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15 Money Making Business Ideas for Retirees

Are you a retiree looking for extra source of income to cater for your family needs or just to keep body and soul going? Welcome to Efogator business Ideas. Honestly, it is important for aged people to consider scalable business ideas for retirees that align with their interests, skills and available resources. However, here are 15 money making business ideas for retirees you can start right away.

Can life after retirement be exciting and interesting? Yes, it can be! It is quite unfortunate that many retirees after working hard for so many years and striving to gain financial independence are still complaining about boredom and a loss of direction in their lives.

Retirement really should be the time to be enjoying the fruits of one’s years of labor and hard work, to relax, to catch up with friends and fellow retirees, and probably pursue a lifelong interest that one has wanted to do but could not find the time during their hectic working years.

Business Ideas for Retirees: Why Start A Business In Retirement?

Recent statistics on emerging entrepreneur show that the landscape is changing. A good chunk of Americans between the ages of 55 and 64 (13%) and between the ages of 65 and 74 (6%) started new businesses in 2019, according to the Global Entrepreneurship Monitor. Check out these 25 best profitable business ideas for Christmas season.

They did so for various reasons. Among those between the ages of 55 and 64, most (64%) formed businesses to make a difference in the world. Among those between the ages of 65 and 74, most (55%) did so to build wealth. As at today, many persons in Americans within each age bracket are going into one business or the other to make a living because jobs have been very scarce or to continue a family tradition.

Below are 12 Best Business Ideas for Retirees:

There are really so many options and ideas for retirees to consider in order to turning this phase of their lives into an exciting and meaningful one. Do you know about these 16 major causes of business failure and how to fix them?

1. Affiliate Marketing

As a retiree, you can start affiliate marketing business. As an affiliate, you would earn a commission for selling other people’s product or services; all you need to start this business is a Smartphone and a laptop, then you need to setup a personal blog, or become a social media influencer by creating social media pages where you attract good number of followers.

Do a Google search for an affiliate program of your choice, read their terms and conditions, signup and begin to promote their products of services. One of the good places to start is Impact.com. You will be glad to read these 16 business ideas for children with little or no investment.

2. Business Ideas for Retirees: Freelancer

The second of my list of business ideas for retirees is freelancing. If you love to write stories, research subjects, or draw, consider becoming a freelancer. You can work when you want to, and there are plenty of business owners looking for contents from freelancers.

Just do a Google search for freelance work and you will find so many websites that will match you up with businesses who will pay for your specific skills. If you do good works for them, they will continue to contact you and establish a long term contract with you. With this, you can build a nice portfolio of contacts in very little time.

3. Website Developer

If you are creative, you can start a website design business. There are new businesses starting up every day that needs to fully establish their online presence by owning a website, so there is ample opportunity for a steady demand for website developers these days.

If you do not have experience in web designing, you can easily download relevant video tutorials on YouTube, or signup for a web tutorial course online or offline. Don’t miss reading these 13 insane reasons you should hire Google my business experts for your brand

4. Drop-shipping

One of the common business ideas for Americans these days is dropshipping, it is an online business model that is commonly run as a sole proprietorship, and it involves selling products to customers online without you holding onto the products. This business model requires you to create a website, select products to sell on your site, choose your prices, and market the products. If a customer orders from your website, (which serves as online store), you send the order to the dropshipping supplier who then prepares the order and ships it to your customers.

The key to succeeding in dropshipping is to find products that are in high demand or might be in the future and to choose sustainable profit margins. You should consider dropshipping further if you have always wanted to run an online store but don’t want to handle the fulfillment logistics. Read these simplified 14 steps for setting up a small business website of your own.

5. Tour Guide

Are you looking for a fulfilling business idea after retirement? Consider becoming a tour guide and share your passion for your part of the world with tourists. It’s a rewarding opportunity that allows you to meet friendly people from all walks of life and showcase your knowledge of the location in view.

You have the flexibility to offer a tips-only walking tour of your city or even organize multi-day drive round your immediate state. The extent of your tours is entirely up to you!

6. Event Planner

The sixth on my list of business ideas for retirees is event planning. If you are good on bringing events together and have a talent for proper event planning, then event planning could be the perfect business for you as a retiree.

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Whether it is birthdays, weddings or commercial events, as an event planner, you’ll need to develop good communication skill to relate with clients, suppliers, and every other party involved. Your attention to detail ensures that everything runs smoothly thereby giving your clients unforgettable experiences.

