How Women Over 50 Can Create a Better Future for Themselves Through Entrepreneurship
I just read this article titled "I'm planning on working until I die": Older women voters are worried about the future.
The article made me angry.
But it wasn't new anger. It was the same anger that inspired me to create my Grown Folks' Business community to help people in Generation X use your wisdom and life experience to create financial security for yourself.
Women over 50 are who I'm primarily targeting with this community because grown women have so much useful knowledge, it infuriates me the way that these women are discarded wholesale in the U.S.
We live in a knowledge economy and people who have professional skills or life experience that they can teach to others or use to provide a service that improves the lives of others are people who have extremely valuable skills and easily monetized skills.
I don't know how it works in other countries, but in the U.S., society acts like when a woman turns 50, she becomes useless.
I personally think that's the root of many of the problems in our country.
After 50 Is Prime Time, Not Pasture Time
For any responsible adult who has been productive with their life, 50 and up is when you're in a position to make your greatest contribution to society.
After 50, you've been on the planet for a few decades and you know how the world works and you actually know how to solve some of the world's problems.
And that's more true for women than men, in my opinion.
By age 50, many women have reared children and led households, all while managing a career.
The average woman I know does way more stuff on a daily basis than every man I know.
I haven't yet met a man who does more in a day than a woman.
I just pay attention to what I'm looking at and I consistently see women running themselves into the ground taking care of everyone around them before doing anything for themselves.
And that makes for very busy days.
It All Adds Up
After a few decades of living like that on a daily basis, women over 50 have quite a collection of skills and experience.
By age 50, a woman has gotten really knowledgeable about how to solve problems quickly and efficiently and empathetically!
It makes no sense for society to discard women over 50 as if you're worthless.
Over 50 is when you're able to do your best work and make your greatest contribution because that's when you're at the peak of your wisdom.
We need more wise and empathetic people stewarding our world, not fewer.
You Can Put Your Wisdom To Work And You Don't Need Anyone's Approval
There's never been a better time to be over 50 because there are so many ways to monetize your knowledge that just didn't exist before.
Trying to find a job is no longer your only option. Not by a long shot.
In today's world, anyone who wants to create an additional source of income for themselves can do it through entrepreneurship.
Not only do you not need a job to earn a living, you can actually make much more money as an entrepreneur than you ever could as an employee.
Jobs come with a pay scale. And they also come with age, gender, and racial discrimination that all factor into your salary, even though that's illegal.
If that weren't the case, then Women's Equal Pay Day wouldn't be a thing.
But even if you were paid fairly, there's still a limit to how much you can make as an employee.
As an entrepreneur, there is no limit to how much you can earn.
As an entrepreneur, you are paid to solve a problem.
The bigger the problem you solve, the more you get paid.
The more people you solve a problem for, the more money you make.
Simple Business Math
If you're able to solve a problem that millions of people need help with, you don't even have to reach millions of those people to have a thriving business.
There's 330 million people in the U.S.
Let's say you know how to do something that solves a problem that just 1 million of those people need help with.
If you charge $300 for your solution and you sell it to just one thousand people per year out of that one million people who need it, that's $300,000 per year!
And if your solution is delivered through an online course, that's $300,000 per year in passive income.
What kind of life could you create for yourself with $300,000 per year AND complete control of your time?
It's A Numbers Game
That's how people start businesses and create financial security and generational wealth.
When you know how to solve a problem that a lot of people need help with and you make your solution available for anyone to purchase, the numbers game works in your favor.
The same skills that you would apply to doing a job for an employer for a capped salary are the same skills that you can offer for sale on the open market where there is no limit to how much you can earn.
This is why there's never been a better time to be a woman over 50.
You can control your future now with options that just didn't exist before.
Monetizing Your Expertise Is A Lot Simpler Than You Think
Online education is projected to be a $300 billion industry by 2025.
But what could you teach?
It doesn't have to be complicated.
Here's the story of a woman who got her family off of welfare and made almost $90,000 by teaching an online course on how to make sourdough bread.
Side Hustle School is one of my favorite podcasts, so I'll link a few more episodes here that feature women entrepreneurs using their knowledge to take control of their future:
- Mental Health Counselor Creates Coping Skills for Kids
- Lawyer Creates Online Course for Mothers Returning to Work
- "Mommee Coffee" Becomes a $20,000 Per Month Side Hustle
- Full Time Mom Ships $35,000 Per Month in Frozen Bread on Amazon
What Are Your Skills?
And don't sell yourself short and try to act like you've been on this Earth for 50+ years and haven't learned how to do anything.
Imposter syndrome puts you in a position to have to take whatever someone offers you...if they offer you anything at all.
When you acknowledge and embrace your skills the way the women in the examples above have done, you can write your own ticket and create whatever kind of life you want for yourself.
[RELATED: 5 Keys To Success For Women Business Owners]
So, what are your skills?
What do you enjoy doing that could potentially be a side hustle or a business? Join the community and share your business ideas.
Don't be shy. There's no bad or stupid answers. And Grown Folks' Business is a support community, so there won't be any trolling.
The only wrong answer is to struggle alone in silence.
Who Do You Know?
Who do you know who has knowledge or a skill set that's similar to yours and who also wants to create a better future for herself?
She can be your accountability partner or your strategic marketing partner or both.
Bring her with you to participate in the discussion.
Build Your Support Team
You have to stop taking everything on by yourself and start building your support team. That's what the Grown Folks' Business community is here for.
Entrepreneurship is a team sport and if you've decided that entrepreneurship is how you'll create the future that you want for yourself, you're going to have to start building your team because it's impossible to succeed in business doing everything by yourself.
Trying to do it all alone is a well-worn path to being overwhelmed, to being frustrated, and ultimately to failure.
So reach out to your network and invite someone into the community who you think is the kind of person you want on your team so you can start working together to take control of your situation and create financial security for yourselves.
That's what the Grown Folks' Business community is here for.
Who Do You Want To Help?
Somebody needs your help and you're more than qualified to help them.
And they're not going to discriminate against you because of your age, they're going to value you for it.
Nobody wants to hire a 20-something life coach or career coach, for example.
So don't buy into the narrative that you're too old to be useful.
The world needs you. Desperately.
And the internet allows you to make your contributions without having to go through any foolish gatekeepers who would discriminate against you because of your age.
So what are you waiting for?
Let's get started!