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This story originally appeared on NewRetirement.
Some people dream of the day when they can do absolutely nothing. For them, retirement is a euphoric future where they sleep, lounge in the sun, and think as little as possible for the next 30 years of their lives. (Others have come up with business ideas for retirement.)
In fact, a life without activity and thought would drive us absolutely crazy for most of us! Sure, a few days of relaxation are great, but after that it's time to tackle something, learn and grow from it, and then make the devil of it!
Responding to our passions and setting future goals can really do great things for a person – their mind, body, and soul. If you agree with this statement, the next question is, "Have you considered starting a business after you retire?"
Retirement business ideas for those over 50 don't have to be blockbusters. It doesn't have to be big. It doesn't have to be impressive. It just needs to fill the void that has likely been inside you for many years – yes, even while working that supposedly fabulous full-time job.
Starting a business after retirement is probably the one for you if you've always longed for it …
- Be your own boss.
- Do what you love all day.
- Help others directly.
- Learn something completely new.
- Build a huge business out of absolutely nothing.
If you are finally looking to get on with your dreams and love the idea of getting your retirement up for a specific purpose (instead of being a snail like some of your friends) then I suggest that you seriously consider the following 12 small business ideas over 50s.
1. Do what you love!
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Everyone has some interest in life, and no matter what it is, you can probably find a way to make money.
Do you …
- Build model trains? Could you hold children's birthday parties or workshops?
- Play tennis? What about lessons? Start a tournament?
- Watch TV? How about a blog that reviews favorite shows?
- Do you love baseball? Have you thought about organizing tours to games or stadiums?
- Reading and cooking? Perhaps you could set up a pop-up restaurant in your home based on a different book each month.
How to start: Start small by offering services to friends for a small fee. See where it takes you!
2. Be a financial advisor
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Have you ever met a "financial advisor" who was 22 years old and was supposed to teach you – a 50-year-old who has actually lived and seen the fluctuations in the market – how to retire in comfort?
Do you know who can really sell themselves as a financial advisor?
You – the seasoned veteran of life and money.
If you've done well financially, if you've already got your bachelor's degree, and if you enjoy helping people then this small business idea for over 50s is probably a bang for you.
How to start: How to become a Certified Financial Planner (CFP)
3. Business ideas for people over 50: Advice
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There are several advantages to being older – wisdom comes with age. One of the best business ideas for people over 50 is advice!
Are you an expert in your field? Could other companies benefit from your wisdom? There are plenty of advice options for more unique areas. Areas like home office design, organization and even color advice!
How to start: How to Build a Career as a Retired Consultant
4. Starting a business after retirement: marketing, accounting and administration
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If you have a business background with a background in administration, marketing, accounting, or finance and know how to organize a business, properly categorize expenses, and make payments, you can probably get this job done in your sleep – and have a lot of fun doing it for exciting new startups -Companies.
Better still, many of these activities can be done almost anytime, anywhere. That flexibility makes it one of the best business ideas for those over 50. According to Robert Half, the most sought after consulting areas are: finance / accounting, business systems, taxation, risk reduction and optimization.
And there is a great need for administrative, marketing and accounting services. This is the day and age of small businesses – mostly online businesses – but many entrepreneurs don't necessarily have experience running a business.
This is where you come in.
How to start:
10 tips for starting an accounting business
Become a marketing advisor
Make a living as a freelance administrative assistant
5. Landlords / Bed & Breakfast owners
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If you speak to a millionaire in the near future, chances are they may own (and rent) a property. Real estate is, quite simply, an excellent investment. It always has been and probably always will be.
Don't you consider yourself tenacious enough to deal with these inevitable tenants from hell? Then maybe there is one more B & B down your alley. Buy a home in a tourist area, serve a decent breakfast, and enjoy interacting with couples from all over the world!
Bed and breakfast isn't as passive as renting, of course, but if you enjoy interacting and serving others, this may be the fun business idea you've been looking for.
How to start: How to start a bed and breakfast
6. Buy a company
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Building a business from scratch is not an easy task. I'm sure you've heard the popular statistic that 4 out of 5 companies fail within the first five years. If you're not ready to struggle for years while getting your business off the ground, maybe you'd better just buy one that already has a few customers!
Of course, "buy a company" is as broad a statement as one can make, but as you read this list and think about what to do for your adding career, consider what may already be available to the company to take.
And if you have the financial resources to do so, this may be the more profitable move when you consider the potential for instant income!