7. Teaching

With decades of life experience, it is a fact that you possess a wealth of knowledge and experience that can benefit the younger ones. Consider becoming a tutor to guiding students through their academic pursuits and adventures.

You can work with students at various levels, from primary to tertiary education. Keep in mind that as you progress to higher levels of education, your tutoring skills may need to become more specialized. Sharing your knowledge and helping students succeed can be incredibly fulfilling.

8. Life Coach

Your life experiences and expertise can be a valuable asset as a life coach. If you are good in counseling, and lending a compassionate ear, consider pursuing a post-retirement calling as a life coach. Remember that life coaching is distinct from professional therapy or psychology, but you can still provide valuable guidance to individuals who seek support and direction. Check out these amazing 14 profitable business ideas For Africans living in the UK.

9. Business Ideas for Retirees: MC

If you are a good orator and have always had a passion for performing, there are avenues to showcase your talents and earn money. Consider becoming a professional master of ceremonies (MC). Your role will involve creating joyful and memorable experiences for people at various events by entertaining them with jokes and others. Enjoy the spotlight as you bring smiles to faces and add a touch of magic to special occasions.

10. Real Estate Investor/Landlord

The tenth on my list of profitable business ideas for retirees is Real Estate. Real estate business is widely recognized as one of the safest investments available. While market fluctuations may occur, historically real estate investments have consistently outperformed inflation.

If you have saved some good money, you should consider venturing into real estate investment and build houses for commercial purposes thereby becoming a landlord. This can provide you with a steady stream of income from tenants.

Are you in school and need to make some cool money for yourself, I have brainstormed for you, and have come up with best 13 business ideas for undergraduates who desire financial freedom.

11. Business Ideas for Retirees: Pet Sitting

Taking care of Pet ah home or in an organization, which is known as pet sitting is another one of the coolest business ideas for retirees. Imagine spending your days surrounded by adorable funny pet’s companions and getting paid for it.

If this idea excites you, then becoming a pet sitter might be the perfect opportunity for you as a retiree. Pet sitting can take various forms such as visiting pets a few times a day to ensure they are fed and cared for or even hosting them in your own home for extended periods while their owners are away.

12. Business Ideas for Retirees: Goods Trader

Are you skilled at negotiating? Then turn that skill into thriving businesses by buying and selling various goods such as antiques, clothing, paintings and various types of collectibles. By purchasing these items at discounted prices and reselling them at a profit, you can turn your hobby into a fully-fledged venture.

13. Restaurant Business

Are you good in cooking, then establishing a restaurant will be a good idea for you as a retiree? Age is not a barrier to starting food business, as shown by the successes of Ray Kroc and Harland Sanders. Regardless of your age when you begin, if you possess the necessary passion and skills, you have every opportunity to achieve success in no distant time.

As a cook, be committed to ensuring excellent treatment and satisfaction of your guests. While this can be a rewarding endeavor, it is important to note that it can also be quite demanding and exhausting. For women, here are 8 best business ideas for stay at home moms.

14. Newsletter Writer

In recent years, personal email newsletters have exploded in popularity. For instance, Substack, a startup model that allows you to build, distribute, and monetize newsletters, doubled its readership and its total number of newsletters after the COVID-19 pandemic.

The concept is pretty simple: You choose a topic that you’re interested in and think others might enjoy as well—maybe it’s bird watching or knitting—and you write a newsletter about it.

Generally, people distribute their newsletters for free for a couple of months, build up an audience, and switch to a subscription model with a monthly fee (typically anywhere from $5 to $25 or more). Platforms like Substack will claim a 10% slice of your revenue after you monetize.

15. Business Ideas for Retirees: YouTube Channel

Setting up a YouTube channel is another lucrative business idea for retirees, brands and small business owners now know that YouTube is one of the best ways to promote their new brand, services or products; as a result, YouTube channel owners now make good money from this.

If have a camera, or a good Smartphone, then making videos on any topic or niche is a great business idea for you as a retiree. All you have to do is brainstorm for types of videos to make, publish them on your YouTube channel, and share the links on all your social media platforms and Whatsapp groups. Here are top 14 most lucrative YouTube niche ideas to earn big.

In conclusion:

Engaging in a part-time or full time business can add balance to your retirement years. This time, you work when you want to, and have time to enjoy your golden years. These 14 business ideas for retirees listed above are good enough for you to kick-start this next phase of your life. Retirement doesn’t have to be boring. If you think you’re too old just remember Colonel Sanders, he was 65 when he first started his Kentucky Fried Chicken franchise! Take a look at these 7 top business ideas for disabled persons with good profits.

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