by medical experts and should not be used as a substitute for seeking out and listening to a primary care physician.

Disclaimer

The findings shown in this study are not medical advice and should not be used as a substitute for seeking out primary care providers. This study is based on anecdotal evidence and relies on self-reported data.

Tips for Taking Care of Yourself as an Alzheimer’s Caregiver

Our thanks to Lydia Chan for this contribution to our blog.

With National Alzheimer’s Awareness Month and National Family Caregivers Month upon us, it’s the perfect time to reflect on your life as a caregiver. So much of your time is spent tending to the needs of others that it’s all too easy to forget about your own needs as a result. Many caregivers, particularly those who help people with Alzheimer’s, find it difficult to practice the self-care necessary to maintain their health and well-being, which results in them feeling depleted and discouraged on a daily basis.

Whether you’re a caregiver by profession or are caring for a loved one with Alzheimer’s, taking care of yourself is critical. It will not only help you live a thriving life, but it will also leave you with more to give so that you can be a better caregiver. Here’s the good news: Practicing self-care will not be the most challenging thing you’ve ever done. All it takes is a commitment to make small changes and implement healthy habits.

Here are a few practical tips for how you can begin your self-care journey as a caregiver.

 Consider Assisted Living for Your Loved One

This isn’t a fun topic to think about. But at some point, assisted living may be necessary. Depending on the circumstances, it could be the best thing for the well-being of you and your loved one. Not only could it take some of the burdens off of you (the caregiver), but a memory care home can help your loved one maintain their independence, stay active, and engage in community. Such a facility in San Francisco can cost between $2,500 and $15,200 a month.

Eat Well. Get Sleep. Exercise Often.

This is really three tips, but they are all intertwined. Eating a healthy diet can benefit your sleep and provide you with more energy to exercise. Getting enough sleep can help you eat better, and it allows your body to recover, which boosts your exercise performance. And yes, regular exercise promotes sleep and can motivate you to eat better.

Try to eat a balanced diet of fruits, vegetables, lean proteins, whole grains, and healthy fats. Create a bedtime routine that helps you get seven to nine hours of restful sleep each night. Find an exercise routine that you enjoy, and try to do it five times a week. If you commit to these changes, it won’t take long for them to become habits, and the benefits will amaze you.

Find a Multivitamin That Helps

As much as eating a healthy diet benefits your overall health, there’s a chance that your body will still be missing nutrients here and there. A bioavailable multivitamin can help provide those nutrients. Along with filling nutrient gaps, taking a multivitamin can result in a healthier gut, skin, hair, and nails. If you take a B vitamin, you will have more energy for a more productive day.

Join a Support Group

Another important way to practice self-care is to find a support group. There are many caregiver support groups around the country — some that are for caregivers in general, and some that are specifically for Alzheimer’s caregivers. By connecting with a group, you will find a listening ear and sound advice from people who have gone and/or are going through the same kind of situation as you are. Support groups can serve as a great reminder that you’re not alone.

In the throes of everyday life as a caregiver, it’s essential that you not neglect your self-care. Consider whether it’s time to move your loved one into a memory care home. Establish healthy eating, sleep, and exercise routines, and take a multivitamin to boost your overall health and well-being. Finally, find a support group that provides you with the companionship you need.

Image via Pexels

Hacking Longevity Market Trends & Consumer Preference

Article Originally Published in Aging Today Newspaper of ASA.org

September-October 2019, Vol xl No. 5

There now is heightened interest in serving the longevity market, as evidenced in The Business of Aging’s 2018 study, Hacking Longevity: A Three Generation Look at Living a 100 Year Life (tinyurl.com/yxdsle49), which painted a landscape of opportunity for companies that can speak authentically to older con­sumers, and help them navigate later life.

 Many companies have built products for different generations of older consumers.

Though the needs of and opportunities to serve this consumer cohort are recog­nized and well-researched, some compa­nies steadfastly chase the youth market, assuming more money and opportunity lie there. Also, new companies and tech­nologies tend to target wealthier older consumers—those who can pay regardless of insurance reimbursement. Companies’ offerings could (and should) have more wide-ranging social impact and greater results with low-income adults, particu­larly those of more diverse backgrounds who may be managing multiple chronic conditions, who are more at risk for social isolation and who may not have technolo­gy to assist in their care. Nonprofit organizations can partici­pate in these marketing opportunities by educating young companies about the re­alities of older adults’ lives, and by work­ing with for-profit companies to provide distribution and pilot programs, bringing new products and services to more vul­nerable older consumers. Many companies claiming to target older adults have built and marketed products to at least two different genera­tions of older consumers and-or caregiv­ers, likely the Greatest and Baby Boom generations. But members of these co­horts differ in how they age—and in how they perceive their aging. Thus, it is criti­cal that companies access key consumer insights, especially because people, as they age, can’t always relate to the brands they once valued, thinking that these brands no longer speak to their needs.

