Published: 09 Aug 2022
Updated: 07 Sep 2022
Category: Human Resources , Business Insights , Flexible Workspace

5 Business Ideas for Retired Professionals

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While the impact of the Great Resignation and the succeeding labour shortage was heavily felt during the pandemic, this trend started way before that. The economic crisis that followed only managed to exacerbate the problem. Two years later, the trends are shifting and we’re now experiencing the Great Unretirement.

According to this Fortune article, about two-thirds of workers who recently retired have decided to re-join the workforce. In another research by Indeed, the number of retirees going back to work has matched the pre-pandemic level. Experts cannot determine whether the hot job market or the fading Covid fears play a factor, although many workers find it appealing that they can pick where they want to go. 

The inflation rate could also be critical in retirees’ decision to go back to work. The higher cost of living means that living on fixed incomes would be insufficient, especially for retirees. Aside from looking for retirement jobs, those that have retired from the workforce are looking at other potential sources of income. This is when having an entrepreneurial mindset can serve you well. Retirement-friendly business ideas run the gamut. There are plenty of options available based on your skills, hobbies, or passion.

Whether you want to stay active while on retirement or you are looking for ways to supplement your income, it’s easy to get started with your business venture. Turn your experience and passion into an income source with these retirement-friendly business ideas.

The inflation rate could also be critical in retirees' decision to go back to work. The higher cost of living means that living on fixed incomes would be insufficient, especially for retirees. Aside from looking for retirement jobs, those that have retired from the workforce are looking at other potential sources of income. This is when having an entrepreneurial mindset can serve you well. Retirement-friendly business ideas run the gamut. There are plenty of options available based on your skills, hobbies, or passion.

5 Business Ideas or Jobs for Retirees


1. Coaching/Consulting

Even if you’re retired from the workforce, it doesn’t mean your knowledge and skills need to be buried. Instead, sharing professional skills and experience can be a promising business, namely consulting or coaching.
 
There are limitless opportunities for a coaching business, depending on your expertise or skills. For instance, you can offer management consulting, human resource consulting, or IT consulting – the options are endless. 

The main advantage of coaching and consulting businesses for retirees is you don’t need huge capital to set up your business. With a computer and internet connection, you are ready to offer consulting services to clients. You can offer your services to individuals or companies. 

2. Financial Advisor

If you are a financial expert who needs a strong incentive to keep you on track after retirement, whilst flexibility of work is also what you are looking for.  Consider working as a financial advisor, utilise your knowledge and experience to provide the best investment suggestions to clients. It is similar to the consulting business. 

As a financial advisor, your responsibility is to manage the investments and assets for your clients, and they may offer you a performance-based bonus in return, the better result you have, the higher incentive you can earn. This is a very purposeful career, and most importantly, you can work on your own terms and deal with your clients, which provides a great extent of flexibility to run your business and own your schedule. 

3. Content Writing/Blogging

If you have a flare for writing, being a content writer or blogger after retirement could be a wise choice, even if that is not your profession. From digital to print, the demand for writing and content creation is increasing.  There are plenty of job opportunities or business ideas that you can explore, choose the right opportunities and work on topics that you are familiar with. 

To start with, you may want to set up a blog where you write about a specific niche or range of topics. You can make money by collaborating with brands or featuring ads on your website. You can also join affiliate marketing programs wherein you can earn commissions for every sale of products referred on your website.

Another option is to provide freelance writing services. You can browse job markets online for writing jobs. Or you can go the traditional publishing route by writing and publishing a book. 

4. E-Commerce

The e-commerce business is potentially lucrative and in terms of self-satisfaction, being an entrepreneur of your own business is incredible. Before setting up your online store, there are several ideas you can explore when setting up your e-commerce shop. You can handle and run this business from your home if you have an internet connection and products to sell.

The first thing you must do is select an e-commerce platform and create an account. Amazon, eBay, and Etsy are just a few of the e-commerce platforms you can use to set up your online shop. Once you have an account, you can decide on which products to sell and how to market them.

The dropshipping business model is a fantastic choice for retirees because you don’t need to keep inventories. You can look for a dropshipping supplier to take care of the orders and ship products to your customers. It’s a great business model for anyone without capital and without the hassle of maintaining an inventory.

5. Turning a Hobby into a Business

Do you have a dream that you wanted to pursue as a business but never had the chance to? Now is the time to get started on that! It’s never too late to turn that hobby into a money-making venture. 

Whether you enjoy gardening, baking, or photography, your retirement period is a good time to hone your craft and turn it into a business. For a bakery lover, you can bake pastries and sell them in an online business or in your local area while offering photography services or holding a photography course are ideal options for a photographic die-hard fan. It is not a must to offer tangible products, sharing unique skills or experiences can be another
form of business. Either way, it is rewarding if you are pursuing something you love and it would be more ideal if it is profitable.

Start Your Business in a Flexible Office Space

Starting a business at home is the ideal setup since you won’t have to cover the overhead expenses of a traditional business, such as an office space to lease and the setup of IT infrastructure. However, some businesses will require that you have access to a more reliable suite of technological and IT tools.

For example, if you have a consulting business, you want to make sure that you have a reliable Internet and IT infrastructure to provide seamless online consultations with your clients. It is also advantageous that you have a dedicated workspace so that you can focus on providing services to your clients. This can be challenging to do at home because of the noise in your household or a lack of dedicated office space. 

There is also an added benefit to using agile working space if you want to scale your business. You can rent as much space and IT infrastructure as you need, depending on how many employees you have and your business requirements. Most flexible office spaces have flexible package options so you will only pay for the space and tools you use. At the same time, it is easy to downsize or scale the office space according to your changing business needs.

If you’re lucky, you could even find a location near you that makes it convenient to attend to your business. It gives you control over your schedule and finances while making sure that you can maintain your profit margin. 

Final Thoughts

If you’ve contemplated unretirement, there are several options available as far as jobs for retirees and business ideas are concerned. It’s a great way to use your knowledge and experience in the workforce, as well as your passion and hobby, to generate income. With the current state of the global economy, the additional source of income will give you the reassurance that you can live comfortably. 
 

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