Business ideas for retirees

Are you recently retired and looking for a new adventure? You could be earning some extra money with these business ideas for retirees.

According to the Organisation for Economic Co-operation and Development (OECD), the average retirement age is around 63 years for women and 64 years for men.

While retirement marks the end of a chapter in your life, it’s not to say that retirement is a chapter devoid of opportunities. With these business ideas, you can keep developing your skills and embarking on adventures.

With your years of experience, mature perspective, and wealth of knowledge you’re uniquely positioned to start a successful business that can provide personal fulfilment and connect you with the community around you.

See also: How to turn an idea into a business

Why should you start a business after retirement?

Starting a business after you’ve retired might seem like a strange idea, but there are many reasons why it can be a rewarding choice.

1. Financial benefits

Starting a business will provide you with you additional income, which can be a nice supplement to your retirement savings. Owning a business can also earn you enough money to look into new investment opportunities, and help secure your financial future. 

2. Personal fulfillment

Running a business can give you a sense of accomplishment and purpose, which can help you stay active and engaged with the community around you. It’s also an opportunity to turn lifelong hobbies or interests into a profitable business, and letting you spend your time doing things you truly enjoy.

3. Flexibility and control

Starting your own business allows you to set your own hours and work at a pace that suits your lifestyle. You can decide exactly when and how much you want to work. Depending on what you choose to do, you could work from the comfort of your home, from a cozy café or library or even work while traveling.

4. Social connections

Retiring can lead to more downtime. Running a business can help you meet new people and build a network of clients, partners, and fellow entrepreneurs. This can be a great way to stay socially connected and engaged with your local community.

Best business ideas for retirees

1. Antiques and collectibles dealing

If you have a passion for history, art, and unique items, you can consider selling antiques and collectibles.

You’ll get the excitement of hunting and discovering rare treasures, as well the satisfaction of sharing your expertise with others, and you’ll be earning a bit of money in the process. You can sell these antiques through a store or via an online platform.

2. Bingo business

Looking to combine fun, community engagement, and the potential for profit? Bingo is a game that attracts people of all ages, but it’s especially popular in the senior community.

Not only is this good for earning a bit of extra money, it’s also great for the community: You can set up a bingo business and create a space for people to interact with others and stay entertained.

3. Authoring and self-publishing

Authoring and self-publishing offers you a unique opportunity to share your knowledge, your story, and your creativity with the world. Whether you have an passion for storytelling, a deep well of professional expertise, or a hobby you’d like to see more people take up, putting your knowledge on paper can be very rewarding.

Once your book is ready, you can host a reading/signing at the local library or a café to drum up some extra interest.

4. Gardening and landscaping services

Do you have a green thumb and a passion for outdoor work? You can turn this into a profitable business. This business idea is a great opportunity to stay active, connect with nature, and engage with the community.

Growing vegetables at home or purchasing locally sourced vegetables is becoming increasingly popular, for example, which means you can sell seeds or offshots, help people with their vegetable patches, or sell produce grown from your own garden.

5. Floral arrangements

If you like flowers, but want a smaller project, how about selling floral arrangements? You can create bouquets and floral displays for special occasions like weddings, corporate events, birthday parties and other celebrations. You can sell the floral arrangements in a physical store or through a website.

6. Senior yoga class

Starting a senior yoga business is an excellent idea if you’re passionate about health, fitness, and physical well-being. You can help fellow seniors improve their physical health and mental wellbeing as a yoga instructor, either at home or by providing your services to a local gym.

First, you should set up a website or a phone number where people can book a class. Then you can promote your business on social media, hang up signs in your local area and run discount campaigns for new clients.

7. Genealogy organization services

Another business idea is genealogy research services, where you help people trace their family roots and build detailed family trees. This job entails diving into historical records and providing valuable insights into family histories. If you’re passionate about history and research, this idea might just be perfect for you!

8. Senior transportation services

If you have a driver’s license, you can provide safe and reliable transportation options tailored for seniors, which will help them get safely from A to B, discover new locations and get access to essential services.

You should look at cars that are easy to get into and make sure to cater to your fellow senior customers by offering bookings through phone, as well as online.

9. Custom sewing and alterations

If you have sewing skills, you can offer sewing and alteration services to local customers. This can include creating custom garments, adjusting existing clothing, sewing home décor items like curtains and cushions, or even offer specialized items for events.

You can even offer classes if there’s interest for sewing in your local community. This business idea gives you a creative outlet, a way to use your skills, as well as the potential to earn an income.

10. Crossword puzzle business

Crossword puzzles are a great past time, especially for seniors who enjoy the mental challenge and the slow-living aspect of this hobby. Your can create and sell custom puzzles, offer subscription services, or you can even develop an app.

There are plenty of retirees with a love for words, puzzles, and creativity that would love to sign up!

Start your business off on the right foot with free invoicing

Whether you want to start a gardening business or work with sewing, you need to invoice your clients to get paid for your work. You can make invoices for free with Conta.

This invoice program is senior-friendly, and you can create an invoice in a few easy steps, using your computer, tablet or phone.

Make invoices for free