5 Realistic Side Hustles For 50+ (No Skills Needed)

0:00Owning a small business comes with a lot of challenges. When I was starting out, I was chairing meetings. I was scripting and shooting podcasts. I was putting up social media posts. It's a lot. I know. I've been there. There is no doubt growing your small business is hard. It's even harder to do it efficiently. But with LinkedIn, you get all the tools you need to grow in one place. With LinkedIn, simplify your sales, marketing, and hiring so that you can, you know, actually run your small business. Learn more at linkedin.com slash MBA show. You know that feeling when there's a spark building inside of you, that you were meant for more?

0:36That's your own drive pushing you towards what's next. Capella University gets that. With their FlexPath learning format, you can set the pace and earn your degree without putting your life on pause. You've built experience and you know what you're capable of. Now, this is your time to turn that momentum into more. The only real question is, what can't you do? Learn more at capella.edu. If you're 50 and you're trying to play the same side hustle game as a 25-year-old, you're going to lose. And it's not because your age is a disadvantage. It's because your strategy is. Today, I'm going to answer a question from Christian, a listener who asks the question, I'm 50 years old and I need to earn an extra$2 ,000 to$3 ,000 a month on the side.

1:19What's a good side hustle for me. You don't need to learn how to code. You don't need to become an influencer overnight. You definitely don't need to gamble your savings on some sketchy get rich quick scheme. You don't need to do that. You do need something that is high leverage and is capable of making you two to three thousand dollars a month without taking over your life. Today, I'm going to walk you through five side hustles that actually make sense at this stage of your life that can easily make you an extra two to three thousand dollars a month on the side. All five of these are easy it a star and require no extra skills.

1:51Number three is my favorite and you'll see why. But number five is the one you want to choose if you like to do things the lazy way.

2:03Welcome back to the$100 MBA show. I'm your host Omar Zenhom where I deliver practical business lessons three times a week, Monday, Wednesday and Friday to help you start, grow and scale your business. If this show has helped in any way, it would be amazing if you could drop us a quick review on whatever app you're using to listen to this podcast right now. It helps me and my team bring new episodes every week. And more importantly, more entrepreneurs will be able to discover our podcast so you can help someone else start their journey. Thanks so much. Side hustle number one, a simple service-based business.

2:41This is hands down the fastest path to cash in the bank. And here's the key that most people miss. You don't need special skills. You just need to solve a boring problem, honestly. Some examples are like admin help for small businesses, customer support, bookkeeping cleanup, local errands or concierge service, proper management support, Airbnb turnover coordination, appointment setting, these businesses win because people already need them. Businesses are happy to pay for these services. And you could start with one client. Do the math. Three clients paying you$1 ,000 a month or six clients paying you$500 a month is$3 ,000.

3:22No ads, no audience needed, no complicated setup, just straight up value for your customers. Of course, with all these, you want to make sure that you know your expenses, is how much it costs to deliver these services. So you're actually making profit of$2 ,000 to $3 ,000 a month and not just revenue of$2 ,000 to$3 ,000 a month. Big difference. The beauty of a service-based business is that often when you get started, your expenses are low because you're delivering the service and you're just exchanging your time for money in the beginning. And then you're going to scale and get other people to help you deliver those services.

3:53Side hustle number two, online group coaching. And yes, online group coaching, even if you don't feel like an expert, If you've been alive for 50 years, you know a few things, okay? You know some things that are useful. You might not call it coaching, but that's exactly what it is. It's useful information for other people. Some examples that really can get you paid are like helping people manage their money better, career transition coaching, fitness for beginners over 40. If you're in decent shape and you are pretty proud of the way you look and feel, then this is great because you're going to be inspiring for people that are around your age, a little younger than your age and want to look like you when they're 50.

4:31Some other examples, parenting for teens, downsizing or retirement planning, or even just confidence and mindset coaching. The secret is group coaching, not one-on-one. Why? One, you get to leverage your time better. You're doing the same coaching, but for many people, that means more customers per hour. You have more leverage because you're actually leveraging your knowledge against other people. And when all these people are learning from each other as well, they are getting a better experience. You know, when you do group coaching, you might be helping a particular person in that group in that moment, but everybody else is watching and learning from those moments of teaching and those moments of learning.

