In this report, I share 10 Reasons Retiree Online Businesses Fail
Many people are planning for retirement. Others are already retired. Some are looking for ways to make extra money. They may be looking for ways to hedge against inflation. Or, their monthly pension is lower than expected so they want to supplement.
Around the second year of retirement, others are looking for something to do in retirement. Some are looking for a purpose-filled retirement to give meaning to their retirement years. After a year of too much fun they may want something more substantial in their life.
So they begin looking around for ways to make money online. I know all about this because I started an online business so I could hedge inflation and live a better life in retirement. I was hoping that having extra money coming in each month would give me a more interesting life and it has. I will share how much I am making and what I do in a moment.
But my business is a success and allows me to travel all over the world now. I will show you photos of my travels as I explain.
But once my online business was up and running, people thanked me all the time for providing them with the information they needed to lead a more exciting life in retirement. That gave a sense of meaning and purpose to my life.
Not only am I helping people save time and money learning something I love, but I am also making money doing it. Giving them a better life gives me a better life too. It has a real win-win feeling to it.
So, in this video, I will share the 10 Reasons Retiree Online Businesses Fail.
I am going to take you under the hood of my business and show you my income streams in a moment, I want to tell you a little about me so you know how I know this.
My name is Dan and I am a 63-year-old American. I had a typical soul-sucking job before I started my own business online. My retirement nest egg got hammered in the 2007 worldwide market crash. So I started my online business because I realized I would need more money in retirement.
What surprised me is that my online business has given me the ultimate freedom. I travel all over the world now. My business makes more than we need to travel the world all year long. So my online business is now exceeding my retirement income expectations.
The beautiful woman you see in the photos with me is Qiang of the Hobo Ventures YouTube channel. We met in 2016 in Malaysia. Qiang started traveling the world with me in 2017.
Before I started making money, I took a few expensive online courses. None of them turned out to be what I needed to create my perfect online business for retirees. The bigger problem was the time I lost doing everything the courses taught.
But I was eventually able to figure out the best business model for me. I will show you screenshots of the perfect online business in a minute. But first I want to share the 10 reasons retiree online businesses fail.
Your business can fail in two ways in retirement. First, it can fail because you don’t have enough capital to support it until it becomes successful.
Second, your business could fail just because you don’t want to do it anymore. It is just not fun anymore.
10 Reasons Retiree Online Businesses Fail
Employees. If this is your first time starting a business (online or otherwise) and you are not familiar with all the regulations, problems, and expenses of hiring employees, then this could quickly become a problem for you. Don’t do this in retirement. I will show you why my business has no employees so you won’t run out of money or fun.
Office Expenses. If your idea for a new business requires you to rent physical space somewhere, those extra expenses could sink you before you ever get off the ground. The business I will show you doesn’t need a physical location.
Hours. Do you really want to saddle yourself with set hours to work each week? That may eventually take some of the joy out of your retirement. In the business I will show you, you just answer emails once a day.
Start-Up Costs: If a new business has any significant start-up costs, that would be an unnecessary risk unless money is not an issue for you. In the business I am about to show you, you can get started with nothing. Once it starts throwing money at you, you will know it is viable. Then. instead of your own money, you can use some of the income it throws at you to purchase some of the third-party software I teach how to set up in my course.
Inventory. The business I will show you has no physical inventory. You don’t need a shipping and receiving department. No returns, no repairs or replacements of physical products. If you can avoid an inventory in your new business, you will have much less risk.
Delivery Costs. When a customer buys in your intended business, will you be shipping them anything? That can get annoying eventually and will add unnecessary expenses. In my business, when people make an online transaction, they can immediately download their digital product while I am sleeping or on the beach somewhere in the world.
Advertising Costs. Many online businesses require advertising to attract customers. But that can add up quickly and you may never get that investment back especially if you don’t have proven demand and an existing audience when you start your business. The business I will show you has only organic traffic. So when you start selling, you have built-in demand.
Geographical Limitations or Boundaries. Most businesses have some kind of geographical boundaries where you are limited. In the business I will show you, that you are free to roam the world. You do not need to show up at certain times and places and your customers can be anywhere in the world.
Passion and Belief. If you start some random business, you may not be passionate or excited enough about the subject matter to keep bridging your A Game. But, in the Hobby Income Course, I suggest you share information about your favorite hobby. Why? Because you already love doing your hobby. So it will be more fun for you to share that enthusiasm you have for that subject matter. But you could also pick any subject that you know more about than most people.
Expensive Courses. Many of the Internet gurus have expensive courses. I know. I have taken many. But, new or existing paid members of my information business, at the time of this writing, have access to my Hobby Income course as a bonus at no extra charge. That course teaches you how to set up a business like mine.
Keep watching. I will show you how I make money, how much I make, and how the business works.
My favorite thing in the world is traveling the world. My online business is just sharing my favorite thing in the world with future retirees. What is your favorite thing in the world? After I share what I make and how I will share some example ideas of hobbies people share online to make money.
My Hobby Makes $8000 Month in 2023
The short story is that I travel the world all year and post videos and eBooks about the best places to retire cheap in paradise. My courses teach My Favorite Hobby, how to retire cheap in paradise overseas, and how to make money online teaching your favorite hobby.
I have two income streams, YouTube and a Membership website called VagabondBuddha.com. Here are my monthly income streams for the two, so far this year in 2023.
2023 ($$ USD)
|
Month |
Youtube |
Members |
Total (USD) |
|
Jan |
2411 |
7903 |
10314 |
|
Feb |
1675 |
1576 |
3251 |
|
Mar |
3757 |
5934 |
9691 |
|
Apr |
1946 |
3472 |
5418 |
|
May |
2754 |
13137 |
15891 |
|
June |
2891 |
2137 |
5028 |
|
July |
3319 |
3556 |
6875 |
|
Aug |
2821 |
5385 |
8206 |
|
|
|
|
|
|
|
|
Total |
64674 |
|
|
|
|
|
|
|
|
Average/Month |
8084 |
To see under the hood of my online business and how it helps this 63-year-old American retiree (me) live beyond my retirement dreams, watch the rest of this report in video format by clicking this YouTube video link!
Click any of these three links to find out more about My Retire Cheap Reports, My Free Ebook, My Membership Program, and My Hobby Income Course.
This is Dan of Vagabond Awake, the YouTube Channel for VagabondBuddha.com. The world is your home. What time will you be home for dinner?