What business can I start after retirement at 60 (Retirement Business Ideas)

elderly-business-retirement-business

Starting a business can be an excellent way for seniors to stay engaged and supplement their income. With the right idea and approach, starting a profitable business with low overhead costs is possible. 

 

However, it’s important to remember that starting a business can be challenging, and it’s crucial to approach it with a clear plan and realistic expectations.

 

In this article, we’ll explore some of the best business ideas for seniors and provide tips on how to get started.

 

 

Facts / Data / Statistics: 

According to a report by the Small Business Administration (SBA), people over 50 are twice as likely to start a successful business as people under 30. 

 

Seniors make up a significant portion of the entrepreneurial workforce in the US and the UK. As a result, many seniors are choosing to start their businesses to stay active, engaged, and supplement their income in retirement.

 

As people reach retirement age, they may have more free time on their hands than they’re used to. Some seniors choose to travel or take up hobbies, but others may want to start a business. 

 

Service-based businesses are often an excellent choice for seniors, as they can be operated from home and require little to no startup costs. 

 

 

Here are some service-based business ideas that elderly individuals can start:

 

 

Table of Contents

1. Home Staging

Home staging involves preparing a home for sale by making it look its best. Seniors with an eye for interior design could start a home staging business.

 

Home staging is where you prepare a home for sale by making it more visually appealing to potential buyers. This includes decluttering, rearranging furniture, and adding decor to make the house look more inviting. 

 

As a retiree, you may have a knack for interior design and a keen eye for detail, making this a great business option.

 

Here are five platforms to help you get started with your home staging business:

1. Houzz – https://www.houzz.com/professionals/home-stagers

2. Redfin – https://www.redfin.com/resources/home-staging-guide

3. HomeAdvisor – https://www.homeadvisor.com/cost/staging-a-home/

4. StagedHomes – https://stagedhomes.com/

5. Realtor.com – https://www.realtor.com/advice/home-improvement/home-staging-checklist/

 

 

 

2. Online Writing and Editing

Seniors with a way with words could start an online writing and editing business. They could offer services like writing articles, editing documents, or proofreading.

 

Starting an online writing and editing business can be an excellent opportunity for retired individuals who enjoy writing and have strong language and grammar skills. 

 

You can offer various services, such as writing blog posts, creating website content, editing and proofreading, and more.

 

Here are five platforms in the US and UK that can help you get started with your online writing and editing business:

 

1. Upwork (https://www.upwork.com/)

2. Freelancer (https://www.freelancer.com/)

3. Fiverr (https://www.fiverr.com/)

4. PeoplePerHour (https://www.peopleperhour.com/)

5. Guru (https://www.guru.com/)

 

 

 

3. Consulting

If you have expertise in a particular field, you can offer consulting services to businesses or individuals. Consulting can be done part-time or full-time, allowing you to work from home or in a remote location.

 

Starting a consulting business after retirement can significantly utilize your expertise and knowledge to help others. 

 

As a retiree, you have years of experience and insights that can be valuable to businesses and individuals. Consulting can range from advising business strategy to offering personal coaching and training.

 

Here are five platforms in the US and UK that can help you find consulting work as a retiree:

1. Upwork (https://www.upwork.com/)

2. Freelancer (https://www.freelancer.com/)

3. Guru (https://www.guru.com/)

4. PeoplePerHour (https://www.peopleperhour.com/)

5. Catalant (https://gocatalant.com/)

 

 

 

4. Freelance Proofreading

As a retiree with a sharp eye for detail, you may want to consider freelancing as a proofreader. Freelance proofreading is an excellent option for individuals who have a passion for language and a keen ability to spot errors.

 

Many businesses and individuals require their written materials to be error-free, and they are willing to pay for proofreading services. As a freelance proofreader, you can work from home and set your schedule according to your preferences.

 

In addition, you can proofread various types of content, such as academic papers, business reports, website content, and more, for clients across different industries. Freelance proofreading can be a flexible and fulfilling business idea for retirees looking to use their language skills to earn income.

 

 

Here are five platforms in the US and UK that can help you find Freelancing work as a retiree:

1. Upwork – https://www.upwork.com/

2. Freelancer – https://www.freelancer.com/

3. Fiverr – https://www.fiverr.com/

4. Guru – https://www.guru.com/

5. WriterAccess – https://www.writeraccess.com/

 

 

 

 

5. Online tutoring

Starting an online tutoring business is a great option for retired individuals who have expertise in a particular subject area and enjoy helping others learn. 

 

With the convenience of technology, you can connect with students worldwide and offer one-on-one or group tutoring sessions. In addition, this business allows you to set your schedule and work from the comfort of your home.

