For those with the itch, starting a business over the age of 60 is entirely doable. Age can give many advantages, including experience and wisdom. Here are 9 retirement business…
For those with the itch, starting a business over the age of 60 is entirely doable. Age can give many advantages, including experience and wisdom. Here are 9 retirement business ideas to put that experience to good use. 1. Consulting
Consulting is a favorite business activity among retired seniors.
For starters, consulting is perfect for crafting your own hours and rates. After decades of developing expertise in a career, why not put that to good use?
Marc Wolfsfeld is a semi-retired IT consultant in West Jordan, Utah. After years of working in his business full-time, he decided to cut back operations instead of completely retiring .
Mr. Wolfsfeld explained, “I work very part-time hours, but I’m always on call for my clients. If they need software updates or there’s a network problem, I’m there in a heartbeat. It gives me the opportunity to stay active and make extra income without much stress.” Image source: Andrea Piacquadio/Pexels He isn’t alone in his desire for flexible working hours. According to labor statistics by the American Economic Journal , 60% of not working Americans in their 60s or 70s would return to work if they had a more flexible schedule. Consulting offers an opportunity to do just that.
Consulting is a natural opportunity for many knowledge workers. Retired professionals in finance, law, business management, HR, marketing, and medicine all have many doors open to them in this regard. 2. Make and Sell Crafts
Retirees often take up a hobby to fill the time and quickly find that it’s a great way to make extra money. The craft business is a perfect example.
The rise of Etsy has shown that handmade crafts can be big business. Many types of crafts sell well, including: Home decor
Jewelry
Art
Toys
Dolls
Embroidery and quilts
Usually, the cost of the materials is quite low, which makes for a nice profit margin on the products sold. The main investment is the time, creativity, and expertise in making them. If you’re already a crafty person, this can be an ideal small business.
Items can be sold at a farmer’s market, flea market, festival, or small shop. If you feel comfortable selling online, you can open an Etsy shop or sell on Facebook Marketplace or Craigslist.
You can advertise your business through word of mouth at events or through social media.
You don’t need a website or a graphic designer to have an effective internet presence. This is because social networks like Instagram and Pinterest enable you to draw a lot of attention to visually appealing products like arts and crafts. Image source: Robert Mauk Craftwork isn’t limited to artsy crafts.
The same business idea applies to any type of artisanship: woodwork, metal work, clothing design, baking cakes, or anything else that can be made from home. Robert Mauk is a retired teacher in Modesto, California, who does woodworking.Mr. Mauk commented, “Too many of my fellow retired teachers don’t remain active during retirement, and as a result, the quality of their lives often quickly declines, and I am not comfortable not being productive and creative.””I always liked working with wood as a medium for my artwork, through craft and furniture. I worked with my Dad at a young age, and I think that sparked my interest in working with wood,” he continued.”I have stopped working on major kitchen and bathroom remodeling jobs. I now concentrate on wood sculpture, wood turning, and furniture projects so that there is no climbing in attics and down into crawl spaces.” 3. Dog Walking Dog walking is the perfect small business idea for animal lovers. Pet ownership has increased over the past decade, and it’s expected to increase even more. Analysts at Morgan Stanley expect the pet industry to almost triple in size over the next decade.That means there is a bigger demand for animal-related products and services, including dog grooming, doggy daycare, and dog walking.Dog walking is a great way to get outside and exercise. However, if the business expands, hiring younger workers to do the legwork is also an option.According to TimeToPet.com , dog walkers typically charge between $19 and $29 for a 30-minute dog walk. If you walk multiple dogs at the same time, the money made per hour goes up substantially. Of course, the rate varies based on the location and other factors.As mentioned before, other related services include […]
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