5:09And they're probably seeing themselves in those examples in that moment. And best of all, you're going to make more income and have the ability to have more clients, given the fact that you can scale this business pretty quickly. An example is if you have 10 people paying you$300 a month for any of this type of coaching, you're making $3 ,000 a month. One weekly group call on Google Meet with it recorded and uploaded to Google Drive so people can actually watch it later if they miss it or they want to review it is pretty simple. It doesn't cost you much at all. Google Meet's free. Google Drive is free with a Gmail account.

5:42No fancy tech, no paid software, no stress. You can just deliver your expertise on a weekly basis to a group and be able to charge them a pretty reasonable amount for the value that they're getting for the outcome that they're looking for. By the way, if you're enjoying today's Q &A Wednesday question and you have a question you want to ask, don't forget you can ask a question by just submitting it over at 100mba.net slash Q. I'm actually working on an episode right now about a question that I got about AI and how to get started if you feel like you're behind. So I'm creating like the ultimate guide to AI for normal people.

6:16So if you don't want to miss that episode, make sure you subscribe to the podcast so that you get it automatically as soon as it gets released. So I can't wait to share that with you. Self-directed investing, trading, full-service wealth management, automated investing, financial planning, thematic investing, retirement planning. Phew. And to think that's just a small taste of what Schwab offers. Because Schwab knows that when it comes to your finances, choice matters. No matter your goals, investing style, life stage, or experience, Schwab has everything you need all in one place. So you can invest your way.

6:49Visit schwab.com to learn more. Missed calls and slow follow-ups are silent killers for your business. And that's exactly how businesses leave money on the table without ever realizing. That's why today's episode is brought to you by Quo, spelled Q-U-O, the business communication system built so you never miss a call. With Quo, calls, texts, voicemails, transcripts, the contact details, they're all in one clear view. So your team always has the full picture and can follow up for every customer conversation, ensuring a seamless and more personalized experience. Everyone on your team sees the full thread, replies are faster, and customers actually feel like they're taken care of.

7:31And Quo works wherever you are, right from your phone or computer. Keep your existing phone number, add teammates in minutes, sync your CRM, and let the call routing handle itself as you scale. Money's on the line. Always say hello with Quo. Try Quo for free, plus get 20 % off your first six months when you go to Quo.com slash MBA. That's Q-U-O.com slash MBA. Side hustle number three, becoming a content creator. And you don't need to be famous. You don't need to be some sort of fancy influencer. This is not about becoming viral. This is about being useful. At 50, you have perspective. You have some calm authority.

8:14You have real experience. You have a little bit of gravitas that young people don't have. That plays incredibly well online. You can create content about career advice or health and longevity or travel hacks or finance basics or life lessons or business wisdom. You don't need millions of followers. You need a small audience that you can monetize through many things like sponsorships, like affiliate links, like digital downloads, like coaching or services like we mentioned. A few thousand engaged followers is often enough for you to make$2 ,000 to$3 ,000 a month. I know this firsthand because I've done this.

8:53And also, I know many people in my space that have small social media followings. They have less than 5 ,000 followers and make seven figures a year with their products and services through social media. You want engagement. You want people that actually love what you're putting down. You don't need a large audience. You just need an engaged audience. Side hustle number four. And this one really surprises people. And that's a niche software tool. And you don't need to be technical. You don't need to build the software. You do need to spot a simple problem that you can solve. And you can hire people, or you can even just use a no-code tools.

9:29AI makes it super simple. And you can sell it to a small, specific audience. A good example is like a tool for real estate agents to be able to share all the information about a property to a client. Another example is like a scheduling software for online coaches only. simple dashboard software for small teams so they could see all their KPIs very quickly. You're not trying to build the next Facebook. You're trying to build something boring that saves people time, that helps them make more money. People that are happy to pay$20 to$50 a month for this is actually very, very doable. You have 100 customers paying you$30 a month.