How to start: Try the Harvard Business Review Guide to Buying a Small Business
7. Become a franchisee
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Of all the ideas for small business starting after 50, this one regularly attracts the most attention. It's reachable, understandable, and someone out there is ready to walk you through the process (as it is of course in your best interest to do so as a franchisor).
No, McDonald's isn't the only nasty franchise out there (cross it off your list if you don't already have one – they're not looking for new franchisees). There are dozens of other franchises with fantastic results (and not all restaurants are)!
Here is a short list of the top franchises out there right now:
- Dunkin donuts
- The UPS Store
- RE / MAX LLC
- Sonic Drive-In Restaurants
- Great clips
Is the thought of a franchise starting to pique your interest? Check out the link below!
How to start: Read the Small Business Administration Guide to Buying a Franchise
8. Become an angel investor
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You have worked hard on your career and done well. Congratulations!
You are not concerned with money, and in fact, you get more of it than you know how to do. None of the options above or below will really appeal to you, but you love the idea of helping someone get their passion mainstream, and they'll even pay you attractive royalties if they succeed!
Sound like fun to you? I can't understand why it isn't!
How to start: How do I become an angel investor?
9. Buy and sell
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Have you always had a knack for finding products that are well below the market price?
- You might find them on the clearance shelf.
- Maybe you can get it off the internet.
- Or it could be that you just love reading garage / home sales and finding your listings under layers of junk!
Whatever the case, if you are used to buying cheap, it is probably time to try your hand at buying and selling for a profit.
The concept is really simple (in fact, we've already covered it in the general intro) – find ways to buy super cheap products and then sell them through some medium where you can earn more (usually Amazon, Facebook, Craigslist, or eBay)).
Do you doubt this small business idea can actually make some money? Check out the link below. This option is real.
How to start: Read More About: 28 Year Old Makes Millions Shop At Walmart And Sell On Amazon Or Explore 7 Pillars Of Selling Online.
10. House painting, home repairs, and gardening
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There is just something calm and fulfilling about painting the interiors of houses. Maybe it's the calming brushstrokes, or maybe it's the sense of accomplishment and pride you get when the job is done. Whatever it is, it's oddly fun … AND you can make pretty good money on it too!
You might like the idea of working with your hands … but you'd rather be outside and soak up the sun – think of landscaping and gardening, as well as a retirement business idea.
Entering this market is as easy as it gets. All you need is a mower and a means of moving it from place to place. Call some neighbors, leave a few flyers with your introductory price on people's front doors, and wait for a few gigs to come in.
Do a good job and not only will you keep those lawns, but you'll likely get referrals when your clients talk to their friends about your great work (offer referral discounts, and they're even more likely to get the word out) .
I know a lot of people who have started careers as craftsmen. They loved talking about their work (and for whom – sometimes local celebrities), and it enabled them to pseudo-retire without ever touching their retired nest egg.
How to start:
House Painting 101: Getting Started as a Part-Time Painter
How to start a craft business
How to start a lawn care business
11. Life advisor / mentor
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If in the first few paragraphs of this article your eyes lit up at the thought of affecting someone's life and making a real difference in this world, then this is probably the small business option for you.
Today's world is interesting – especially for those early in their careers.
Young adults are often:
- Outspoken "executives" who, however, know little about the issues at hand
- Confident and happy, but shy, withdrawn and insecure inside
- Ready to do what it takes to be successful, but really without a clue what your definition of success is
In other words, young adults look amazing, sound amazing, but really have no idea about life in general.
They need your help.
You were there and did that. They climbed the ladder, networked, brought in the Atta boys and saw the dollars. Most of all, you now know what it all means.
Become a life coach to help others succeed – not just in the corporate world, but in all areas of life. And you know what? They will happily pay you for a life well lived.
How to start: Here's how to successfully start a coaching business
12. Direct Selling / Network Marketing
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Direct Selling and Network Marketing – You probably can't believe this made the list of business ideas for retirement, can you? For many of you, this type of business is an absolute joke, but you have to realize that some people make fantastic living here. It is possible.
You've heard of some of the top companies:
- Mary Kay
- Pampered cook
- … And of course a lot more.
If you like the idea of selling a product you love AND teaching someone else how to sell it, you actually have a chance to succeed with the network marketing model.
Most make no more than a hundred dollars a month, but some find a way to make hundreds of thousands each month. Obviously, if you believe you can excel and become the latter, the company is clearly worth your while.
How to start: How to Choose a Great Network Marketing Opportunity
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