Business ideas for retirees
Diane Eschenbach, owner of startup consultancy DE Consultants and author of How to Quickly Start a Business Online, thinks online businesses remain one of the best business ideas for retirees – as long as the entrepreneur doesn’t let technology intimidate them. She suggests curation sites, which aggregate information for easy reading, as one of the most accessible and engaging online business ideas to pursue.
Consulting and coaching
For older entrepreneurs with the intent of establishing a business backed by their passion and experience, consulting and coaching remain steadfast choices. Skills from previous jobs and life experiences make retirees well positioned to share their knowledge.
Members of mastermind groups meet regularly to collaborate and solve problems or issues by tapping into the group’s collective experience, skills and knowledge. As seasoned professionals, older entrepreneurs hold the advantage in this market. Owners of mastermind groups can generate thousands of dollars a month, depending on the size and location of the group and the premium they set for becoming a member.
Herb farms are one of the fastest-growing industries. Medicinal herbs, herbal teas, culinary herbs, and herbs for candles and aromatherapy are just the tip of the iceberg. A solid working knowledge of growing herbs is essential.
Flowers used to scent potpourri, soap, candles and fragrant concoctions require just a few square feet of growing space. Most of your product preparation can easily take place in an average-size kitchen equipped with no more than a shelf, stove and counter work space.
Becoming a gardening teacher is a creative way to make money from your green thumb. Offer gardening seminars in your backyard, community colleges, recreation centers and local nurseries. Offer a class each month on a different aspect of gardening, including planning flower beds, learning about perennials, preparing the soil, creating an English garden, bulb planting, and the like.
Growing orchids can be a lucrative business if you are willing to spend time and considerable effort. Although they are typically grown in tropical areas, orchids can also be grown as houseplants or in greenhouses.
Tip: Through gardening, you can branch off to floral arrangements and market your products to local inns, hotels, wedding planners, churches, roadside flower sales and florists.
Home service businesses
Service-oriented businesses sell customers the time and energy of a skilled professional in a particular field. Thanks to the internet, it’s never been easier for customers and individual service providers to connect.
Tutors help students of all levels learn course material and prepare for important exams, such as the SAT. Students range from elementary school students to graduate students working toward their doctorates.
Today, more and more people are learning online. In 2019, for example, the global online learning market was already worth nearly $200 billion, but by 2026 that number is expected to grow to $375 billion .
Online tutoring is a potentially good business idea for patient individuals who enjoy teaching and working with others. It could also be ideal for college-educated individuals looking for a business opportunity that allows them to work from home with a flexible schedule.
5. Writing and editing
Writing is everywhere – from the blog posts you read online to the manuals that come with your new vacuum cleaner. As a result, freelance writers are in demand in virtually all industries that require some kind of communication.
Writing is a growing field with the potential to make an income above the median in the US. According to the US Bureau of Labor Statistics, for instance, writers and authors made a median annual salary of $69,510 in 2021 and that number is expected to grow by 9 percent between 2020 and 2030 with an additional 12,200 new job openings each year .
Freelance writing and editing is best suited to individuals who are talented communicators who don’t mind spending time alone. Not all writing assignments are the same. While copywriting requires writers to collaborate with clients and craft compelling copy for marketing purposes, technical writing requires writers to create documents that clearly describe how a reader should use a product. SEO content writers, meanwhile, craft original writing to help draw online search engine users to a specific website.
6. Digital marketing
Today, billions of people around the world are online. In fact, one recent study found that as of July 2022, there were an estimated 5 billion people online . In response to this massive audience, marketing firms are dedicating more and more of their budget every year to digital marketing compared to traditional marketing methods such as television commercials and print advertisements .
Starting a home-based marketing business could be a good fit for entrepreneurs with a keen understanding of digital marketing. Some of the most common services that digital marketers provide include affiliate marketing, search engine optimization, content creation, and social media management.