Retiring from your job is supposed to mean more time for you and your family. While this is true, it’s also true that not everyone wants to simply sit around the house all day and read books or take long walks through the park.
Some people enjoy working and being around other people —and not to mention making money! If this sounds like you, then there are plenty of options you can explore when it comes to starting a business after retirement.
Help others start their businesses
If you have been in business for a long time, then you probably have a lot of experience and knowledge that can be useful to someone just starting out.
Offer your services to help them get started or offer your time to give them support as they do it themselves. If you are good at teaching others about something, consider becoming a consultant or coach for your local community college or even online through platforms like Udemy and Skillshare.
You could also hold workshops where people can pay by the hour and gain valuable knowledge from the experts who teach them how to do it right!
You could even go one step further and invest some of your money into helping others start their own businesses!
Assist your old company in a part-time role
Another option is to assist your old company in a part-time role. If you have a special skill that is no longer needed in the workforce, or if there is an area of expertise that needs to be maintained and updated, consider offering your services as an independent contractor.
By working on a contract, you can maintain the flexibility that comes with retirement while still helping out a company that was good to you.
Be an expert for an online service marketplace.
One of the best ways to ensure your retirement funds don’t run out is by finding ways to earn money while you’re not working. It may seem like a daunting task, but there are many online service marketplaces that will connect you with customers and help you grow your business.
These sites allow people who want something done—from help around the house to various business/marketing jobs—to hire freelancers for their work. You can advertise what services you offer or be hired by other people looking for help with things like painting their house or someone to trim their trees.
A few examples of these marketplaces include Thumbtack, TaskRabbit, Fiverr and Guru. If this sounds like something up your alley, then give one of these sites a try!
Open a cafe or restaurant.
You’ve probably heard that it takes a lot of money to start a restaurant or cafe, but you might be surprised by how little is actually required. You can buy the equipment and supplies you need for much less than you think — even if it’s just enough to get started and prove yourself. One way to cut costs is by buying used equipment; another option is to rent space in an existing establishment like a coffee shop or bar that already has everything they need.
When it comes time to figure out how much food and drink items should cost, there are two main factors: market price and margins (the amount left over after all expenses are covered). If your competitors are charging $10 for sandwiches and $5 per cup of coffee, then those figures would be good starting points for pricing your products at your new business as well; however, if those prices aren’t profitable enough for what you want from the venture then consider upping them slightly until they reach an equilibrium between price point and profit margin.
Related: Best Coffee Franchises
Open an antiques store.
Another option is to open an antiques store. You can buy antiques at estate sales, garage sales, and online. If you don’t have room in your home for storage, many people sell their items on eBay or Craig’s List and have them shipped to the buyer’s house.
Some stores also have a Facebook page where they’ll list their items for sale as well. Once you acquire all of the pieces needed for your store, it’s time to start selling! If you set up a booth at craft fairs and flea markets (or host one yourself), people will come by and purchase your merchandise—and if you’re really ambitious, maybe even do some online business too!
Start a medical transportation business
If you’re interested in starting a medical transportation business, you’ll need to be prepared to transport people to and from medical appointments. You’ll also want to make sure that your car is up-to-date on its registration and inspection, as well as its driver’s license. If possible, it will be helpful if you have experience working with people with disabilities (or are willing to gain this experience).
Finally, it’s important that you have extensive knowledge of the local area before starting your business. You should know where all of the hospitals and doctors’ offices are located so that you can plan your trips accordingly.
Sell products on Amazon.
Amazon is one of the best places to start selling products because it has such a wide reach. It’s never been easier to reach customers and make sales on Amazon, but you have to know how to navigate the site and take advantage of its many features.
To sell products on Amazon, you’ll need:
An idea for a product
A supplier for that product (or access to one)
A storefront on Amazon (you can do this yourself or let someone else handle it for you if you’re not ready yet)
Reviews from customers who’ve purchased your product(s)
Create a YouTube channel and make money from ads.
You’ll need to have something interesting to say for this business, but millions of people are creating video content and getting paid by YouTube.
You can make money from YouTube ads, selling products (such as t-shirts or mugs), affiliate marketing, donations and crowdfunding. You can even make money from sponsorships if you have a big enough audience.
It’s important to note that it’s not easy to start making money on YouTube—but it is possible!
Volunteer with a non-profit organization that matches your interests and skills.
Volunteering is a great way to meet new people, sharpen your skills and give back to the community.
If you’re interested in helping out at a local hospital, visit its website for more information on the different volunteer programs they offer. Some hospitals may have opportunities for retirees who want to volunteer with their fundraising team or help out with special events like blood drives or health fairs. Other hospitals might be looking for volunteers with specific skills like accounting experience or IT knowledge.
If you’re passionate about teaching children how to read, consider volunteering at your local school by working with younger kids who are struggling readers. You can also work with older kids who want help improving their writing skills by volunteering as a tutor after school or during summer vacation months when classes aren’t in session.
In addition to giving back professionally through your career (and earning money), it’s important as a retiree that you find ways of giving back personally too!
Offer your professional services as a consultant to businesses near you.
You’ve spent years working in a specific industry and have amassed a wealth of knowledge. Now that you’re retired, why not put your expertise to use? If you’re looking for some extra cash by doing something fun and interesting, becoming a consultant is an excellent option.
Consultants are professionals who operate independently; they may work with large companies or small ones, but they are hired on short-term contracts and provide their services as independent contractors. They can specialize in almost any area of expertise: marketing strategy, software development, human resources management—the list goes on!
As long as there’s demand for the service you offer, there should be no shortage of potential clients willing to pay for your consulting services.
Create an online course
If you’ve ever been interested in creating an online course, now is the time to take action. Creating a course can be a great way to make money from home, especially if your expertise applies to a topic that people are looking for information on.
You can create an online course on almost any topic you are passionate about. The potential rewards of doing this include making more money than with traditional jobs, working from home and being able to work at your own pace.
However, it does take some work getting started and marketing your product after it’s created so that people know about it and want to pay for it — but once you get rolling there are few better ways to earn money from home than creating courses!
Check out sites like Udemy which will facilitate the process and give you access to an audience.
Teach classes at the local recreation center or community college.
Teachers can make a lot of money, but you don’t necessarily have to be an expert on something to get started. If you like to learn and share your knowledge with others, teaching classes is a great way to make extra money.
You can teach many different subjects at the local recreation center or community college—including topics such as English, history, math, and science. You could even teach in-person classes or online through platforms like Udemy or Coursera.
You’ll find that teaching gives you flexibility over your schedule because there are so many options for where and how you teach your class. Consider what would work best for both you and potential students before picking a class topic: maybe it’s better suited as an in-person lecture rather than an online course?
Start a dog walking business
Starting a dog walking business is an easy way to make some extra money, but it’s important to start small and think ahead. Before you begin, be sure that your local area allows dogs on leashes in the parks where you plan to walk them. Also, verify what kind of liability insurance is required by law. For example, in Chicago there are several dog-friendly parks that require all dogs to be on 6-foot leashes and not leave the park grounds unless they are accompanied by their owners at all times.
One of the most important things when starting any new business is understanding how much time it will require each day/weekend/etc. Consider this carefully before deciding if starting this business would work for you or not!
We hope you’ve enjoyed these ideas for businesses that retirees can start. If you’re looking for more information about starting a business, check out our blog posts on how to start a small business. We also have other resources available on our website, including free guides and reviews on all aspects of running your own business.