Are you a retiree and want to start a business or side hustle? If you do, there are several low-capital options that you can choose from.
In this post, we will be putting together some of the most profitable business ideas that retirees can start today:
Many retirees have extensive knowledge in their industry because of doing their work for decades.
If you want to earn extra money in retirement, you can provide consulting services based on your previous career. For instance, if you worked as a financial adviser, you can still offer consulting services to aspiring entrepreneurs.
Whatever your expertise is, you can use that to get a solid paycheck. In fact, many companies can pay consultants more than they could with full-time employees since they don’t have to pay the cost for their benefits.
As a financial advisor, you need to utilize your knowledge to create financial plans based on the goals and budgets of your clients.
Have you ever met a person in their 20s teaching people over 50 how to retire comfortably? These can be financial advisors who know what they are doing. However, you have something that they don’t, and that is a life experience.
So, if you’ve done well financially so far, then you’re a seasoned veteran for life and money. On the other hand, if you love to help out people with their finances, becoming a financial advisor is probably the best option.
In today’s digital landscape, there are various ways to earn money by working online. Whether it’s a craft that you love or a hobby that you can make extra income with, starting an e-commerce business might be a great route to take.
If you have the know-how, you can build your online store yourself. However, you can hire a web designer in the Philippines if you don’t consider yourself tech-savvy.
Baby boomers who spend a couple of decades in a particular career or industry for a long time have a lot of pretty good stories and advice to share with the world.
You can write about hobbies like traveling, gardening, poker playing, or just about anything! Whether it’s careers, relationships, politics, or even retirement. The best thing is that you can write anywhere.
You don’t have to be stuck at a desk at home. You can be on the beach, the couch, or in the playground with your grandkids. What’s important is that you have compelling content and a stable internet connection.
You can also search for rewarding employment opportunities in the comfort of your own home. For example, if you’re running a whole house, starting a bed-and-breakfast (B&B) can be a fantastic business idea.
Usually, average B&Bs are around 5,700 square feet for a house with about six bedrooms. B&Bs have grown in popularity over the years. That’s because tourists prefer the feeling of staying in a home away from home.
Suppose you’re a retired teacher who wanted to help kids learn without being in a traditional classroom. In that case, offering private tutoring services is a great way to connect with students. It also allows you to maintain a flexible schedule.
You can find a lot of tutoring gigs at websites like Kaplan.com, Tutor.com, and the likes.
Of all the business ideas we’ve listed, this one probably gets the most attention. Buying a franchise is perhaps the most attainable and understandable.
There will be someone who will walk you through the process since it will be their best interest as a franchisor.
The good news is, McDonald’s isn’t the only great franchisor out there. In fact, there are plenty of other franchises that will provide you with outstanding track records, and not all of them are restaurants, either.
Here is a list of the top franchises that you might want to consider:
- Dunkin’ Donuts
- Sonic Drive-in Restaurants
- The UPS Store
- Great Clips
Buy and Sell
Do you always have the talent for searching for products that are below market price? Maybe you’ve found items on the clearance rack, or you love going to garage and estate sales, and you always find great deals under all those layers of junk.
If so, you can try buying and selling for profit. The concept behind this is pretty simple.
You need to search for a way to source affordable products and resell them on other platforms with a markup. The selling platforms can include Amazon, Facebook Marketplace, Craigslist, or eBay.
Over to You
Retirement business ideas do not have to be extensive or impressive. What’s important is that you can run it within the comfort of your home so you can financially support yourself.
If you consider starting a business after retirement, then why not try the business ideas listed above? By doing so, you can earn money by doing something you love while enjoying your retirement days.
This guest post was graciously provided by Ciara Perkins.