Many retirees are getting into entrepreneurship to supplement their income, stay active, give back to the community, or pursue their long-lost passions. Launching a startup after retirement is one of the most exciting things you can do.
It is the best way to stay mentally alert, meet your financial obligations, or continue working if you think you’ve retired too early.
Your chances to succeed are also quite high because you have specialized experience that you can use to your advantage.
So, if you are looking for simple and effective business ideas you have come to the right place.
We will cover 7 startup ideas you can look into. Choose one that best suits your needs and make the most of your retirement years.
Become a freelance consultant and use the knowledge you’ve acquired over the years to help people meet their goals. Consider your area of expertise as well as your previous line of work and offer a service that’s in line with that. For example, if you worked as a marketing manager at your previous job you can target small businesses and help them meet their goals.
Become a marketing consultant and offer valuable advice that helps your clients build brand awareness, grow their audiences, and increase revenue. Focus on building meaningful relations with your clients and ensuring they reach their goals. Understand what the client wants, their business model, as well as what they intend to achieve, and help them meet their target.
Help businesses improve their marketing strategies. Offer useful advice on the best marketing channels to use. Such as the right platform for that particular line of business, effective ways to grow traffic, the best way to build brand loyalty and grow sales.
As a consultant, you can specialize in any area as long as you have the passion and experience. Remember, your main aim is to offer real advice and build your reputation in the process. So, pick the right niche.
Some of the on-demand consulting services include, Human Resources consulting, Marketing and Sales consulting, IT consulting, Operations consulting, Financial consulting, and Business consulting.
When you pick a niche, set your rates. Decide how much you want to charge for your services and set the right price. Compare your prices to the competition. Visit top freelancing platforms and search for your service. Pay attention to high-ranking freelancers. Go to their profiles, find out how much they charge, and consider the type of services they offer.
Decide on your pricing strategy. You can set hourly rates, charge a fixed amount, or per service. Once you decide on your rates, create an account on top freelancing sites like Fiverr, Upwork, or PeoplePerHour. Complete all the necessary details during the signup process. Add a professional profile picture and write a compelling description. Include all your relevant skills to pique interest.
Once you are done, start bidding for work and focus on getting clients.
Getting your first client may not be easy but once you get positive reviews and ratings, you will easily grow your client base. So, focus on landing your first client.
Launch a website and set up your social media profiles. Identify your target audience and create content that attracts attention. Talk about your new business and share links to your freelancing account.
Share interesting content around your niche to command attention, boost interaction, increase traffic to your site, and convert followers to customers.
You can also market to your existing networks. Talk about your new venture and offer your services. Consider past clients or companies you’ve worked with and advertise to them. Identify their challenges, determine your unique selling proposition, and approach them.
Marketing to past clients can greatly speed up the process because you would’ve already established trust and don’t have to go the extra mile to prove credibility.
Use Zoom Video Conferencing or Skype to offer your services or visit client locations and offer your services in-person.
Use MeetUp to establish connections, promote your brand, and grow your business.
Take all the knowledge you’ve gathered over the years and offer coaching services. If you are a retired teacher, for example, you can offer private tutoring to students. Countless parents now prefer hiring a private tutor for their kids so, use that to your advantage.
Pick a subject you are passionate about and offer after-class lessons. The classes can be an hour or so long.
Target students within your area and offer your services. You can either talk to potential students in person or approach their parents, depending on your targeted age group.
Advertise your services in high-traffic areas like supermarkets, malls, or even campuses. Use posters and flyers.
Have an online presence to promote your business. Create a Facebook account and a Twitter account. Post about your tutoring services. Include subjects on offer, charges, and other relevant details.
Use professional images on your ads to pique interest and command attention.
You can also talk to some of your friends and ask them to recommend your services to their relatives and connections.
Find out how fellow freelancers are charging and set the right price. You can run a Google search or identify other tutors in your area and decide on your rates. Charges normally start from $30 per hour per student depending on your location and service rendered.
