Some individuals dream of the day when they can do absolutely nothing. To them, retirement is a euphoric future of sleeping in, lounging in the sun, and thinking as little as possible for the next 30 years of their lives.
For most of us though, a life of zero activity and thought would drive us absolutely nuts! Sure, a few days of relaxation is great, but after that, it’s time to tackle something, learn and grow from it, and then conquer the heck out of it!
Acting on our passions and setting future goals can really do great things for a person – for their mind, body, and soul. If you find yourself nodding to this statement, then the next question is, “Have you considered starting a business after retirement?”
Business ideas for the over 50s don’t have to be blockbusters. It doesn’t have to be big. It doesn’t need to be impressive. It just needs to fulfill that void that’s probably been inside of you for many years – yes, even while you were working that supposedly fabulous full-time job.
Starting a business after retirement is probably right for you if you’ve always longed to….
- Be your own boss
- Do what you love full-time
- Help others directly
- Learn something totally new
- Build a massive business from absolutely nothing
Starting a Business After Retirement Could Allow You to Retire Early
Here is the kicker… Starting a business after retirement could potentially allow you to retire early. (Or make your money last longer if you are already retired.)
Think about it. Earning a little extra money can mean doing something you love and strengthening your short and long term finances.
Use a comprehensive retirement planning calculator to see if starting a business after retirement impacts your retirement age or your financial security in retirement.
The NewRetirement tool lets you set different levels of income for different periods so you can easily see the impact of starting a business after retirement.
If you finally want to tackle your dreams and love the idea of setting up a retirement of purpose (instead of, you know, being a slug like some of your friends), then I suggest you seriously consider these 12 small business ideas for the over 50s:
1) What Do You Love? How Can You Turn it into a Business
Everyone has some kind of interest in life and no matter what it is, you can probably figure out a way to make money.
- Build model trains? Could you host kid birthday parties or workshops?
- Play tennis? What about offering lessons? Start a tournament?
- Watch TV? How about starting a blog reviewing favorite shows?
- Love baseball? Have you considered organizing tours to games or ballparks?
- Reading and cooking? Maybe you could cater a pop up restaurant in your home based on a different book each month
2) Financial Advisor
Have you ever met a “financial advisor” that was 22 years old and was supposedly going to teach you – a 50 year old that has actually lived life and experienced the swings in the market – how to retire comfortably? What a joke.
You know who can properly sell themselves as a financial advisor?
You – the well-seasoned veteran of life and money.
If you’ve done well for yourself financially, if you’ve already earned your bachelor’s degree, and if you love to help people, then this small business idea for the over 50s is probably a slam-dunk for you.
3) Business Ideas for the Over 50s: Consulting
There are some benefits to being older — with age comes wisdom. One of the best business ideas for the over 50s is consulting!
Are you an expert in your field? Could other companies benefit from your wisdom?
But don’t limit yourself to these five if you think your expertise is still valuable. There are plenty of consulting opportunities for more unique fields. Areas like home office design, organization, and even color consulting!
4) Starting a Business After Retirement: Marketing, Bookkeeping & Administration
If you come from a business background with skills in administration, marketing, accounting or finance and know how to organize a business, properly categorize expenses and make payments, you could probably handle this work in your sleep – and have a blast doing it for exciting new startup companies.
Better yet, many of these activities can be done almost anytime anywhere. This kind of flexibility makes it a best business idea for the over 50s. And, according to Robert Half, the most in-demand consultant areas are: finance/accounting, business systems, tax, risk mitigation and optimization.
And there is a huge need for administration, marketing and bookkeeping services. This is the day and age of small business – mainly, online business but many entrepreneurs don’t necessarily have experience with running a business.
5) Landlord/Bed and Breakfast Owner
If you find yourself talking to a millionaire in the near-future, chances are that they own (and rent out) some property. Real estate is an excellent investment, plain and simple. It always has been and it probably always will be.
Don’t consider yourself hard-nosed enough to deal with those inevitable tenants from hell? Then maybe a B&B is more up your alley. Buy a home in a touristy area, serve a decent breakfast, and enjoy interacting with couples from all around the world!
Bed and breakfasts obviously aren’t as passive as rentals, but if you like interacting with and serving others, then this might just be the fun business idea you’ve been looking for.
6) Buy a Business
Building a business from nothing is no easy task. I’m sure you’ve heard the well-known statistic that 4 out of 5 businesses fail within the first five years. If you’re not willing to struggle for years while getting your business off the ground, then perhaps you’d do better just buying one that already has some clientele!
Of course, “buying a business” is about as broad a statement as one can make, but while you’re reading through this list and thinking about what you might like to do for your encore career, consider what might already be available for the taking.
And, if you have the financial means to do it, it might actually be the more profitable move when you consider the potential for immediate earnings!
7) Become a Franchisee
Of all the small business ideas to start after 50, this one regularly captures the most attention. It’s attainable, understandable, and someone out there is willing to walk you through the process (because of course, it’s in their best interest to do so as the franchisor).
No, McDonald’s is not the only wicked-awesome franchise out there (in fact, strike if off your list if you don’t already own one – they’re not looking for newbie franchisees). There are dozens of other franchises with fantastic track records (and they’re not all restaurants either)!
8) Become an Angel Investor
You’ve worked hard at your career and you’ve done well for yourself. Congratulations!
Money isn’t an issue for you, and in fact, you’ve got more of it than you know what to do with. None of the above or below options really appeal to you, but you love the idea of helping someone take their passion main-stream, and they’ll even pay you handsome royalties as it succeeds!
Sound like fun to you? I can’t see why it wouldn’t!
9) Buy and Sell
Have you always had a knack for finding products for well-below market price?
- Maybe you find them on the clearance rack,
- perhaps you nab them off the web, or
- it might be that you just love perusing garage/estate sales and find your deals under layers of junk!
Whatever the case may be, if you’re used to buying low, then it’s probably time to try your hand at buying and selling for a profit.
The concept is really simple (in fact, we basically already covered it in the generic intro…) – find ways to buy super cheap products, and then sell them through a medium where you can earn more (typically Amazon, Facebook, Craigslist or eBay).
Are you doubting that this small business idea can actually earn some money? Check out the link below. This option is for real.