Jun 202014

Check out some new business ideas for retirees

bright-ideasBusiness News Daily has recently posted an article on starting a business in retirement. I’d like to make some comments about their suggestions.

  • Consulting and coaching
  • Start a mastermind group
  • Service-based businesses
  • Entrepreneurial support services
  • Online businesses

Consulting and coaching

I have converted starting a Consulting Retirement Business elsewhere on this web site. In this article they suggest leveraging your skill from previous jobs and from your life lessons which is, of course, a good idea. They also include teaching and tutoring as well as writing as a retirement business but do not mention starting a blog. A key question that the author asks you to consider is how much time to you want to devote to this and do you want to work from a fixed location or virtually? You need to determine if your customers can afford to pay you. Don’t start a hobby or charitable endeavor but an actual business.

Start a mastermind group

They suggest that if you have a large network of business contacts you could start a mastermind retirement business whereby you host meetings among your contacts to share ideas perhaps on a monthly basis. This could also be done online with live audio and video. Of course, you need to charge a membership fee for your efforts in organizing and hosting the events. They claim that you could earn as much as $1,500 a month from such a group. I would suggest setting up your own membership web site too.

Service-based businesses

There are really only four things that you can do to earn extra retirement business income.

  • Live off investments or rental property which is not what this site is all about
  • Work for someone else full or part-time
  • Supply a service either yourself or using others in your own retirement business
  • Sell a product through your retirement business that you make or buy elsewhere

They suggest that handyman services, tutoring or pet sitting aren’t the only retirement businesses that you can start. Some of the options are eldercare services by helping older people with cooking, errands, housekeeping, and shopping.

Entrepreneurial support services

This is a new idea that I like (and, in fact, I hope that is what I am doing on this web site). Lots of people who are approaching retirement or are already retired are thinking of starting a retirement business. For example, you could help with management, marketing, brochures, logos, financial accounting, bookkeeper or consultant.

Online businesses

Being online in itself is not a retirement business, it is simply a new and unique way to sell your products or services or just explain what you do. But first you need to decide on what product or service you want to sell, who will be your customers, how can you reach them, and THEN decide if any of this can be done online. This web site mainly concentrates on retirement businesses that you do not rely on selling via the internet – only a simple web site to announce who you are and what you do to build confidence in your clients. Selling online requires a lot of technical skills, in my opinion.

Links on smart business ideas for retirees:

5 Smart Business Ideas for Retirees
7 Reasons to Start a Mastermind Group
How to Quickly Start an Online Business
Mastermind Group Blueprint: How to Start, Run and Profit from one
My LifeStyle Career
New Business Idea? How to Test Before Launching
New York Life Center for Retirement Income
Second-Act Careers: 50+ Ways to Profit from Your Passions During Semi-Retirement
Tobe Brockner
Thrive!! Inc

This post is a comment on an article in Business News Daily.


Check out this link for more ideas.  Hundreds of Retirement Business Ideas.

For more information check out my books

How to Earn More Retirement Income: without having to get a job

Where to Find Products to Sell for Your Retirement Business

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