 

You can create a website or use a platform such as TutorMe, Chegg, or Wyzant to advertise your services and connecting with students. You can also consider offering services through online marketplaces such as Fiverr or Upwork. 

 

With the growing demand for online education and remote learning, this can be a lucrative business for retired individuals passionate about teaching.

 

Here are platforms in the US and UK that can help you find 5 online tutoring work as a retiree:

1. Wyzant: https://www.wyzant.com/

2. TutorMe: https://tutorme.com/

3. Chegg Tutors: https://www.chegg.com/tutors/

4. Preply: https://preply.com/

5. Skooli: https://www.skooli.com/

 

 

 

6. Bed and Breakfast

Starting a bed and breakfast business after retirement is an excellent way for elderly individuals to share their homes and provide a unique experience for travelers. 

 

This type of business requires a spare room or guesthouse and a willingness to prepare breakfast and provide hospitality to guests. 

 

It’s a good idea to research the requirements and regulations for running a bed and breakfast in your area and obtaining any necessary licenses and permits.

 

Running a bed and breakfast can also allow retirees to socialize and meet new people. A warm and welcoming atmosphere can make guests feel at home and potentially create lasting friendships. 

 

A bed and breakfast can also be profitable if marketed and managed correctly. With the rise of online booking platforms, reaching a wider audience and attracting more guests to your bed and breakfast is easier than ever.

 

 

Here are platforms in the US and UK that can help you find clients for Bed and Breakfast services in both the US and the UK:

1. Airbnb – https://www.airbnb.com/

2. BedandBreakfast.com – https://www.bedandbreakfast.com/

3. Booking.com – https://www.booking.com/

4. Expedia – https://www.expedia.com/

5. TripAdvisor – https://www.tripadvisor.com/

elderly-business-retirement-business

7. Jewelry Selling

Starting a jewelry-selling business can be an excellent option for retirees passionate about fashion and jewelry. With the rise of online platforms, creating your online store to sell your jewelry creations is easier than ever. 

 

You can create unique designs or source vintage pieces to sell to customers. Additionally, you can offer customization options, such as personalized engravings, to attract more customers.

 

A solid online presence is essential to start a successful jewelry-selling business. You can use social media platforms like Instagram and Facebook to showcase your products and connect with potential customers. 

 

You can also use e-commerce platforms like Etsy and Shopify to set up your online store and manage your sales. With the proper marketing and branding strategies, you can build a loyal customer base and turn your passion for jewelry into a profitable business.

 

 

Here are platforms in the US and UK that can help you find clients for Jewelry selling in both the US and the UK:

1. Etsy – https://www.etsy.com/

2. Amazon Handmade – https://www.amazon.com/handmade/

3. Folksy – https://folksy.com/

4. ArtFire – https://www.artfire.com/

5. Handmade Artists’ Shop – https://handmadeartists.com/

 

 

8. Antique or vintage sales

Starting an antique or vintage sales business after retirement can be an excellent way for seniors to use their experience and passion for collecting unique items. 

 

They can sell their collections or source items from other sellers to sell online or in a physical store. This business can also be started from home, with online marketplaces like Etsy or eBay as a platform to sell the items.

 

Seniors can use their knowledge of antiques and vintage items to provide a personalized shopping experience to their customers. They can also attend antique shows or flea markets to source unique items and build relationships with other collectors and sellers. 

 

This can be a fulfilling and enjoyable business venture for retirees who want to stay active and engaged in their hobbies while making a profit.

 

Here are five platforms for selling antique or vintage items in the US and UK:

1. Etsy – https://www.etsy.com/

2. Ruby Lane – https://www.rubylane.com/

3. Chairish – https://www.chairish.com/

4. The Hoarde – https://www.thehoarde.com/

5. Vinterior – https://www.vinterior.co/

 

 

9. Realtor 

Starting a real estate agent career after retirement is an excellent option for those who enjoy interacting with people and have a passion for real estate. 

 

As a real estate agent, you can help people buy or sell homes, earn commissions on successful sales, and work flexible hours that suit your lifestyle. 

 

While obtaining a real estate license may require some effort, it can be a rewarding and profitable career choice for retirees looking to stay active and engaged in their community. 

 

Additionally, as an older and experienced individual, you may have a unique perspective and skills that can be valuable in the real estate industry.

 

Here are five websites for real estate agents to find work in the US and UK:

1. Zillow Premier Agent (US): https://www.zillow.com/agent-resources/

2. Realtor.com (US): https://www.realtor.com/realtors

3. Rightmove (UK): https://www.rightmove.co.uk/estate-agents.html

4. Zoopla (UK): https://www.zoopla.co.uk/find-agents/

5. OnTheMarket (UK): https://www.onthemarket.com/content/find-an-agent/

 

10. Online Shop / E-commerce

Starting an e-commerce business is an excellent option for retirees who want to work from home and are passionate about entrepreneurship. 

