If you’re concerned about income in retirement, it might be time to consider boosting your finances by starting a business. “The prospect of working beyond 62 or 65 is quickly becoming a reality,” says Roy Cohen, New York-based career coach and author of “The Wall Street Professional’s Survival Guide.” “Assets have shrunk, which is of great concern to many retirees, and the ability to save enough to keep up with inflation is also a challenge.”
To stay safe and have flexibility, consider online business opportunities. You may be able to generate income through a retirement business without leaving your home. However, it is important to choose the right field and do some research before launching a retirement business. You will need to find an online business option that matches your interests and expertise.
Consider these retirement business ideas:
- Financial Advisor.
- Sell handicrafts online.
- Sell vintage items.
- Diet coach.
- Food business.
- Create books and courses.
If you’ve worked in a health or sports industry, you may have years of knowledge and experience with exercise programs. You can use your specialties to help other seniors improve their physical condition. “Seniors need trainers who understand the physical and mechanical limitations that are unavoidable in an elderly client,” Cohen says. “But they are reluctant to return to the gym even when they reopen.” You may be able to arrange Zoom consultations or meet online to lead a virtual workout.
To get started, make sure you have the right certifications to be a trainer. Then contact acquaintances who have expressed an interest in learning more about fitness or create a website to attract clients. You can also shoot senior workout videos and post them online to attract viewers and subscribers.
If your career was in the financial industry and you’re enthusiastic about sharing your knowledge, you could become an advisor to help others manage their money. To become a certified financial planner, you will need to pass the CFP exam. After that, you can start a financial business by creating a website and offering online consultations. Highlight your financial experience and knowledge, as well as how you can help potential clients. Also, line up what you’ll charge in fees and consider advertising online or locally to start a client list.
Sell crafts online
Rather than setting up a street stall or researching local fairs where you could sell your crafts, you can set up an online store and sell to customers anywhere. “We recently consulted with a retired financial adviser who makes a few thousand dollars a month making high-end wooden fishing tackle,” says Paul Burke, entrepreneur-in-residence at Sidekick Digital Media in Seattle. You can sell directly through sites like Etsy and Shopify.
If you have worked in a specific industry for several decades, you can share your knowledge of the field with others who are looking for mentors. “There are endless possibilities for turning a lifelong career into consulting,” says Doresa Ibrahim, earnings automation coach in Kernersville, NC. A retired teacher, for example, could help new teachers learn how to manage their classrooms, create effective lesson plans, and increase student success. You can reach out to the connections you’ve made in your industry over the years. Create a website and offer phone or video consultations to interested contacts.
Sell vintage items
If you’re downsizing and want to downsize some of your collectibles, consider putting them up for sale online. You can also browse nearby places to find properties that buyers might be interested in. Peony Lane Designs in Stacy, Minnesota. You can create an online store to start. Then consider creating a blog about vintage items, creating videos, or writing articles to help spread awareness of your business.
Online nutrition coach
If you’ve worked as a dietitian or in the nutrition industry, you might have a long list of healthy eating habits to share with others. You might be looking for seniors who have certain dietary needs due to health issues. Make sure you have the necessary certification to provide nutritional advice. Then consider offering online coaching sessions and personalized meal plans to seniors looking to improve their diet.
Start a Food Business
If you’ve worked as a chef or caterer or have experience preparing food, research businesses and residents in your area who could benefit from homemade meals or treats. Create a website that showcases your specialties and advertise locally to attract your first customers. Be sure to follow your local health codes and safety protocols when manufacturing and delivering food products.
Create books and courses
Think about the area you worked in and what you learned. Then write useful information for others in an e-book or develop a video course. For example, if you were a home appraiser, you could write a book or film a class that teaches others how they can become a successful appraiser. “When retirees incorporate their wisdom into informational products, they can connect with others and earn big money in the process,” says Brian Robben, CEO and founder of Robben Media in Cincinnati, Ohio. “You can charge anywhere from $47 to $997 or more for these materials, as long as you have the value.” Along the way, you’ll likely hear from people who appreciate help and advice.