After a whole career spanning decades, many retirees aren’t quite ready to hang up the towel. For some retirees, the reasons are financial—extra income never hurts and is more often than not a necessity in 2022. But for others, the reasons are aspirational—who wouldn’t want to be their own boss after working a regular job for most of their adult life?
Many seniors see their retirement as a fresh start for opening that business they’ve always dreamed of, becoming a consultant in their industry, or finally getting to that novel after a lifetime of experience. This burgeoning trend among retirees is called “encore entrepreneurship.” Who’s ready for round two?
This post will explore some practical business ideas to help your golden years live up to their namesake.
Turning Passion into Profits
Now that you have saved up retirement funds over the past few decades, you can afford to take on a bit more risk. Knowing there is a nice safety net beneath you, why not pursue that hobby and turn it into some extra cash?
Perhaps you’ve always found yourself drawn to the arts—painting, writing, playing music, or interior design. Or maybe you are drawn to a particular cause—politics, environmentalism, or social progress. Here are a few ways to turn these passions into profit without leaving the assisted living community.
Sell Your Arts/Crafts
Let’s say you enjoy woodworking, pottery, sewing, or some other craft. Why not try to turn this passion into a small business? Platforms like Etsy allow artists to easily connect with interested buyers worldwide.
If you prefer the brick-and-mortar experience, try peddling your wares at a local farmer’s market, community fair, or crafts market. Network with other regional artisans and build your business network.
Create an Online Course
If you have a skill that’s easily communicated online, you can set up an online course. For example, if you worked in marketing, you could devise an intro-to-marketing course and share your insights while helping the younger generation pick up the torch.
Or you could specialize in more advanced topics depending on where you’d like to take your online school. As is the case with most online courses, they are supplemented with a well-curated blog.
Start a Blog
Perhaps you have a lot to say regarding your experiences and expertise in a given field. If you feel like your insight and experiences might be valued by a particular community, then you should consider starting a blog.
Most people turn to the internet to answer questions and resolve problems. With a stroke of the enter key, anyone with internet access can find thousands of resources describing what they seek. Why not position yourself as an expert in your field?
This strategy pairs well with online courses—as the blog works to funnel readers toward taking the online course.
Get Involved With Local Organizations
If you are passionate about environmental or political activism, why not contact a local group whose values align with your own. Whether political, social, charitable, or scientific, connecting with other like-minded people can help you put your skills to work for a cause you believe in.
Take Advantage Of Your Experience and Wisdom
There are other ways to put your skills and experience to work for you. Let’s say you worked in business or finance and accrued years of valuable experience in the field. Or, perhaps you worked in a highly-specialized industry—like the medical field or engineering—that requires advanced training.
What are some ways you could profit from that experience?
Become a Consultant
Other companies will pay you for your insights and appraisals if you have particular expertise. Perhaps you have experience streamlining a manufacturing process or motivating employees toward increased productivity. You could offer your services to companies that want to learn from you.
Become a Teacher, Coach, or Tutor
If you have experience playing sports, speaking a different language, or playing an instrument, you could offer your services as a tutor, coach, or teacher. You coils join the staff of a music school or sporting club, or strike out on your own and open your own brick-and-mortar school.
Becoming a Franchisee
Maybe you have experience running a business. Many seniors with business experience look toward opening their own franchises to keep busy and make money in retirement. Find a franchise you care about—there are many more franchise options available today than there were even twenty years ago.
Perhaps now is the time to start thinking about getting into real estate, or maybe you already own more than one property. There are many obvious and not so apparent ways to take advantage of owning property.
Become a Real Estate Agent
Most real estate agents set their own hours and enjoy relative freedom in their scheduling. That’s why many retirees become real estate agents part-time to stay engaged with the community and keep active.
Open a Bed and Breakfast or Airbnb Rental
If you own spare property or don’t mind sharing your own with strangers, you might consider opening up a bed and breakfast or converting some space into a cozy Airbnb rental. If you enjoy hosting guests, this might be the perfect way for you to engage those passions and make some money while you do so.
Ready to Make Some Money in Your Golden Years?
As you’ve surely noticed, there are many unique ways you can stay active and profitable as a retiree. Which options seem the best for you?
About the Author
Jenn Walker is a freelance writer, blogger, dog-enthusiast, and avid beachgoer operating out of Southern New Jersey.
Retirees can start a business from home in many ways, such as becoming a virtual assistant, selling crafts or art online, or creating an online course. Other ideas include becoming a freelance writer, starting a blog, offering bookkeeping services, or starting a consulting business.
Starting a work from home business requires a variety of skills, such as time management, marketing, customer service, and financial management. You will also need to have the right tools and technology to be successful.
Working from home as a retiree can offer a variety of benefits, such as flexible hours, no commute, and a chance to be your own boss. Working from home can also provide the opportunity to control your own income and schedule.
Working from home can be challenging, as it requires discipline and focus. Additionally, you may need to be comfortable with technology and be able to handle customer service and marketing tasks.
To get started with a work from home business, you’ll need to decide on a business model, such as virtual assistant, freelance writer, or artist. Once you have identified your business model, you can begin to research and create a business plan, and then start marketing your services.
The amount of money you can make working from home depends on a variety of factors, such as the type of business you start, the amount of time and effort you are willing to put in to your business, and the demand for your services.
Yes, there are many resources available to help with starting a work from home business, such as books, online courses, and websites. Additionally, there are many local and online business organizations and networks that can provide guidance and support.