Once you retire, you have all the time in the world. For a busy professional, it usually comes as a shock when there is suddenly no daily agenda with a structured apportioning of each hour and minute for various tasks. Some people even suffer from the so-called “retirement blues”, feeling left without a purpose and unable to organize their time in the absence of work.
If you are an active and energetic person who does not feel like stopping professional activities after retirement, then the best solution is to open a home-based business. It will keep you engaged with various tasks and bring you extra income apart from your retirement money, so it is a win-win situation from all points of view.
Therefore, we have decided to compile a few home-based business ideas adapted for retired and senior persons who feel that their golden ages have more to offer than simply playing chess and going to Florida. Here they are:
1. Mastermind Group Leader
A mastermind group is formed of a panel of experienced professionals who advise a group of young entrepreneurs in solving various daily problems which they cannot overcome on their own. The panel of professionals is usually a group of retired businesspeople or skilled professionals, assembled by the group manager – another retired specialist who puts his network of business acquaintances to great use.
Online mastermind group sessions have become more and more popular instead of one-on-one business coaching because the attendance fees are more affordable and – as the saying goes – several minds can come up with better solutions than just one.
2. Consultant/Advisor
If your line of business revolved around management, liberal or specialized professions or counseling, there is no reason why you should not continue to use your vast experience and earn a good income as a freelance consultant. In a world where expert advice is more valuable than ever, your age is not detrimental to your business endeavors, but a valuable asset, because it is accompanied by a long hands-on experience and your own native skills.
3. Homework Supervisor
If you have the special kind of patience and understanding needed to work with children, then you should know that there are a lot of parents who do not afford after-school fees, but would hire an online tutor to supervise their children while doing their homework.
It is not guaranteed to be completely stress-free, but if you are by nature (and as a result of your job) a cool-minded and patient person, the rewards from working with children are also great.
4. Drop Shipping
There is nothing complicated about starting a drop shipping business. You need to be patient to search for the kind of products which are in demand and identify overseas manufacturers and distributors who offer them at great prices. You will never have to buy the products yourself or bear the risk while they are in transit and you get a fee for every successful sale.
5. Advice Blog/Podcast
Older people are known to have more wisdom, life experience and practical skills which the younger generation could benefit from. Whether you start an agony aunt blog, or a how-to video podcast teaching people useful home-improvement tips and tricks, you have great opportunities to monetize this type of advice blog, either through affiliate marketing, launching an eBook for sale, or charging for podcast subscription.
Whatever business idea you wish to embrace, make sure that you do not tie up your retirement fund in it, and create a good exit strategy for the moment when you feel that it is too much work and too exhausting, or when you get a good offer to sell your business idea.