We tend to think of retirement as the end of a career; however, retiring doesn’t necessarily mean the end of work. For many, it actually signifies a time when you’re financially stable enough to no longer need to work—rather, you choose to because you want to. It’s an opportunity for many people to start a small business and explore a line of work that they’ve always wanted to do.
Below, we’ve compiled 18 of the best retiree business ideas: opportunities for people who want to spend retirement working on their terms, doing something they’re passionate about.
First, take account of your situation
Before we dive into a few retirement business ideas, it’s important to first think about your situation. What can you afford to do? What do you want to do? What are you good at? These are all important questions to ask, and they can determine the retirement business that’s best suited for you.
Also keep in mind that some retirement business ideas take more to get up and running than others. For instance, home businesses for retirees usually have minimal startup costs, while becoming a franchisee means ponying up a significant down payment to assume ownership of the franchise. What you’re bound to find out is that not every retiree business idea is one you can (or will want) to pursue. That said, let’s dive into 18 of the best options.
Try your hand at real estate
Real estate is one of the easiest niches to get into as a retiree. There are tons of opportunities to start your own business or join an existing one as a contractor. As a real estate agent, you’ll get to explore the area where you live and can take clients on your terms. As a landscaper, you might find a sense of satisfaction in keeping your community looking great. You can even generate passive income if you have the funds to buy and rent property to vacationers.
- Become a real estate agent
- Buy and rent an Airbnb
- Start a landscaping business
Explore marketing and networking
If you’re a retiree looking for social opportunities to keep yourself engaged, you might consider a second career in marketing or networking. For instance, becoming a recruiter lets you meet people and help them find positions where they can excel. Event coordination gives you a chance to participate in your community and get to know local businesses. Marketing and networking is a great way to show your great people skills in new and exciting settings.
- Become a career recruiter
- Consider event coordination
- Facilitate business connections
Pass on your expertise
One of the best businesses for seniors is one that emphasizes a teaching role. When you become a tutor or a mentor to someone else, you’re helping them master the same skills you yourself take pride in. Mentorship is a wonderful way to fast-track someone else’s career. The same goes for consulting. Consultants have the power to operate on their time, with their own terms, which makes for a low-stress retiree business idea.
- Consider part-time consulting
- Try coaching, teaching, or tutoring
- Become someone’s mentor
Dive into administrative work
Miss the buzz of a workplace? Looking to add a little structure to your days as a retiree? Starting an administrative business in retirement is a wonderful way to keep yourself engaged without the demands of a full-time career. From retired executive assistant services to data entry jobs, you can make yourself available in whatever capacity you want. Work at-home or in a workplace—the choice is yours thanks to modern software and equipment!
- Become an executive assistant
- Take a simple data entry position
- Explore work from home jobs
Get into retail and sales
If you were a salesperson in another life, a sales concept isn’t out of the question when starting a business in retirement. If you’re crafty, you can start up an Etsy business. If you’re a bargain hunter, try your hand as an eBay seller. It’s easier than ever to set up an ecommerce storefront and sell just about anything: from products you know and love to ones you’ve invented. Retail and sales can be very fulfilling retiree business ideas.
- Start an arts and crafts Etsy
- Become an authorized reseller
- Open an ecommerce storefront
Invest in someone else’s business
Want to skip all the hassle of conceiving your own business idea and bringing it to market? Franchises are some of the easiest businesses to start in retirement because they come with tons of support from the parent company. While it’ll cost you more to get in, much of the hard work will already be done. Not interested in the franchise route? There are plenty of startups out there looking for advisors, investors, and partners to help them launch!
- Become a franchise owner
- Buy into a minority stake
- Help fund a startup venture
It’s never too late to follow your passion
Whether you choose to open an ecommerce store and sell products or buy into someone else’s startup as part-owner, remember that it’s never too late to follow your passion. For many retirees, getting back into business in retirement is the perfect opportunity to do something they’ve always wanted to do! No matter what type of venture you jump into, remember that NorthOne is here to help you succeed.