For some people, retirement doesn’t mean they’re ready to relax. Increasingly, seniors are eager to move into their golden years with the same enthusiasm for life they’ve always had. For some, that means they stay physically active, investing their time in activities such as hiking, riding bikes, or dancing. For others, developing retirement business ideas may fulfill a lifelong dream.
If becoming an entrepreneur appeals to you, there are some facts you should know about this exciting path. Here’s a look at how you can get started and some retirement business ideas.
Should You Take the Plunge?
The first, the most important question to ask yourself is if this is the right choice for you. No one can guarantee success or failure in business, so you must consider the experience. Are you someone who thrives when you have a challenge to tackle? Or do you prefer spending your time exploring, playing, and relaxing?
If you want to start a business because you’re uncomfortable with your newfound free time in retirement, it’s worth spending some time considering that. Taking on this new challenge may be just the excitement you’re looking for in your golden years. But if it doesn’t energize you, it may be better to focus on something that’s more aligned with what you want in your life.
Pros and Cons of Starting Your Own Business
If starting a business is the right path for you, then it’s important to know what you’re getting into. Here are some of the pros and cons to think about when considering your retirement business ideas.
Pros for Retirement Businesses
- Every business owner hopes that their venture will bring in some income. If you already have income from investments or a pension, even a small return will add to your bottom line. It’s possible to make a profit quickly with some businesses.
- The work that’s needed to establish and run a business will help keep you active and cognitively agile. Mentally challenging tasks have been shown to help stave off dementia.
- If it’s been a lifelong dream of yours to be your own boss, this is the time to go for it! With decades of work experience under your belt, you have the work ethic to do what it takes to succeed.
Cons for Retirement Businesses
- Starting and running a business takes time. It may crowd out the typical retirement lifestyle, making it difficult for you to take trips or pursue hobbies.
- It may also take years for you to see success from your retirement business ideas. However, if the thought of working hard without making money doesn’t bother you and you can make ends meet in the meantime, this may not be a problem, as long as you don’t have to drain your retirement savings to keep your business going.
Retirement Business Ideas: What Kind of Business Is Right for You?
The key to enjoying your work is picking a business that fits your skill set and personality. Here are just a few retirement business ideas that typically fit with retirees’ skill sets.
Project-based consultant
Use your skills and experience to tackle projects you’re familiar with from your working days. Some of the fields that commonly use consultants include marketing, advertising, career counseling, project management, public relations, and tax consulting.
Franchisee
If you have the means to invest in a franchise, you’re able to take part in an established brand. You don’t have to reinvent the wheel, just implement the system that’s already in place.
Patient advocate
If you’ve ever struggled to navigate the healthcare system, you know how frustrating it can be. People who have worked in health care are uniquely equipped to provide advocacy services for patients who are struggling with medical problems or billing issues.
Event planning
There are a wide variety of events you can help plan, including corporate meetings, retreats, parties, charity fundraisers, and weddings. All events need someone to take care of the details to make them run smoothly. Planners work with clients to come up with a vision for the event, then assemble all the details to ensure the day goes perfectly. You would manage the concept, budget, vendors, venue, logistics, promotion, day-of-event details, and post-event evaluation.
Steps to Get Started on Your Retirement Business Ideas
If you’re excited to get going, here are some steps to start you on your journey.
1. Research
Gather info on comparable products and services, your target market, and how strong the demand is. Having a good understanding of what similar businesses are doing will help you plan your approach.
2. Establish your goals
What do you hope to get out of your business? Is your primary goal making income, or are you more interested in the challenge? Do you want to focus on investing in growth or keep your business smaller and more easily managed?
3. Calculate your costs
Depending on what type of business you choose, you may not need much seed money to get started. On the other hand, you may need a chunk of change to get up and running. Figure out what you need to get your venture off the ground. You must protect your retirement income to ensure you have the funds you need for the future.
4. Develop a business plan
Outline exactly how your business will function. Include the potential market, advertising strategies, price or fee structure, anticipated expenditures, and the steps you’ll take to get started. It’s important to have a detailed business plan if you’re going to look for investors, but even if you don’t need funds from others, having a well-developed business plan is a good idea. It will help you spot potential problems and prepare for success.
Can I Start My Own Business While I Live in a 55+ Community?
Absolutely! It’s a misconception that everyone who lives in a 55+ community is a retiree who is more interested in recreation than the business world. The goal of these communities is to make seniors’ lives easier by providing services and structures that meet their needs. Today’s seniors are active and involved in many things. Many people still work, and for some of them, running their own business is exactly what they want to be doing during retirement.
55places Can Help You Find a Home You’ll Love
Whether you’re ready to dive into entrepreneurship or not, 55places was established to help seniors find a 55+ community that’s a perfect fit for them. For more information about what we have to offer, contact us today!