Aim for at least 10 students and grow from there.
Next, decide on an ideal location. For example, are you going to rent some space, use your garage, or other available rooms in your house? Once you figure that out, focus on your classroom environment. Consider your students, subjects on offer, as well the specific age group. Make sure the classroom appeals to them. Offer comfortable seating and create a supplies storage.
Make the learning process enjoyable and worthwhile. Aim to bring value to your students’ lives and help them meet their academic goals. When learners value and benefit from your work, they will tell their friends about it and you will easily grow your business.
If you are not comfortable with in-person tutoring, offer online courses. Countless people are doing it and benefitting a great deal.
Identify your area of expertise or find something you are passionate about or knowledgeable in and create your course.
Teach a new skill or help students advance their knowledge in a particular field. Aim to offer valuable on-demand content to attract students and grow your business. Include free resources and discounts to appeal to a bigger audience. Record short and long videos to retain attention. Some of your videos can be 15 minutes long and some 60 minutes long.
The goal is to retain attention, boost interaction, and keep learners engaged throughout the entire process.
Use Udemy, Thinkific, Teachable, Skillshare, or Kajabi to create and sell your course.
Creating a course is free on most of these platforms and you can upload as many courses as you like.
Charges vary depending on course content and your goals. Meaning you can charge as much as $100 per course or as little as $10 but remember, you are only starting and your goal is to show how valuable your content is and attract more people. So, set reasonable charges. Start from $15 and focus on enrolling more students. The more students you get the more money you make and the higher your chances of success.
Promote your course on Facebook, Twitter, Instagram, or YouTube. Tell your friends, relatives, and former colleagues about it. Identify individuals who may be interested in helping you promote your business and ask them to advertise to their existing online networks.
If you do this right, you can quickly grow your business and make as much money as you want. So, pick the right niche, do your research, and invest your time in the process.
A lot of people are making extra side cash from content creation and the best part is that you can start the business from the comfort of your own home. You can reach as many people as you want and work with anyone despite their location. All you need are good writing skills, the passion to write, a computer or smartphone, and an internet connection.
The best way to succeed is to pick a niche and stick to it. So, find a topic you are passionate about and share your thoughts online. Become a blogger and create high-quality content that people will be interested in.
Decide who you want to write for. Identify your target audience. Know their interests or challenges and cater to their needs. You can define your audience based on age, gender, hobbies, profession, and so forth.
Once you identify your audience, work on your content creation strategy. Share content that they love and value. The kind that will encourage them to share with their connections and keep coming back.
Share your knowledge with the world and help your audience meet their personal or professional goals.
If you worked as an accountant at your previous job, share tips on how to manage money and handle business accounts. Use eye-catching headlines for your articles to grab attention and increase traffic.
Promote your blog across social media platforms and use compelling language to get people interested in your content. Connect with like-minded people. Join relevant groups. Post about topics related to your niche. Join relevant discussions and share your opinion. Like and comment on other people’s posts to encourage them to interact with your content.
Once you get a decent number of loyal readers, monetize your blog. Become an affiliate. Identify the best affiliate programs and join them. Add affiliate links to your blog and recommend products or services related to what you blog about.
You want to build your reputation and grow your audience so make sure you recommend services that you have experience with or ones you trust.
Some of the best affiliate networks to look into are Amazon Associates, ShareASale, ClickBank, and CJ Affiliate.
If you don’t like the idea of blogging and investing too much time into growing your audience before you start earning, become a freelancer instead.
Offer freelance writing services and start making money. Target web owners, bloggers, small businesses, and so on.
Create an online portfolio of your work or samples. Write at least two 800-word articles and two 2500-word articles to give prospects a reason to engage in business with you and trust you can deliver.
Go to freelancing sites like Fiverr and Upwork and create your profile. Decide on your rates and set your charges. You can set hourly rates or fixed prices. It all depends on your preferences.
