3 days ago
11 Best Side Hustles for Women Over 50, According to Career Coaches
These days, it can seem like nearly every millennial or Gen Z person out there has a side hustle to help them generate some additional income outside of their main jobs. But contrary to popular belief, side hustles aren't just for 20-somethings and 30-somethings. In fact, they can be a great way for people in their 50s—especially women—to save extra money before retirement and find a new source of fulfillment.'It's beneficial because more people want to retire early as corporations and the corporate sector are less appetizing,' says Brooke Taylor, a career coach and the owner of Brooke Taylor Coaching. '[My clients in their 50s] are tired, they wanna spend more time with their family, they wanna wind down. So finding additional revenue streams is a good way to be able to support themselves before they can access their retirement.'Although starting a side hustle can be intimidating, it doesn't have to be. Many draw from skills that middle-aged women have already utilized in their careers and personal lives for decades, allowing them further flexibility and the option to maintain a source of revenue even after eventually leaving the traditional career coaches share the 11 for women over 50, why side hustles are a good idea for this age group, and some tips for getting
Chris Guillebeau, author of the book Side Hustle: From Idea to Income in 27 Days, points out that if you're a woman in your 50s, you have a competitive edge when it comes to side hustles 'because you bring so much experience, judgment, and resilience to the table.''You already know how to solve problems, work with people, and manage your time — things that often trip up younger people,' he tells Koepsell, a career coach and the owner of Koepsell Career Counseling in Washington, D.C., agrees.'Women in their 50s have such an impressive background and so much life experience that they can pull from,' Koepsell explains. 'They are trusted a lot in certain professions due to that area of expertise, and it allows them to keep their brain sharp and explore some activities outside of their traditional 9-to-5 that they can continue once they're retired, as well.'Related:
If the cost of starting a side hustle has held you back from taking the plunge, don't worry! Not all side hustles require a substantial upfront keep spending low, Koepsell recommends mapping out your expected costs for the first year or so and setting aside money for certification or other start-up fees.'I would recommend doing informational interviews, so that [newcomers] can talk to someone in these roles and get an idea of [the job],' she says. 'That way, they have time to do upscaling if they wanna build towards it for a couple of years, and get some actual expert-level information.', a career and intuitive life coach, adds that these jobs 'require a lot of experimentation before you find what works best for your schedule and desired income stream.''Start small with little experiments to see what products or services appeal to your customers,' she says. 'Don't fall for advertisements and emails promising to help you make six figures in the first few months with their 'perfect system.' It's a scam.'Guillebeau adds that it's best to rely on organic marketing rather than wasting money on things like social media advertisements.'Reach out through your network, tapping into communities and using free tools,' he notes. 'You want to validate your idea first before spending anything significant.'Related:
Taylor notes that although consulting is an umbrella term for being a sole proprietor and selling your business expertise, there's real value in drawing from your past professional experience to work with others in your field.'Take your expertise that you've gleaned over the course of your long career and monetize it, give it back,' she says. 'You don't necessarily have to go out and create something new. Just repurpose what you have. You can flex it up, you can flex it down, and it doesn't require any money upfront to launch.'Related:
Experience in writing and editing can make you a great candidate for freelancing, especially if you have expertise in a niche area.'I recently had a client that was focused on meteorology, and we talked about how they could do some specific proofread[ing] in meteorology-focused papers,' Koepsell says. 'Really target audiences so that your expertise can be highlighted.'
Doing project management and executive assistant work can be a particularly accessible option for women looking to start a side hustle since it can typically be done remotely.'[Doing it] for small businesses is really helpful. It keeps things interesting,' Koepsell notes. 'You're able to dedicate more time, and it's something you can typically do virtually.'Related:
Outside of property rentals, renting out other items can also be an easy source of extra income. As Taylor points out, this can be anything from party equipment to a vehicle to AV equipment.'Find something that's really affordable that has that kind of recurring revenue stream that doesn't require a lot from you upfront,' she says.
Are you an animal lover? Then caring for other people's pets while they work can be a great way to enjoy time with furry friends, all while earning some extra cash.'Since COVID, everyone got a pet,' Koepsell says. 'Now, with a return to office, there's more of a need [for pet sitters] than ever. That's something that's good for the current environment.'
Do you know someone with a summer house or second property? Offering to manage upkeep and repairs on their home when they're out of town might be right up your alley.'[Homeowners] especially trust people that are older for that as opposed to young people,' Koepsell notes. 'Because they trust that they've owned homes or seen enough.'Related:
Whether you're a teacher or simply have expertise in a field like biology or economics, tutoring younger people can be a great way to give back and share knowledge that you're already applying to your career.'At this stage of life, there's a real advantage in offering maturity, trustworthiness and personal connection—qualities that many clients are specifically looking for,' Guillebeau says.
If you have a knack for detail and enjoy the planning that goes into gatherings, consider becoming an event planner. As Koepsell points out, the possibilities for what type of events you take on are endless.'That could be either part-time things like different networking events, maybe weddings,' she says. 'They could help with corporate planning for events. That's especially popular here, [in the D.C. area].'Related:
Women with a background in finance are particularly well-suited for taking on additional bookkeeping duties.'I've seen [that] some bookkeeping companies prefer people that already have a CPA,' Koepsell says. 'So if there's anyone in accounting or finance in some capacity, that's a very easy transition for them.'
If you already have a second property that you're not using, renting it out on sites like Vrbo and Airbnb can be a great secondary source of income. Of course, if you don't already have another property, acquiring one can obviously come with a more significant up-front cost. In that case, Koepsell recommends conducting informational interviews and talking to a realtor before making any major purchases.'It might also help to work with folks like stagers or interior designers [who] are just getting started, so you can get some discounted pricing if you need additional help,' she adds. 'Or use things like Facebook Marketplace for acquiring items. That way, it's not as cost-heavy.'
Have you traveled the world and come away with plenty of travel advice? Consider turning that into a secondary career.'These side hustles work well because they tap into real skills and experience, they're flexible, and they don't require massive startup costs,' Guillebeau notes that although A.I. services might replace certain travel planner tasks like itinerary making, other facets of the job still require a human touch.'There's always going to be a need for people that say, 'I wanna use all of my credit card points, and I don't know how to do it efficiently,'' she notes. 'A.I. can only do so much in terms of specific financial advice.'Up Next:Brooke Taylor, of Brooke Taylor Coaching
Chris Guillebeau, author of Side Hustle: From Idea to Income in 27 Days
Laura Koepsell, of Koepsell Career Counseling
Mandy Steinhardt, career and intuitive life coach
