The area of business you choose to go into is really down to you. Maybe you’d like to run your own B&B, or perhaps freelance in the field you have previously worked in?
However, with so much choice out there it can be daunting knowing where to start. That’s why we’ve put together some tips to help you find your new business venture.
How to decide which area to go into:
Make sure you enjoy it
What are you passionate about?
You are more likely to succeed in an industry that you’re passionate about because you will enjoy learning and pushing yourself – plus, it will all feel like a buzz rather than a chore.
Of course, experience in the field you want to venture into would be beneficial, but it’s not essential. Don’t be put off if you want to start something new and different to the areas you have previously worked in.
If you have a personal interest in something, you can always become an expert, or hire someone who is. However, if you are an expert in something you have no interest in, then chances are you won’t push yourself as hard because you just won’t have that internal drive or passion.
If your previous line of work was something you were passionate about, then that’s great. Why not use your skills and expertise to make it on your own and go freelance, or start a consultancy business instead?
Find a gap in the market
Try not to think about something that already exists. Rather, think about what you could create that’s better.
A good starting point is to consider everyday life and any struggles or problems you face (big or small) that you could find a solution for. If you can offer a solution to people’s problems, you’ve found yourself a gap in the business market!
We succeeded because we didn’t just create another “me too” airline
Try brainstorming around the following ideas;
- Things you like
- Things you’re good at
- Experience you have
- Your weakness and dislikes (it’s just as important to know what areas you don’t what to go into)
- Limiting factors (health, money, commitments)
- Problems you face and any solutions you can think of
- What type of lifestyle do you want?
20 Startup Business Ideas for the retired entrepreneur
If you’ve got an interest in antiques and an eye for a bargain, then why not earn some extra money while enjoying your retirement business?
You can spend time looking round markets and fairs for antiques to sell on and potentially make a profit. This may be a good business if you don’t need a large, regular income, but want to do something you enjoy.
Being a babysitter or nanny potentially pays quite well if you have the right experience and qualifications. Being a bit older, you will bring a wealth of experience – and could even offer tutoring service to pass on your knowledge. In return, you will be kept youthful and active.
Beauty / Wellbeing
If you have worked in a salon before as a hairdresser or stylist then this could be a good business for you to start. Plus, it’s an industry with fairly low startup fees as you could work from home or do home visits.
Other business ideas for beauty and wellbeing include makeup, massages and manicures.
You’re more than likely in the stage of your life where your children have flown the nest, so why not make use of the space and rent a room out? You could offer the room for holiday stays and even offer guided tours of the area.
Alternatively, if you have the extra funds or take out a buy-to-let equity release plan on your current home, then how about consider buying a second property to rent out for holiday stays or on a permanent basis?
If your previous roles have been in accountancy, then starting your own bookkeeping company or accountancy firm would be a perfect fit.
If you were previously a management accountant with relevant qualifications, you could be a consultant to help other firms with their financial plan thanks to your wealth of experience. Or, why not investigate becoming a self-employed financial adviser?
A cleaning services business is a relatively easy service to offer and requires little-to-no training. It also allows you to work around your lifestyle by doing day shifts to clean houses or evenings to focus on shops or offices. You may need to get some cleaning products or could offer a reduced fee if the client supplies them.
If your previous work life was a little stressful, why not slow things down a little and start a business that is a little more relaxed? Dog walking potentially offers a calmer environment that’s good for your wellbeing while simultaneously helping fund your retirement.
Event / Wedding Planner
The beauty with an events company is that you can do a lot of the work from the comfort of your own home. Again, if you have previous experience in the industry, then the contacts you will have made through your working life will be a huge asset and priceless when starting your own company.
For those who have an artistic flair and an eye for flower arranging, floristry could be for you. You could open your own shop or flower stall, or even look at purchasing an existing florist to take over. It might just be a hobby right now, but why not take it further?
Freelance (Writer / Blogger / Graphic Designer / Web Developer etc)
Being a freelancer would allow you flexibility with where you work and for how long. This could be important if you have other commitments, such as caring for a spouse or looking after the grandkids. If you have skills from your previous line of work, then why not contemplate going freelance?
Gardener / Landscaper
You may discover that this line of work is seasonal, so bear in mind your cash flow. You will also need to consider any health conditions that may prevent you from taking on such labouring tasks.
If you have a hobby, why not make some money at the same time? You could sell baked goods or handmade crafts, or even look into making and selling handmade jewellery. Online marketplaces or fairs are a good platform for selling your goods.
House and pet sitting
When people go on holiday they might need someone to look after their house or pets, so this could be the perfect business to start in retirement as you have the time during the day to be around.
In general, you can start a house-sitting business with very little startup costs. Ask friends and family first, work off word-of-mouth, create some business cards and build up a portfolio of reviews to gain customer loyalty and trust.
There’s flexibility to do a lot of work from home, like researching ideas and planning, etc. It’s not essential that you have a qualification, but one may help.
However, if you have a natural eye for creating gorgeous or practical spaces that bring to life the client’s vision, then nothing’s stopping you.
Marketing has the potential to open up a lot of different business models. You could start an agency, or become an influencer and get paid to promote products or services to your online network. There’s also opportunity to work freelance and offer content writing services for SEO.
Marketing does involve a certain level of background knowledge. However, if you’re willing to invest in training, there are plenty of online courses to get you up to scratch.
It’s so important to keep fit whatever age you are. However, once you’re in retirement, not only could you empower others by becoming a personal trainer, but you’ll also be doing yourself a favour!
If you have been in this industry previously then you’ll have a whole network of contacts at your fingertips to help you make that start.
Another example of taking a hobby further is through starting a photography business. If you love to take snaps, then why not look to take a course so you could start a photography business?
Teaching / Tutoring / Music lessons
You’ve got a lifetime of experience and a wealth of knowledge, so why not pass it on and teach others? Retirement means you’re older and wiser, not only in the areas you want to teach, but also when it comes to understanding others and teaching n a way that works for each student.
You may find you have more patience nowadays too. This is bound to come in handy when you’re teaching music and listening to the 100th attempt of Beethoven’s Ode to Joy on the trumpet.
If you live in an urban area, training as a taxi driver could be a great way for you to start earning some money and starting your own business, relatively easily. Becoming an Uber driver will allow you to create your own schedule as well as meet new people every day.
If you’ve spent a lifetime in a field and are fairly well-known within the industry, maybe being a professional speaker is for you. There are plenty of opportunities to become a motivational speaker and share your experiences, hurdles, successes, or inspire and inform people.
The future is out there
Once you’ve discovered the ideal gap in the market, read our guide: 5 Steps to Success: Retirement and Your Startup Business Plan. It’s perfect for walking you through the process when it comes to starting your own business, including funding options and what to include in your business plan./start/business/5-steps-to-success-your-startup-business-plan