 

With the rise of online shopping, there is a massive demand for online businesses, and it is a great way to reach a broader customer base. 

 

As a retiree, you can start an e-commerce business that caters to your interests and hobbies. The possibilities are endless, whether selling handmade crafts or vintage items or creating an online store for a niche market. 

 

With the right tools and resources, you can create a successful e-commerce business that provides you with financial stability and fulfillment in your retirement years.

 

 

Here are 5 popular e-commerce platforms that you can use to start your online business in the US and UK:

1. Shopify: https://www.shopify.com/

2. WooCommerce: https://woocommerce.com/

3. BigCommerce: https://www.bigcommerce.com/

4. Magento: https://magento.com/

5. Volusion: https://www.volusion.com/

 

 

 

11. Senior companion service

As a senior companion service, you can provide valuable support to elderly individuals living alone or feeling isolated. You can offer a listening ear, a friendly conversation, and assistance with daily tasks such as grocery shopping, meal preparation, and transportation to appointments or social events. 

 

By providing companionship and support, you can help improve the quality of life for seniors in your community while also creating a fulfilling business opportunity for yourself. 

 

With the aging population in the US and UK, there is a growing need for senior companion services, making it a potentially lucrative business venture. 

 

By advertising your services through community centers, senior centers, and online platforms, you can connect with potential clients and establish yourself as a reliable and compassionate companion.

 

Here are five websites that can help you start your senior companion service business in the US and UK:

 

12. Home-based baking or cooking

Starting a home-based baking or cooking business is a great option for retired individuals who love cooking and baking. It allows you to turn your passion into a profitable venture and have more control over your schedule. 

 

Plus, you can share your homemade goodies with others and bring joy to their lives while making extra income. 

 

With some planning and effort, you can start a successful home-based business and fully enjoy your retirement years.

 

Here are five websites that can help you start your home-based baking or cooking business in the US and UK:

  • Cottage Food Laws: https://www.cottagefoodlaws.com/
  • The Food Standards Agency: https://www.food.gov.uk/business-guidance/starting-a-food-business
  • Cookpad: https://cookpad.com/uk
  • Home Cook Hero: https://homecookhero.com/
  • Home Baking Association https://www.homebaking.org/ 
  • Baking Calculator https://www.bakecalc.com/

Pros & Cons

Here are some potential pros and cons for elderly individuals starting a business:

 

Pros:

 

1. Independence: 

Starting a business can provide a sense of independence and control over one’s life.

 

2. Passion: 

Many people start a business because they are passionate about their product or service.

 

3. Financial security: 

A successful business can provide financial security for the owner and their family.

 

4. Socialization: 

Starting a business can provide opportunities to socialize with other business owners, customers, and employees.

 

5. Opportunity for growth: 

A business can provide opportunities for personal and professional development.

 

 

Cons:

 

1. Risk: 

Starting a business involves a certain degree of risk, including financial risk.

 

 

2. Stress: 

 Running a business can be stressful and demanding, which may only suit some, especially those with health issues.

 

 

3. Ageism: 

Older individuals may face age discrimination in the workplace or when seeking business funding.

 

4. Financial investment: 

Starting a business requires a significant financial investment, which can be difficult for some elderly individuals.

 

5. Time commitment: 

Starting a business requires significant time and effort, which may be difficult for some elderly individuals to manage.

 

It’s important for elderly individuals to carefully consider their personal circumstances, health, financial situation, and support system before starting a business.

Conclusion

Starting a business after retirement can be a fulfilling and rewarding endeavor. It allows one to pursue a passion or interest while generating additional income. 
 
In addition, the benefits of starting a business after retirement include increased social engagement, mental stimulation, and the ability to contribute to the community.
 
However, it is essential to approach this endeavor with a clear plan and realistic expectations. 
 
Starting a business requires significant time, effort, and financial investment, and success is not guaranteed. 
 
Therefore, conducting thorough research, developing a solid business plan, and seeking advice from professionals in the field are crucial.

Want to Save Time in your Business Launch?

  • How to Create a Business Plan
  • What is Market Research, USP, Niche & Positioning
  • How to find a suitable name for your business
  • How to create your brand image (Logo + Branding)
  • How to Register Your Business
  • How to Register for Taxes
  • How to get Licenses / Permits
  • How to Open a Business Bank Account
  • How to Get Business Insurance
  • Which Payment Processing Terminal (POS) to buy
  • How to get Funds for your Business
  • How to do Sales & Marketing – Offline & Online
  • Why have a Website / Blog / Social Media
  • How to build & train your Dream Team
  • How to provide Excellent Customer Service
  • Buying an Old Business Vs Franchisee Vs Own Brand from Scratch
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