Business Ideas

Best Business Ideas for Retirees Looking to Supplement Income

Best Business Ideas for Retirees

Best Business Ideas for Retirees

Retirement is meant to be a time to relax and enjoy life after years of hard work. However, many retirees find that they still need or want additional income in their golden years. Starting a business can be a great way for retirees to keep busy, pursue their passions, and supplement their retirement savings.

With careful planning and research, a business venture in retirement can be rewarding both financially and personally. In this blog post, we will explore some of the business ideas suited for retirees looking to earn extra income.

Business Ideas for Retirees

1. Consulting

Retirees often have decades of experience and expertise in their industry or profession. Offering consulting services allows retirees to leverage their knowledge while setting their own schedules.

Consulting can be done in almost any field including management, financial services, technology, human resources, and more. With a consultancy, retirees can choose to take on as much or as little work as they wish.

2. Service Businesses

Many retirees enjoy part-time work that allows them to directly serve or help others. Starting a pet care service, cleaning service, lawn care service, personal chef business or running errands for busy professionals allows retirees to set their own hours. These types of businesses have low startup costs and can be operated from home.

3. Rental Property Management

Retirees who own investment properties can start a property management company to handle the day-to-day rental operations. Tasks like advertising vacancies, collecting rent, coordinating maintenance and screening tenants can become a home-based business.

4. Online Sales

The internet makes it easier than ever to start a sales business in retirement. Creating an online store through sites like Etsy or eBay allows retirees to sell homemade crafts, vintage collectibles or other unique products. Retirees can also leverage dropshipping methods to sell a wide range of products without inventory.

5. Travel Planning

Retirees often have more time available to indulge in leisure travel. Drawing on their own travel experiences, retirees can start a business planning and customizing vacations and tours for clients. A home-based travel consultancy allows retirees to turn their passion for travel into extra income.

6. Tutoring

Retired teachers have a natural advantage when starting a tutoring service. But tutoring isn’t limited just to teaching traditional academics. Retirees can also tutor students in music, dance, martial arts, cooking, art and any number of other subjects. Tutoring leverages retirees’ knowledge and is highly flexible.

7. Writing/Editing

Retirees who have a flair for writing can start a freelance writing or editing business. Options like ghostwriting books, blog writing, copyediting, and proofreading manuscripts allow retirees to work from anywhere. Freelance writers can make their own hours and accept as much or as little work as they want.

8. Rental Property Management

Retirees who own investment properties can start a property management company to handle the day-to-day rental operations. Tasks like advertising vacancies, collecting rent, coordinating maintenance, and screening tenants can become a home-based business.

Rental Property Management

9. Virtual Assistant

Many administrative and clerical tasks can now be done virtually, creating opportunities for retirees to work as virtual assistants. Virtual assistants provide administrative support to businesses and executives.

Common tasks include scheduling appointments, managing email, data entry, writing, calendar management, and travel coordination. It’s easy work that can be done part-time from home.

10. Dog Walking/Pet Sitting

Retirees who enjoy animals can start pet care businesses like dog walking or pet sitting. These services are needed by pet owners who work long hours or travel frequently. Retirees can offer dog walking for neighborhood pets during weekdays or pet sit at clients’ homes when they are away. Flexible scheduling and modest fees make this a great small business.

11. House Cleaning/Organizing

Keeping a clean and organized home becomes challenging for busy professionals and families. Retirees can start a residential cleaning or decluttering business on their own schedule. Low startup costs and flexible hours make house cleaning an ideal side business. Specializing in organizing and downsizing also caters to elderly clients looking to declutter.

12. Babysitting/Nanny Services

Grandparent retirees are perfectly suited to provide childcare and babysitting services, either full-time or part-time. Retirees can also run a nanny referral agency matching clients with screened childcare providers. Arts and crafts, reading, and other enriching activities make this a rewarding small business.

13. Real Estate Investing

Many retirees invest in real estate. Beyond managing their own properties, retirees can grow a real estate investment business by buying, renovating, and renting or flipping properties. Real estate investing allows retirees to build a residual income when done prudently.

14. Bookkeeping or Accounting Services

Retirees with finance or accounting experience can leverage their skills to provide bookkeeping, payroll, tax preparation, and financial statement preparation services to small businesses or individuals on a contract basis.

15. Business Consulting/Mentoring

Drawing on their career experiences, retirees can provide consulting and mentorship services to new entrepreneurs or small business owners. Guidance on launching, managing, and growing a business can be very valuable.

16. Resume Writing and Career Coaching

With extensive workforce experience, retirees can assist others with resume writing, interview preparation, and overall career coaching. This service appeals to young professionals and those re-entering the workforce.

17. Crafts Production and Sales

Retirees often have more time to devote to crafts and hobbies. Turning crafts like jewelry, furniture, quilts, and other handmade items into inventory for craft shows, consignment shops, or Etsy can generate income.

18. Arts Instruction

Retirees skilled and passionate about art, music, dance, acting, or other creative pursuits can offer lessons and instruction. Individual or small group classes can be taught in person or online.

19. Non-Medical Home Care

Retirees can provide non-medical services to seniors, such as companionship, transportation, shopping/errands, light housekeeping, meal prep, and mobility assistance.

20. Event Planning and management

Social retirees can start an event planning business for parties, weddings, corporate events etc. Alternatively, they can work as event consultants training and guiding others to successfully self-plan events.

Conclusion

Starting a business in retirement can be highly rewarding for retirees looking to stay active and earn additional income. The ideas discussed all leverage retirees’ knowledge and experience with the benefit of flexible scheduling. With careful research and planning, these business ventures can supplement retirement savings while allowing retirees to remain productive and pursue their passions.

The key is finding an idea that fits retirees’ unique interests, skills, and lifestyle preferences in their golden years. Check out here for more business ideas and tips.