After many years of building and nurturing a career, retirement rolls around. It can be an opportunity to prioritize the things you enjoy or shift your focus to your family, home, or unrealized passions and dreams.
However, it may be hard to change your lifestyle once you retire. This may happen as you’ve been accustomed to working 9-5. As such, there’s a chance to become aimless or uninspired.
Because of this, those near age 65 tend to opt for ‘encore entrepreneurship.’ This is their way of remaining active and occupied, along with adding more money aside from their retirement funds. On top of that, they can have a chance to use their wisdom, skills, experience, and passion for a satisfying project. This renewed meaning during retirement years allows them to start a business project without the pressure that leads others to quit the idea of having one.
If you’re wondering what kind of business to put up during retirement, here are some ideas to look for:
Start An eCommerce Store
Online businesses offer a plethora of ways to get more cash. For one, you can start an eCommerce store. eCommerce is where you sell products and services via the internet. Opting for this kind of business is an excellent choice for retirees.
eCommerce is different from a typical brick-and-mortar business as you don’t have to spend too much focus and time on it. If your website is active, you’re in charge of the time and manner of handling orders. Not only that, you can create a website without becoming an expert. It’s less hard to do so because of website builder tools. Website builder tools are software that doesn’t require manual code editing to create a site.
To start an eCommerce business, some things to consider are:
- Beginning Your Research On Various eCommerce Niches
- Knowing More About Different eCommerce Business Models
- Identifying Your Product Ideas and Target Market
- Learning How To Attract Your Audience to Your eCommerce Store
Likewise, some examples of products you can sell online through your store are:
- Jewelry And Accessories
- Personal Grooming Products
If you want to start an apparel eCommerce business, you can opt for services that allow for high-quality custom embroidery.
Become A Consultant
Retirees got the must-have industry knowledge due to their time spent on a specific job. As such, they can start a consulting business to earn money from their work experience and expertise. If you’re trying to become a part of the job market again or would like a more flexible schedule, this type of business is a go-to.
There are opportunities for this kind of business in almost every industry, and it can be micro or macro in scope. Some industries which retirees can use as a gateway to becoming a consultant include finance, business management, law, medicine, marketing, and HR.
To start a consulting business, you can take note of the following:
- Connect To Your Network: (e.g., Looking for clients from your friends and former colleagues)
- Use Your Expertise To Market And Network Your Business: (e.g., Sharing your expertise through blogs and social media content)
- Have A Consistent Approach To Building Your Business: (e.g., Consistent marketing, networking, and brand building)
Set Up A Franchise
For a long time, franchises have become notable for many small business owners. One reason for this is that as a trade-off for spending money for an upfront fee and repeated royalties, you can obtain step-by-step support on how to open a business.
Some other advantages to setting up a franchise as a retiree are:
- It has a higher chance of succeeding than a startup
- It allows you to become an independent small business owner
- It’s less hard to get some finance in a franchise
- You can benefit from the image and reputation of a brand
If you’re going down the path of having a franchise, you can become a part-time or semi-absentee franchisee if you want to balance conducting business and doing your interests. Overall, it’s one of the business ideas that you can try.
Other people try to avoid boredom and aimlessness after retirement by starting a business. A business can be a way to remain busy while supplementing one’s retirement funds. Moreover, it can be a way to share the knowledge and expertise formed during those working years.
There are various business ideas to choose from if you’re considering starting one. For one, you can begin with an eCommerce store in which you can have a wide selection of products to sell. You can also become a consultant to share your expertise in your industry while aiming to have cash. Lastly, you can start a franchise under a popular brand name.