Many of you resonated deeply with my article “Lonely in Paradise,” which explored some of the challenges and resources of maintaining a fulfilling life after 50. The article brought forward many of the emotional, physical and social components of our current ageing population and its effect on our communities in Baja.
Alarmingly, yet not surprisingly.
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The yearning for income with a purpose was a common thread in most of the follow-up conversations. I wish to emphasize that this article is not to create fear or worry, I choose to use the word “alarmingly” with caution here, more as a tool to bring awareness to a current hot topic which directly or indirectly impacts all of us.
I am also not surprised.
“Financial security” has been a more openly discussed topic since the fluctuation between the pesos and the dollar has stripped so many on fixed incomes of their purchasing power. Many were those who have been living here for two plus more decades already, facing this unexpected challenge in their older, more vulnerable age.
Some came a little more prepared and others, unfortunately, had to make difficult choices such as relocating to other more rural parts of Mexico in order to stretch out their funds.
How does one protect themselves financially while navigating this new economic landscape?
Buying property and renting is always a crowd favourite, but what about those who have no extra disposable income or savings to invest in a piece of real estate?
There is always the option of getting a job. Preferably remote or doing the split: working a few months back home and spending the winters here semi-frugally.
Both options are valid and efficient, provided of course that you are able to make enough to save for an inescapable post-retirement reality, allocating enough to cover your basic and emergency needs.
Another popular option among retired expatriates (expats) is to create a brand-new source of local income. Risky, some may say, yet incredibly smart.
Walking around town inspires me to see the many local businesses run by older expat entrepreneurs, establishing a beautiful symbiotic relationship between the innovative businesses they bring into Baja, the jobs they create, and the impact on the local economy versus the financial security it provides to the owners. Win-win if you ask me!
Additionally, this demographic has the added bonus of experience and accumulated knowledge, paired with more wisdom to leverage.
For this article, I consulted with Suzanne Bates, co-founder of Startup School for Seniors (SSFS) based in the UK, to bring a candid conversation on aspiring older entrepreneurs. Witnessing a surge of interest from this demographic, Suzanne, along with her co-founder Mark, created SSFS to empower people aged 50+ to pursue their business dreams during the.
With over 500 graduating participants, Suzanne shared her drive to continue with this work and expand to other countries.
“We have received positive testimonials and referrals from past participants, which encourages us to continue empowering older adults in the entrepreneurial space,” she added.
While SSFS itself is located in the UK, its core mission to empower individuals aged 50+ to pursue their business dreams translates beautifully to the Baja California Sur landscape. Here are some key takeaways from our conversation:
Identifying Your Passions: Suzanne emphasizes the importance of self-discovery at the outset. “At SSFS, we go beyond teaching people how to write a business plan,” she says. “We focus on helping individuals identify their passions, assess their skills, and build a roadmap for achieving their desired lifestyle.” This introspective journey is crucial for building a business that aligns with your values and brings you fulfillment.
Tailored Support: The SSFS curriculum is designed to address the unique challenges and aspirations of older adults. “We avoid using ‘business language’ so that the topics we cover are easy for anyone to understand,” says Suzanne.
Building a Community: The entrepreneurial journey can feel isolating at times. SSFS fosters a supportive environment where participants can connect and share experiences. Baja boasts a vibrant community that can offer invaluable support and mentorship. Look for local business associations or networking groups to connect with like-minded individuals.
Starting a business in Baja may have been on your mind for a while now and this article may have inspired you to dig deeper. As with all big decisions, take your time, and do your research before diving in.
Here are some additional tips to consider:
Weigh the pros and cons: Carefully consider the legal and financial implications of starting a business in Baja. Research permits, licenses, and tax regulations to ensure you’re well-prepared.
Seek out resources: There are numerous resources available to help you navigate the business startup process here. Consider consulting with an immigration attorney or a business advisor familiar with the local regulations.
Focus on a meaningful purpose: Consider aligning your business with solving an issue or with a cause. This will bring added purpose and fulfillment to your entrepreneurial journey.
Your business doesn’t have to be your passion: While this works for many businesses, don’t feel pressured to turn your hobby into your business. You can find fulfillment and financial security by offering a valuable service or product that meets a specific need within the community.
If earning an income is a priority in your life right now and you are debating between which of the above options will be the best suited for you, take your time to consider each one thoroughly before committing to anything. Either one or a combination of all may suit you best.
Out of the many incredible 50-plus owned businesses around Baja, I’ll end this article with a shout-out to Dulce Oasis Galateria, Marina Cortez in La Paz where this lovely couple from Switzerland makes the best handmade gelato daily with an assortment of baked goods. They are a sweet reminder of what passion, hard work and great customer service can culminate in. To connect with me: @naailahauladin
