Many associate retirement as an opportunity to relax and unwind after decades of toiling. Nevertheless, have you ever wondered if you could do more in retirement, perhaps by using a portion of your time wisely to make more money?
For some, the idea might be out of the question, while others might give it a second thought. The idea of owning their own business might be appealing to many. While being your own boss is fun, there are several hurdles and challenges that you might come across; any business is risky, and you don’t want to lose your hard-earned savings in a failed financial business venture.
So, how can you make the best of both worlds by retiring and making more money on the side? If you would like a few tips, we have got you covered with seven smart retirement business ideas that won’t break the bank and test your limits. After all, the best retirement business idea starts from what you already know.
Start a Consulting Business
An individual with years of experience in a specific field undoubtedly understands the business well. If you worked in the corporate world or interior design, you can leverage that experience to your advantage and use it to advise others. One of the best ways to do so is by reaching out to your network and people you have known and worked with. Take a slow and steady approach to advise them on any issues they need help with; once you have gained solid footing, you can begin charging for your services. If your business is gaining traction, you can start your own financial consultancy and set hours.
Make Products to sell
What do you like to do in your spare time? Many of us have hobbies and pastimes. Consider channeling these to your advantage. For example, if you enjoy photography, painting, or crafting, you could turn these favoruite pastimes into profitable business ventures. The key is to start small and gradually work your way up. In our digital age, having an online presence is imperative; it also gives you the flexibility to run your business from home.
Sell Courses
A person who has retired after years of work has a lot of experience. So, why don’t you take the chance to share your expertise wisely? As a start, you could sell digital products like instructional PDFs or video tutorials. These instructional courses require advanced preparation but can yield dividends. If you have experience using specific computer software, you can create sellable instructional manuals or video tutorials to teach others. You can also run these courses from home by inviting students to join in person.
Start a Coaching Business
Just like consulting, starting a coaching business involves evaluating your strengths. There are several coaching businesses you could start. For example, you could offer financial coaching to individuals or groups, life coaching if you have a background in psychology, or career coaching to those aspiring to climb the corporate ladder. Whatever you choose to do, remember to define your niche carefully and build an online presence to attract clients.
Become a Tutor
A great way to make money is by sharing your experience. Many people today need assistance with filing taxes, completing a challenging homework assignment, or an academic task. As a retiree, you can be a tutor or teacher, too, either in-person or virtually. Offering tutoring services is a great way to supplement your income and use your existing skills wisely to assist others while maintaining a flexible schedule.
Become a Reseller
If you have enough retirement savings to invest, you can start a business as a reseller. A reseller doesn’t necessarily have to sell their own product; they could sell other products on behalf of others. There are many ways to do this, one of which is by starting your own online store or by using e-commerce platforms like Amazon, eBay, and Etsy.
Offer Services
Selling services is one of the best ways to use your time wisely. For example, you could start a pet-sitting or landscaping business. If you have years of experience, you can offer services related to what you have done in the past. Many retirees from accounting, construction, trades, and wellness started small business services on the side.
Retirement can be fun, as you have fewer responsibilities and more savings. So why don’t you use those decades of experience to make extra income doing something you love?
David Messiha | Staff Writer
