Are you a retiree or you are about to retire? Are you searching for the best small business opportunities to invest your retirement funds or savings into in 2020? Do you want to start a business in retirement? Then read on as I share with you the best profitable small business startup ideas for retirees.
If you are approaching your retirement, and you are wondering how to prevent your pocket from drying up when you stop working, then this post is for you. Many people see retirement as a time for relaxation, travel, or pursuing other life-long passions that will keep draining their money.
But you can turn your free time into a new career. This is even necessary because chances are you will need additional income to supplement your pensions and savings for the long term. So without wasting your time, below are ten retirement business ideas that you can explore to make more money after retirement.
P.S: However, I want to state clearly that the small business ideas listed here are strictly tailored to the needs of retirees. I prepared this list bearing in mind the age range of retirees, their income level and their level of willingness to learn something new.
While this list analyzes small business opportunities available for retirees, it’s advisable that you conduct your own feasibility study and write a business plan before investing your money into any business venture.
Top 10+ Profitable Small Scale Business ideas for Retirees in 2020
Now I don’t care the job position you held before retirement, all I care about is that you can start a consultancy business around any career field or profession. For instance, if you retired as an accountant; you can become a chartered private auditor, a bookkeeper or even a financial adviser.
If you were a marketer, you can become a marketing consultant. If you have worked for years as a professional (doctor, marketer, banker, attorney, or any other); you can continue to make money even after retirement by offering valuable advice in your area of specialization.
In fact, consultancy ideas are limitless. Just analyze your present skills and you can build a thriving consultancy business around it. As a retiree, you already have years of skills and experience that can benefit individuals and organizations.
Consulting offers you the chance to trade these for money. The beauty of consulting is that you can continue with the job you did before retiring, but on a much more flexible schedule, and with you dictating the pace of the business.
2. Start a professional public speaking service business
If business consultancy is not the way to go for you, then you can sell your expertise or knowledge on platforms. You can become a professional speaker; leveraging your job experience and acquired skills. Your subject line is limitless, all you need is to identify a need and add a little touch of creativity.
Take the approach of starting a consultancy business and bring it online; voila! You have just started a blog. Starting a blog costs little or next to nothing but the potentials is great. Starting a blog is a very fulfilling way to making money during your retirement years.
Aside that it offers you the comfort of working right from your home, you will derive some fulfillment in helping others with useful information. There are many topics you can blog about; your career field or industry, your experience, your hobby, retirement itself, politics, health, technology, and whatnot.
If you offer quality content consistently, you will build a huge loyal audience and make a lot of money in the long term. Better yet, apply to contribute valuable articles to an existing blog and get paid for that. That would cut it if you can’t start a blog from scratch.
Contrary to what most people think, having worked as a teacher during your active years isn’t a condition for starting a tutoring service. All you need is a good grasp of a school subject (mathematics, English language, etc) or a special skill (music, catering, etc).
If you are really good at imparting your knowledge to others, you will attract lots of students, and you will make lots of money, too. So, if you are thinking of a good career to start during retirement, turn private tutoring into a start-up business. And you can hire other tutors to work with you.
5. Repairing service
If you have a knack for fixing faults in electronic or other devices, then you can make a lot of money doing this. Many devices, especially electronics are in increasingly high demand and only few people are very good at repairing them. You may need to learn from an expert or take some courses in order to polish your skills and keep abreast with the technology employed in latest devices.
While other retirees may seek a new career out of their homes, you can find a rewarding employment opportunity in the comfort of your home. If you have a full house to yourself, running a bed-and-breakfast (B&B) is a good business idea.
In case you are feeling at sea, a B&B is a lodge that offers guests an overnight stay and breakfast. On the average, a B&B has about 6 bedrooms. B&B’s are becoming more popular because visitors prefer being treated as invited guests than as anonymous boarders.
7. Tax service
According to Benjamin Franklin, nothing is certain except death and taxes. This means there will always be a huge demand for tax professionals. If you enjoy tax work and have the know-how, tax business is an all-year round retirement business opportunity for you.
To start a business that offers tax services, you must register with the IRS, pass a proficiency exam (this is waived for licensed attorneys and CPAs), and complete some annual continuing education training.
8. Pet sitting
This is one of the few businesses that will continue to enjoy great patronage even in the face of recessions. According to the National Association of Professional Pet Sitters, nearly two-thirds of American households own a pet. Last year, Americans spent a whopping $47.7 billion on pet care. A pet sitter looks after pets at the owner’s home while the owner is away at work, vacation, or elsewhere.
With professional pet sitters available, pet owners can confidently leave their pets at home, rather than boarding them at a kennel of vet’s office; knowing that their pets will be able to maintain their eating and exercise routines and get all the love and care they deserve. If you love pets, this is a good business idea for you.
If you are very good at cooking, then you can make a lot of money by meeting the needs of many hungry souls for mouth-watering meals. The good news about the catering business is that there is a large market to serve. There is no stiff competition; neither are there any notable major market players. So, you can start earning huge profits as quickly as possible.
With more people embracing the idea of buying products they need online, e-commerce is becoming more lucrative than the traditional methods of trading. And that’s why many businesses are setting up online stores as a way of keeping abreast of modern trends. A good retirement business idea is to start an e-commerce store that sells products online. Though very lucrative, this business may be expensive to start, depending on what products you’re offering.
You are aging, and you are becoming a senior yourself. You have raised kids, and you have cared for your aged parents, too. Chances are that you have deep understanding of what seniors like, what they dislike, and how best they should be treated.
This means you are more than likely to be very much skilled at providing care for seniors. And you can convert this skill into a very lucrative business during your retirement years. The demand for senior care services is booming, as older people now form a significant fraction of the population.
12. Start a network marketing business
Most people stay away from network marketing business because of the stress involved but I don’t think there’s anything like a stress-free business. If you have the nerve and persistence, then network marketing business may be the way to go for you.