Best Businesses for Retirees to Start
Many retirees want to stay active and busy after they retire. If you’re one of them, starting a new business is an attractive idea to consider. Not only does it keep you on your toes, but it’s also an additional source of income that can help you make your golden years much nicer. Sounds interesting? Well then, take a look at our selection of the best businesses for retirees to start.
What to Think About Before You Do It
One thing we need to clear up right from the start is the price. Not all businesses will require the same startup costs, as you might have to invest in supplies, staff, or rent. Of course, there are plenty of cheap options if you aren’t concerned about internet safety. In essence, you want to figure out how much you can spend without taking on new debt.
Another thing that you want to think about is your health. Be honest with yourself and evaluate how much physical work you can do. It’s best to avoid anything that involves a lot of standing or heavy lifting.
And finally, consider how much time you can invest in it. Sure, you’ll have to put a bit more time in the beginning until things take off, but you don’t want to be stuck with your new business 24/7. If it might keep you from spending time with your grandchildren, traveling, or whatever else you want to do, choose not to do it. You shouldn’t regret it.
One More Thing to Consider
Besides your finances, health, and time, you also want to think about how big of a business you want to start. Running a company with an office and employees might sound interesting, but it can get stressful in no time. To keep as far away from stress as possible, go for a lifestyle business.
These can bring you enough income, and you’ll still have enough free time to do whatever you want. For example, running an Airbnb in Florida is a great choice. Think about your hobbies and look for ways to turn them into a business. You’ll be doing what you love, part-time, and for money. It doesn’t get much better than that.
Now, here’s our pick of the best businesses for retirees to start.
Make sure to think about things thoroughly before you make any decisions.
Taxes and Bookkeeping
Many young entrepreneurs need some help managing the books. And if you’ve been doing accounting or tax prep your whole life, why wouldn’t you do it again? Financial consulting can bring you plenty of money if you know what you’re doing.
In a way, it’s the perfect retiree business: You don’t need any capital to start it, you can do it from home, and you can pick how long you want to work each day.
Tutoring
If you’re a retired teacher, a tutoring business is pretty much an ideal job for you. It’s getting harder and harder to get into the top colleges, and parents are ready to pay top bucks to help their children pass the tests. Hence, services like SAT prep, subject matter tutoring, and help with essay writing can bring you a nice income.
With that said, this is a relatively easy way for lots of people to make some extra cash, so there will be some competition. You’ll have to work on advertising your tutoring business and learn how to promote it in an effective way. Luckily, if you can really help these youngsters, you’ll quickly build a following.
Writing and Editing
If you have a thing for writing or are just very good with grammar, you can make some cash from it. Small businesses often need help with reaching their customers in a written form. So, they’ll need someone to write or proofread their blog posts, website copies, public releases, manuals, etc. If you can’t think of any local companies that might be open for cooperation, try your luck on UpWork, Freelancer, or Fiverr.
Writing or editing is one of the best businesses for retirees to start.
Online Courses
Now, we’re talking about an area similar to tutoring, but not quite — this time around, we’re moving online. Experts predict that by 2024, the online learning market will exceed $200 billion. So, now is the time to tap into it if you have a skill that others will be happy to pay to learn.
Keep in mind that you don’t have to teach like you’re holding a class at school. If you’re good at explaining things and have a likable personality, you can make an interesting course out of pretty much anything. Even talking about how your body changes with age can bring you an income if you make it enjoyable.
When it comes to selling a course, you can do it on an online marketplace like Udemy or make your own site for the purpose. Whatever you decide to go for, you’ll have to spend some time promoting your course any way you can. The more people hear about it, the more you’ll sell.
Pet Care
If you’re a grandparent, chances are that you already did your share of babysitting for your family and neighbors. However, offering the same service for animals in need can bring you a nice profit. And if you love animals, it won’t even feel like working.
Some of the obvious choices are taking care of pets when their owners are out of town, walking dogs, or even training services if you have some experience. It might sound strange that someone will pay you to look after their small dog over a weekend, but the owners love to make sure their fluffy friends will be safe and loved while they’re away.
Creative Products
Do you know how to make things? If you do, there’s a nicely-sized market out there waiting for you. And you can make whatever you like: paintings, figurines, tools, sculptures, an invention that will make your retirement simpler; you name it. If it has a purpose or looks nice, and enough people see it, someone will buy it. It’s as simple as that.
If you have a craft, the chances are that you can make some money from it.
Use Your Imagination
These are, in our mind, the best businesses for retirees to start. However, your mileage may vary. By far, the best business to start as a senior is the one that will bring you joy. Use your knowledge, think creatively, and you’ll find something that will spark that fire.
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Author: Lindsay Denton