10:05That's$3 ,000 a month. And by the way, if you're wondering, can I actually build a software myself using AI? Well, I did it myself as an experiment, a seven day experiment. And that's an episode that we published a couple weeks ago. You should check it out where I walk you day by day, what it's like to build software with AI. What's possible? Is this something that you can actually do? What's the process like? I share all the tools that I use to build the software. So it's kind of a crash course. You get started if this is something that you want to do. So after this episode, go to whatever app you're using to consume this episode, scroll up a little bit, look up some of the previous episodes and you'll see it.

10:40Side hustle number five. And this actually surprises a lot of people that I actually recommend this, but it's actually a pretty good option. It's a low maintenance physical business. If you like things to feel a little bit more tangible, this category is super underrated. Some of the booming physical businesses out there in the real world that a lot of people don't know about that are sleeping on are things like laundromats, vending machines, ATM placements, storage units, car wash partnerships. These work because they're boring, because they're predictable, and they don't require constant attention.

11:15Some of these often require some startup capital, but actually very little ongoing effort for you to actually get this business to be profitable. For the right person, this is an almost set it and forget it income. You can even hire somebody to maintain it. For example, if you start a laundromat or you buy a laundromat, then you can easily have somebody come in and clean up the place, even make sure everything's maintained well and everything's working properly. And by the way, a lot of the technology these days with something like a laundromat is all automated and, you know, there's these touchscreens and you pay by credit card.

11:49So no cash is on site. It's getting easier and easier. Of course, you got to do your due diligence and make sure you're choosing the right location and the right demographic and making sure that you understand what you're getting into. But the good news is that most of these businesses are not like super risky and it's not a lot of upfront cash. Here's some final advice for Christian who asked today's question and everybody else who's listening who's 50 plus or is about to become 50. Here's the mistake I don't want you to make. Waiting for the perfect idea. Overthinking your lack of skills. Assuming it's too late.

12:24You don't need five side hustles. You just need one. And you just need one to get started to start making some money, to learn the rhythm of business. Choose one simple, profitable business that's aligned with how you want to live. And you can just start small. Get your first dollar. Get some momentum so that you can, again, feel what it's like to be in this business. Then build from there, okay? Understand that. Even one of these physical businesses that might seem like there's a bit of overhead, there's nothing wrong with you contacting the owner of any of these types of businesses, maybe like a laundromat, for example, and saying, hey, do you mind if I shadow you for a day?

13:05I want to understand how this business runs. I'm thinking about opening a laundromat in a different town and or even buying one if you're interested and seeing what it's like. By the way, you're going to get some no's. But if you ask enough people, you're going to get a yes. And you're going to get somebody who's about to retire. And they're like, oh, yeah, sure. I'm actually thinking about selling this business one day. Let me show you around. Most people are proud of their businesses and are happy to share what they've learned along the way. Before I go, I want to leave you with this. If there's one thing you take away from today's episode is I want you to just start.

13:37Start with one of these ideas. Choose one and just take the first few steps and see how it feels, right? Make a little bit of progress every day so that you can then actually see yourself making a few dollars. then those few dollars turns to a few hundred dollars and that few hundred dollars turns to a few thousand dollars. And actually, if it moves faster than you think, take one step in front of the other and make it happen. If this episode resonated with you, I highly recommend you check out a previous episode that we published that ties perfectly into today's conversation. Because as you start making money, as you start building your business, as you start growing as a person and see some success, people will start to turn against you when you start to succeed.

14:17I know that sounds strange, but it's happened time and time again, not only to me, but everybody I know that's on this entrepreneurial journey. Because once you start earning more, especially later in life, people react in ways you don't expect. And you need to be ready for that. Thanks for the great question, Christian. And if you've got a question you want to ask, just go to 100mba.net slash Q and we'll answer it right here on the podcast. You got this. You can make this happen. Just take that first step. If you found today's episode helpful and you want more practical business lessons to help you start, grow, and scale your business, the best thing you could do is subscribe to this podcast.

14:55Hit subscribe or follow on your favorite podcast app, the one that you're using right now, whether it's Apple or Spotify or wherever you listen to podcasts. By hitting subscribe, you get our next episode automatically and it's the best way to support the show. It's absolutely free and it's a way for you to commit to growing your business. And now that you've subscribed, I'll check you in the next episode.

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