Many retirees become bored and want to business ideas for retirement. Yes, it is true: some people daydream of waking up with nothing to do. They imagine a future where they have hours upon hours to spend and waste as they see fit. To some, that means lying on a beautiful beach somewhere, and to others, it means a pool, the sunshine, and a good book. When our lives are busy with work, family, and other obligations, it can be fun to dream of simply not having anything left to do.
However, the reality of a life without obligations or even a to-do list is that it can be endlessly dull. Many of us derive a sense of purpose from our livelihoods, and when we retire, we can lose that. Research tells us that many people find the prospect of total retirement scary. Approximately 72% of retirees these days are worried about the personal economic impact of not receiving a paycheck.
So, when many of us retire, we spend a little time relaxing and recalibrating, but then we begin to reevaluate where we want our lives to go. This leads many individuals down an entrepreneurial path they have either just discovered or wandered away from years before. For some, a hobby shows potential as a lucrative venture, while others seek a simple, pleasurable pursuit after years of hard work and grinding it out.
When retirees do want to start their own businesses, it is helpful to think about the size of the operation they would like to be in charge of. Some overachieving retirees are interested in hiring employees and securing office space, but others seek a calmer style of business they can run from their own homes. The term “lifestyle business” has taken on a life of its own as of late and refers to an occupation that provides an enjoyable amount of free time coupled with enough income to enjoy the pleasures of life. However, these businesses are sometimes dependent on the state and based on the weather or the state-guaranteed benefits some seniors receive. Nevertheless, whether it is a business that tuns walking tours of the beaches in Florida or a pet-sitting company in California, the opportunities are endless for opportunistic and motivated seniors.
Before we present our list, it is also helpful to note that beginning a new career over the age of 60 does not necessarily require much knowledge or training. Instead, look at your new pastime as an enjoyable hobby that will help you to pay the bills, and provide some true fulfillment as the years pass. Interestingly, this laid-back attitude must have some benefits because research tells us that business owners over the age of 50 are nearly twice as likely to fare well as opposed to younger entrepreneurs. Overall, starting a business in retirement can be a fun challenge that keeps you young, and it does not hurt to make a little more money for that retirement nest egg.
From the common to the uncommon, below are a set of retirement business ideas that we hope will inspire you. If you need assistance starting a business, please contact business lawyers for a free consultation. Our California corporate attorneys can help you start a California Incorporation.
Brad Nakase, Attorney
1) Become a Freelancer
Some retirees are excited about the prospect of retirement, but there are still aspects of their careers that interest and motivate them. Why not try freelancing in your chosen field? Freelancers enjoy greater job flexibility in many ways and can commit to small projects that genuinely interest them. For example, if you were a journalist, take some time to figure out your favorite writing genres and styles, and then look for options online. Many different types of companies, from small to large, hire freelancers of all kinds for contract work. If you finish a project and want to take a break, then go for it.
A critical aspect of becoming a freelancer in any field is making sure you are recording all of your payments and contracts in order to prepare for tax season. There are easy-to-use accounting services that help generate invoices and receipts.
2) Be a Mentor or Life Coach for the Younger Generation
Few things provide greater satisfaction than helping young people reach their potential. As a successful retiree, you have accumulated a long list of life experiences of value. Sharing what you have learned with young entrepreneurs and workers is a great way to spend your time. Even better, one can become a mentor to others, or a life coach, without any degree, classes, or certifications. Retirees can simply rely on their experiences and accomplishments and get the word out. Perhaps, your first client will help you spread the term after they have a great experience. Plus, giving advice to those who need it will make you feel good.
3) Become a Part of the eCommerce Movement and Open a Store
Online businesses are both popular and lucrative, and you can run them comfortably from your own home. Perhaps a retiree is already passionate about arts and crafts or a particular hobby. Seniors are able to utilize any number of platforms such as Etsy or Poshmark to get started selling their wares, or they can even create their own websites. Platforms such as Squarespace allow internet novices to drag and drop their way to professional websites. Whatever your passion, from clothing to sports memorabilia, there is a home for your new business on the web.
4) Practice Financial Advising
Seniors often have the know-how and financial acumen to make them top-notch financial advisors. Building financial plans to fit a client’s budget and goals can also be a satisfying full or part-time pursuit. Becoming a consultant enables retirees to work as little or as much as they want and test the waters of the financial world before committing full force. This is also an excellent way for the over-60 set to find valuable financial lessons in their life experiences and learn the beauty of giving back.
