The pandemic inspired many to start doing things they never thought they could do before- perhaps things they put off doing because they were too busy. One example is the 51-year-old mom working as a tour guide for 30 years and only stopped because of the pandemic.
While the tourism industry was hit badly, the mom would start a home-based business and share her success story.
Hobby Turned Homebased Business
Josephine Wee had been making homemade cookies for her children even before the pandemic. "My children love what I bake, and they were the ones who told me, Mom, you should be selling these." But, the mom was stopped in her tracks whenever she thought that selling to strangers would be a lot harder, a different kind of standard.
Once the pandemic lockdown began and worked stopped around March 2020, Wee signed up for various courses to stay active. In the NTUC LearningHub, Wee learned about digital marketing and E-commerce.
Armed with knowledge and skills, the mom in her 50's decided she would consider baking as a home-based business.
How to Start a Homebased Business: According to a Mom Who Did It
The first step for her home-based business was to be prepared. She listed all the baking goods she needed on Carousell. At this point, her children gave her their full support and saying encouraging words like, "Do not worry, mom, you can do it!"
By June, the first people to support her business from home were her relatives. To Wee's surprise, strangers started to order her baked goods, and before she knew it, there was a consistent demand for her home-baked goodies all the way through October. Wee recalled how she spent over 10 hours baking in her kitchen at the onset. But then, by November, her home-based business experienced its first lull, but this did not stop the home baker who prepared for the year-end holiday season.
Jo Bakes Owner Said Income is Beyond Her Tour Guide Days
Come Christmas, Wee's home-based business had 3-4 times growth in sales. Her business continues to this day as "Jo Bakes" home bakery. The mom raves about her income as "better than expected." Whereas before the family had enough to get by, now Wee is grateful to be her family's sole breadwinner. Her husband had also lost his work as an entertainer because of the pandemic.
Micro-Entrepreneurs on the Rise since the Pandemic
The pandemic may have left many out of work, but a good portion of these people also turned the situation around by getting into the cottage industry. This industry refers to home-based small businesses that have begun to thrive since the pandemic. Lawrence Loh, the Associate Professor of the National University of Singapore, revealed that the micro-entrepreneurs' boom stemmed from two factors.
The first factor is the move away from brick and mortar establishments toward online selling. The second factor is people finding out that starting a business from home helps cut costs. Further, the home-based business has become popular as an alternative for people who lost their jobs during the pandemic, Channel News Asia reported.
Tips for Starting a Business in Your 50s
According to CNBC, after age 5 can be one of the best times to start a business. People over the age of 50 are twice more likely to find success in starting their business than those under 25 years old. In the U.S., U.K., Australia, and Ireland, more people in their 50s launched startups than any other age group.
It is even easier these days to start a business in your 50s because there is no longer the inevitable need for a brick-and-mortar store. Further, this age group has had world experience and a younger person's network.
Still, experts advise not to use retirement funds, take advantage of free resources like the internet and your community, know your value proposition, and selling your brand.