Market Opportunities and Trends Solutions for the Greatest Generation were designed for a “birds of a feather flock to­gether” mindset—think suburban living and resort-style senior living—whereas baby boomers require curation: they value individuality and specialized approaches.

The personal health and fitness con­sumer category is growing. While older generations prefer group programming, the newer generations of older adults pre­fer personal trainers, individualized meal programs and customized vitamin and supplement regimes. With high rates of obesity and diabetes, companies in this space are poised for growth.

Experiences are king. The Baby Boom Generation ushered in the “age of experi­ences,” and technology has enhanced this trend’s growth. Sometimes the language of experience is “memory-making,” espe­cially when it involves a family’s multiple generations. From adventure travel to food and wine to family vacations, older adults prefer to share experiences instead of gifting “things.” They also share these experiences via social platforms or within family circles. This sharing impetus ex­tends to exploring family history and heri­tage, hence the growth of genealogy sites and DNA testing.

A preference for “little luxuries.” The new older adult appreciates not just peak experiences, but also top products— luxuries that span from gourmet ice cream to home wine cellars to designer bifocals to a meal in a celebrity chef’s restaurant. In­herent in all things experiential is sharing the experience on social media.

Home maintenance has created an in­dustry of gig workers who provide services older adults are unwilling to do or can’t do. Angie’s List, HomeAdvisor and TaskRabbit all cater to this market. The segment of this home services economy ripe for innovation is the home organization–de-cluttering business. Organizations do exist, e.g., the National Association of Senior Move Man­agers, but this is a fragmented industry. Young families don’t want their parents’ furniture, collectibles and memorabilia. And, as older adults downsize and want to get rid of possessions, there is enormous (and growing) market opportunity.

Home is the center of care. As the ma­jority of older adults plans to age in their homes, professional homecare providers seek innovative ways to deliver care and services supporting the daily activities of older adults and their family caregivers. Applications for voice-activated devices (e.g., Amazon Echo and Google Home) that enable aging in the home are increas­ingly popular, as are services such as gro­cery delivery, medication reminders, care support and rides.

Products that have been used in the home for years are being re-engineered for aging at home. Consumers and care­givers are thinking about toileting and cleaning, maintaining odor control and keeping the home clean and infection-free. Expect robotics to assist with mun­dane in-home tasks.

Pet ownership is on the rise. The Baby Boom Generation has the highest divorce rates and the most aging singles. Pet owner­ship, as a means to avoid social isolation and loneliness, is more prevalent in this cohort. This indicates soaring sales of high-end pet food, pet insurance and accessories. This market also has created a service economy around in-home grooming, dog walking and sitting, veterinary services and more.

Financial services. The 2018 Hacking Longevity study revealed elders’ lack of understanding of financial products for retirement saving and, like other studies, showed that the Baby Boom Generation is understandably stressed about having enough money as they age. There is inno­vation around annuities and reverse mortgages, but these products have re­ceived mixed reviews, so selling any new versions is difficult. Consumers need more education to understand these prod­ucts’ uses and value.

The cannabis market has a Wild West feel to it.

Cannabis and CBD for pain manage­ment. The biggest category of consumer interest over the past two years is canna­bis and CBD. As states legalize medical and recreational cannabis, older adults are embracing it for pain management, help with sleeping and more. CBD prod­ucts have flooded the market with little evidence of efficacy for all of the claims made. This category has a Wild West feel to it, as start-ups appear daily; there is no clear market leader, but revenue projected by 2022 stands at $32 billion.

Companies in these trending catego­ries seek partners, just as they do inves­tors. While it can take for-profit and non­profit businesses time, imagination and key consumer research to create valuable partnerships, consumers benefit most from a careful development process. n

Lori Bitter is a marketing, research and development consultant, speaker and au­thor in the Bay Area, and author of The Grandparent Economy: How Baby Boom­ers Are Bridging the Generation Gap (Ithaca, NY: Paramount; 2015).