5) Gardening, Home Repairs, and More
Handy seniors are often fond of offering customers their locally grown talent in the yard and inside and outside the home. Retirees—especially those who spent many years in a traditional office—report that they love the mix of exercise, socializing, and good old-fashioned hard work that comes from small-time labor jobs. They also enjoy meeting new people and using their minds to come up with inventive solutions to common problems. Seniors who are homeowners are also often well-versed in chores such as gardening and lawn care, and many of them can also help out with handier work, from replacing an old deck to finish work.
Our only disclaimer with this enjoyable choice for work is this: be careful and make sure your insurance is up to date before stepping on a ladder. Then, enjoy the days spent in the sun and the freedom to create your own schedule and select your preferred clients and jobs. When you pass on digging holes in someone’s backyard in 95-degree heat, that sounds like a perfectly sound decision to us.
6) Start a Podcast or a Blog
You have accumulated an excellent combination of wisdom and life lessons as the years have passed. Some seniors or nearly seniors have also enjoyed multiple careers. Therefore, you may have some knowledge to pass down. If you find you want good writing and fascinating, back-and-forth conversation, why not look into starting a podcast or blog? Through advertising, you can monetize either one reasonably quickly, and though you will not break the bank, you will create a steady revenue stream. Better yet, you can choose the people you would like to interview, and you can write or cast from anywhere: your garage, your living room, even the beach.
7) Provide Pet Care
Many retirees already help out with childcare or pet care for family and friends. However, why not make a profit while doing so? Research tells us that Americans spend billions of dollars a year on their pets, which goes to boarding them. The opportunities in the pet care field are numerous: you can take care of them when their owners cannot walk dogs, or if you are so inclined, offer your own grooming or training services. We love our pets, and this means that if your business is reputable, people will pay you top dollar. Even if you love animals, we suggest starting slow since taking care of multiple pets per day can be tiring. Take care of a few friends’ pets, let the word-of-mouth build, and go from there. Soon, you might be hiring pet care employees!
8) Start a Bookkeeping or Marketing Business
While some retirees feel that their best years are behind them, a strong background in business never grows old. When seniors possess administrative skills or have experience in accounting, bookkeeping, or marketing, their options are numerous. In addition, there are multiple startups out there in need of traditional business help. Plus, these days, seniors can offer these services remotely. This means more time spent traveling or with friends while creating a nice chunk of income at the same time.
9) Get Creative and Embrace Your Inner Artist
Seniors have not only spent many years fine-tuning their illustrious careers; they also have developed hobbies and artistic pursuits that can generate income. If you have a talent for painting, quilting, crafting, or something else, it will not be a big step to commodify your hobbies. From art festivals to flea markets to fairs, there are a wealth of in-person ways to share your work, which are also quite fun and a place to meet new friends. Selling online is also an option. One can create their own website if they have the skills or use a more accessible platform such as Weebly or Squarespace. Additionally, sites such as Etsy provide an easy place for artists to gather and sell their creations, though you will pay a commission fee to the site. Lastly, if you own vintage items from your storied past or have a house full of antiques, these too might fetch a pretty penny and even help fund your next trip to the Caribbean.
10) Real Estate: Make an Investment
As rents skyrocket across the country, it is becoming more and more evident that real estate can be a money-maker. Many seniors already own property that they simply do not need anymore. Why not rent it out through Airbnb or VRBO? If you are still living in your house, there are other ways to financially make the real estate game work for you. First, take a look around your local area: is there a property that you may be able to invest in? Search for properties that are popular, located in a busy place, and perhaps frequented by tourists. Also, talk with old friends: they might want to go in on a real estate venture with you. Further down the line, we might recommend hiring a property manager if the house or property is not convenient for you or is difficult to access.
11) Buy a Company
Although this might sound a bit intimidating for some, here is a fresh and straightforward idea: purchase a business. More accessible than starting your own outfit from the ground up, an already-established company offers existing clientele and office and sales systems already in place. Depending on the size of the business and the number of employees, a senior who has solid business acumen may be able to buy a small business, run it efficiently for a few years while increasing its value, and then sell it for a profit. We think that sounds like a good plan!
