Can a Home Based Online Business Be a Viable Option to Supplement a Diminishing Pension Income?

Businesses for the retired have become extremely popular in the past decade, mainly because the cost of living has dramatically increased, often outpacing wages and retirement savings. The result is that many people face retirement needing some extra income to cover expenses and provide an adequate lifestyle or to maintain their current retirement lifestyle.People are living longer and much healthier now than in decades past, ( recent statistics show that a seventy year old woman is as healthy as a thirty year old fifty years ago). Because of this many are seeking new challenges using their existing experience and skills. Starting and operating a part time home business is a way to stay active physically and mentally. Older people also have a distinct advantage when it comes to starting a business and selling services. They have a lifetime of experience and skills. With a little help and patience they can usually adapt their existing skills into a new environment.Before setting up a new online home based small business there are few issues to consider regarding income and investment money. First, before deciding what type of service or product to sell, you have to consider how much money you want to earn and how much money you need to earn. You then have to consider how much time you can commit to your business and how much you can afford as setup costs.You must be realistic.How much money you need to earn will determine to a great extent the type of business you decide to start. No new business is going to make a large income within the first six to twelve months. The startup costs will have a great bearing on the short term profitability of your business. Not only will you have to find the startup costs to get going you will also need money for day to day costs until the business achieves a positive cash flow. If you cannot afford the costs plus your living income until the business breaks even, you may need to look at alternative options. One of these could be part time working until you have acquired enough money to get started. Fortunately there is a solution.The modern Network Marketing Industry has a lot to offer. The startup costs are considerably cheaper than many other marketing opportunities. The running costs are low and the amount of training resources are considerable. Some products on offer include full training resources as an integral part of the product. These products are obviously more expensive but well within the reach of most pre-retirement people. High ticket products usually have a very attractive commission and also a good compensation package. With the amount of mentoring available from the right source such as The TurnKey Mentoring Group it is perfectly possible to become profitable within the first three months especially if you can work as part of a mentored team.As with all business you only get what you are able or willing to put in, in terms of man hours. I would strongly suggest starting your business before actual retirement. Working on a part time basis takes away the immediate financial pressures and allows you to build your business at you own pace. Here are a few questions you need to ask yourself.• Have you the financial resources to pay your bills while the business gets going.• Is your health good enough to withstand the pressures of starting any new business.• Have you got the getup and keep going to make your business work.• Have you a positive backup such as your wife, family or friends to sustain you.If the answer to all these is yes, get up and go and the very best of luck.