Retirement Business Ideas
Take The Next Steps To Generate Additional Income After Retirement
If you are retired, it is time to start enjoying life. You have put in your time and energy to build up your savings and retirement funds so you can travel, explore your passions, and partake in the simpler pleasures life has to offer. However, looming in the background is the notion that there is a finite amount of money to see you through your retirement years. To remedy this nagging fear, many people are exploring retirement business ideas.
There are a number of business opportunities available for retirees who want to supplement their retirement funds, without feeling like they are going back to work. The purpose of this article is to present retirees with retirement business ideas that are suitable to maintain a relaxing and comfortable retirement without causing any extensive stress or “break the bank” on your current retirement funds.
We have compiled a short list of business ideas after retirement, which is not time or labor intensive so that people can generate the income they want without having to carefully budget their retirement funds in order to enjoy life.
Many retirees have amassed a wealth of knowledge and experience throughout their careers. Why not lend that expertise to those who could benefit from it, and earn a decent paycheck in the process? The wide world of consulting spans every industry. There are consultants for everything from IT projects, corporate infrastructure, business efficiency, planning, logistics, and even marketing. Additionally, consulting offers great business opportunities after retirement for those who would rather help private citizens.
Consultants help people with things like personal finance, organization, time management, and a whole host of other topics. In fact, many consultants can work from a home office, which means they do not have to endure the daily commute.
Franchises are some of the most accessible business ideas after retirement. Franchises give retirees the experience of owning a business, but with many added benefits. Franchise companies provide training, marketing, branding, and support at all levels to overcome any challenges along the way. Additionally, franchises come in all sizes and price ranges. There are franchises, such as those for filing taxes and travel agencies, which can be run out of a home office with an initial stat up fee of a few thousand dollars.
On the other end of the scale, there are franchise models that have a fairly hefty price tag, but also revenues to match. What makes franchises great business ideas after retirement is that most do not require owners to be on the front lines. Many franchise owners hire managers to run operations at the establishment, while things such as sales and accounting are handled behind the scenes. Franchises offer retirees a lucrative stream of revenue, without consuming all of their free time.
Write A Blog
Do you have a niche hobby or stories to tell? Starting a blog is a great way to make passive income for passing on your knowledge and experiences. People set up blogs all the time, and work with companies like Google AdSense to strategically place ads on the blog, which are relevant to the topic being discussed. While a blog is rarely an overnight success, over time, the revenue from ad placement can range in hundreds or thousands of dollars each month. If you have an interest, then you have an audience.
There are many free blog platforms out there, like Blogger and WordPress. Setting up a blog is much easier than the early days of the Internet. Some people branch off and create multiple blogs for specific interests, theoretically multiply their passive revenue streams. Blogging has become a very lucrative business idea for after retirement because you only need to write a blog or post pictures when you feel like it.
If you own a digital camera and fancy yourself a bit of a shutterbug, then you have the means to start a business idea after retirement. Many people are taking pictures in their spare time and uploading them to stock photo websites, or simply selling prints directly to people. Digital photography is a lot cheaper than photography used to be a few years ago. There is no film to process, prints can be made on demand, and the only thing it costs is time.
Commercial Real Estate
Commercial real estate is a great business to start after retirement. Many retirees start off by purchasing homes, which can be converted into duplexes, or by entering the wide world of house flipping. Both choices offer different revenue streams. By renting houses and apartments as a business idea for retirees, people can generate a steady revenue stream to supplement retirement funds on a monthly basis. With multiple spaces to rent, the revenue coming in can cover the mortgage and upkeep expenses, while still leaving a healthy amount left over for the bank account. Flipping houses is a bit different, because while the revenue generated is a lot greater – usually in the hundreds of thousands of dollars – the sales can take anywhere from a few days to a few weeks. However, if a particular property is not selling quickly, it can always be rented out until such time as a buyer comes along to make a purchase. Commercial real estate is one of the growing fields for retirees to start a business.
Selling Used Goods
If you have a lot of used goods or items cluttering up your place, the first thought that comes to mind is to hold a yard sale. However, we have come a long way, and with the digital age people are starting up home businesses after retirement to get rid of their own clutter, as well as things they find for sale in their neighborhood. By using sites like eBay and Craig’s List, retirees are pulling in thousands every month by selling things they would classify as “junk.” Some even expand to buying items at yard sales, refurbishing them, or embellishing them, and then selling those things for many times their initial purchase price. Selling used goods is a great example of a business idea, which can be run from home, with low overhead, and high rewards.
If you love dogs, starting a business in dog walking might be the perfect supplemental income choice for you. Many people have dogs, but not everyone has the time to give them the attention they need. While people are at work, you can walk their dogs and play with them in the local park. Dog walkers with an open schedule can make a few hundred dollars a month, with the added benefit of getting to spend time with man’s best friend.
If you studied a particular subject in school, or have an area of expertise, it might be a good idea to start a business as a tutor. Tutors help people with everything from learning basic math, on up to accounting, economics, and learning to play instruments. Many tutors still see students in their immediate vicinity. However, with the advent of the Internet, and now streaming video, tutors have taken their professions online, to reach a wider audience, and bring in higher revenues. Some tutors offer their services per session, while others operate on a subscription basis. Some prefer to work one-on-one, while others have found that taking things online allows them to coach groups of people at once.
Do What You Love
Ultimately, retirement is about enjoying your life. If you are thinking about starting a small business to add revenue to your retirement funds, it should be based on something you love to do. Whether you are selling handmade jewelry, writing your memoirs, or lending your expertise as a consultant, there are ways to turn your passions into lucrative small businesses after retirement.