12) Become a Consultant
We’ve discussed becoming a financial advisor, but there is a wide range of consultant careers out there for the taking in a vast number of fields. Many of these, too, can become part-time gigs. If seniors are interested in being consultants, they should formally approach companies in professions where they have valuable experience. You may be surprised: many young business owners look up to older retirees who have already succeeded in the business world.
In addition, wherever your knowledge and experience are focused, there is probably a need for another voice, opinion, or advisor. For example, if you were an art teacher, professor, or critic, then contact local museums and arts organizations to find out how you can become involved.
The point here is that many retirees have extensive industry knowledge, and why not share it? For example, individuals with computer expertise can provide tech support for local companies, while retirees who worked in finance could advise businesses based on their investments and stocks. Most companies are able to pay consultants more than they can full-time employees since they don’t have to swallow the cost of their benefits, whatever their level of expertise.
13) Become a Tax Professional
Many young and old entrepreneurs need assistance in office management. When retirees have a business background and are still itching to give something back, they can provide financial services to companies. Another option would be to become a tax professional for a national company such as H&R Block. Many of these positions can be done remotely and will help supplement your retirement income.
14) Become an Editor or Content Writer
Excellent communication skills go a long way, just like they did back when you were an English major. Retirees can often find an extra income stream in helping small companies with their website copy, blog content, sales materials, and publicity releases. Other businesses, such as law firms, might need an all-around content writer for various writing assignments. While you might have some ideas about companies you would like to approach, there are websites such as Upwork and Freelancer.com that can help you begin writing.
15) Help Students Learn
The tutoring business in the US has boomed recently in order to keep up with students—and parents—who have their sights set on the top colleges and universities. Private tutors can earn top dollar if they are proven experts in their fields. Depending on your level of expertise, you may be able to offer SAT help, college essay writing guidance, and more. If you are more of a STEM learner—perhaps a retired scientist or engineer—the same holds true for these subjects; you just need to get your name out there.
Tutoring one-on-one or in groups offers a flexible and satisfying way to pay the bills and save a little extra. Seniors can quickly form their own small tutoring business. Still, if it is a convenience they are after, there are both local and national tutoring services online that will hire you. These sites, such as Wyzant, are trusted by tutors and their clients and help you find students in your area and network with other tutors. Also, if you are a native English speaker, there may be a market for teaching English to non-native speakers in your area, be they adults or children.
16) Online Courses
Research tells us that the online training and learning market is booming and estimated to exceed $200 billion over the next few years. Therefore, the skills that you have accrued throughout your career are exceedingly valuable. If you are proficient at explaining things clearly, people will seek to learn what you already know. Many experts in their fields, from athletes to financial experts to linguists, create online courses to be streamed at their customer’s leisure. Some of these are even marketed on social media. The point here is that people are increasingly paying top dollar for online courses, which are relatively easy to create. Once you take a course or series of lectures, you can investigate marketing them. Even creating one solid hour-long class can get you started in a new and exciting part-time career, and even better, this can be done on your own schedule and from anywhere.
17) Buy a Franchise
From Burger King to Taco Bell, franchises seem to be constantly popping up everywhere. Seniors who have the funds to invest should consider buying a franchise instead of attempting to start a company from the ground up. Immediately, you will be provided training, and you will have name recognition on your side. Add that to a higher rate of success as opposed to independent startups, and you might have a goldmine on your hands.
Of course, running every business comes with challenges. We would recommend finding a franchise in an industry you are knowledgeable of or have some experience with. Also, make sure to research the franchise and look at business records if you can to make sure you are getting in at the right time since some famous franchises show signs of declining growth.
The Business of Retiring
We hope this list has provided some inspiration. But, of course, there are many additional business ideas that could prove enjoyable and lucrative for retirees. The best way to figure out what direction to go is, to begin with, some questions. These might include:
- What specific knowledge do you possess?
- What are your passions and interests?
- What skills or wisdom would you like to share with others?
- What is the best way you can help others?
- How much income would suit you, and what type of schedule would you prefer to work?
The answers to these casual questions may provide some self-motivation and point you in the correct direction. We all face different circumstances when we retire, so it is essential to do what is best for you and your family. Retirement is best when it is seen not as an ending but as the start of a new fulfilling, productive, and relaxing chapter.
Whether you want to start a business or simply earn a paycheck, the opportunities are out there. It is up to you to take advantage of them based on your interests, passions, and needs. If you choose wisely and plan carefully, your retirement will be one of the best periods of your life. Please contact our business formation attorney to help you start your retirement business idea. Good luck.