Fill in all the required details on your profile. Upload a professional photo, list all your relevant skills, write a compelling description, and add a link to your portfolio site to make it easier for clients to trust and get in business with you.
Once you land your first client, ask for reviews and ratings to attract more people and grow your customer base.
You can make a lot of money as a freelance writer. You just have to be passionate about writing, market yourself right, work with the right people, come up with an effective pricing strategy, and offer exceptional services.
SELLING PRODUCTS ONLINE
Identify your top 5 interests and passions. Choose 1 that you enjoy and are most talented in and build your business around that. For example, if you are an artist you can sell your art or sell t-shirts and mugs with your artwork. Sell on Etsy or start an e-commerce store. Upload your products and start selling.
Create business pages on social media platforms like Facebook, Instagram, Twitter, or ones preferred by your target audience. Advertise and promote your business to your existing followers.
Offer discounts, giveaways, and coupons to command attention and build brand awareness.
If you prefer, you can use Shopify to launch and grow your business.
Another option is to sell items you no longer need or use on eBay or Amazon. For example, if you have gadgets you no longer use, old books you no longer read, or pieces of furniture you want to let go of, advertise and sell them.
You can sell whatever products you want online. For example, clothing, jewelry, electronics, and more. You just have to decide how you want to sell and come up with an effective marketing strategy.
For example, will you use an e-commerce store, social media, or marketplaces like eBay, Amazon, and Etsy? Your choice depends on your goals, your business, as well as your preferences. Consider important factors such as transaction fees, how much you’ll be charged to list your items, and so on if you decide to go with reputable marketplaces.
You don’t want to overcharge and lose customers but you also don’t want to undercharge and end up getting into your personal accounts to keep the business running.
If you have an accounting history or love working with numbers, become a freelance bookkeeper. Target startups that can’t afford to hire accountants or companies that don’t need permanent accountants and offer your services. You can work with as many businesses as you like and the best part is that you can work with whichever organization you prefer.
Decide on the kind of bookkeeping services you want to offer, approach business owners, and send in your pitch.
If you have a bookkeeping background, highlight your experience and convince them to hire you on a contract basis. Mention past clients and talk about how you can help them avoid losses, ensure profits, and meet their goals.
Join freelancing platforms and set up your profile. Promote your business on social media or create a website and advertise your services. Add your business to listings. Open a GMB or Google My Business account for visibility and to reach a bigger audience. Optimize your website and other business pages for SEO and ensure you appear on search engine results pages.
Invest in bookkeeping software. Purchase the best accounting software to make the job easier and manageable. Use it in collaboration with your skills to manage client accounts.
QuickBooks, FreshBooks, Xero, and Sage are some of the best software to look into.
You can also take it a step further and get certified to increase your earning potential. The best part is that you will be able to complete the certification in less than a year. Use Accounting Coach LLC, LinkedIn Learning, Coursera, or Udemy to advance your knowledge and certify.
Add your certificate to your website to prove credibility and attract prospects.
OWN A FRANCHISE
Last but not least, you can buy a franchise. Your chances to succeed are much higher if you get into franchising because franchisees have already established brand loyalty and build their reputation. All you have to do is raise enough money to buy a franchise and launch the business.
This does not mean you have to neglect your marketing strategy and other important business factors. It simply means you don’t have to create a business model from scratch because you will be taking over from existing progressions.
Another advantage is that you will receive the training you need to run a successful business and meet your goals.
But before you invest your money into it, do your research. Figure out if buying a franchise is the right investment for you. Consider your finances, business goals, and so on.
If you decide to buy a franchise, identify profitable ones to invest in. Choose one that aligns with your interests, expertise, and money goals before signing the contract to ensure success. Make sure you understand the contract before signing it to avoid frustrations and misunderstandings in the long run.
Some of the best franchises to invest in are Taco Bell, Anytime Fitness, Sport Clips, Great Clips, and McDonald’s.