A retiree’s reason might include boredom or financial
considerations. Rather than slowing down they will rather embark on a new
journey or career.
The most likely reason that compels them to start a new business
venture is curiosity.
Why
Work After Retirement
Working after retirement has many advantages and few
downsides. Some of the good reasons include work experience, time flexibility
and financial rewards. Others are learning new skills and aiding charity
through voluntary work.
It is a known fact that senior citizen experience better
job satisfaction then those in paid employment. The reason is because they can
choose their working hours and still have leisure timeout.
Tips for Retiree Wishing to Start a
Business
Why
Start a Business Venture
A retiree should consider why he wants to start a
business in his old age. Many retirees are very active and prefer working than
remaining unproductive. If after due consideration the entrepreneurs feel a
need for commerce then its time to start a business venture.
The first rule is
to have a business plan and give your idea careful consideration. The best
business ideas that have longevity are based on the passion of the individual.
Passion sustains a business venture more than money
considerations. A business built on passion, hard work and a deep knowledge of
the enterprise will succeed.
Evaluate
your Professional Skill
Do you have the perquisite skill, qualification and
knowledge of the business? Having a firm grasp of the business requirements is
an important criterion.
Let’s assume you worked in an accounting firm for 25
years as a senior accountant. Starting a small accounting firm will succeed
because you are already have adequate qualification including several years
working experience.
Time
Based Consideration
Although running a business is time consuming you need to
figure out a way to reduce time demand. Businesses that require constant
attention are bad choices for retirees. Some of such businesses are fast food
outfits, departmental stores, pubs, restaurants and shuttle bus services.
Learn
the Trade
Running a business is much different than earning monthly
wages. A business venture needs lots of financing to develop and grow.
Retirees have a limited resource such as personal
savings, pension, retirement gratuity, micro finance loans. A retiree before
investing his hard earned money needs to be adequately prepared.
The retiree should learn the trade especially good
accounting and business management. Businesses are capital intensive therefore
learning a trade reduces undue mistakes.
Initial
Financing
Financing is the most difficult part of starting a
business venture. The size of the operation and staff strength determines the
funding. The retiree should start a small and gradually expand his operation.
Sourcing funds through banks or core investors might be a
risky venture. The reason is because a failed business will lead to total
bankruptcy.
Consultancy
Jobs
Retired professional with specialized skills and high
qualifications are good consultants. Consultants earn huge payouts from
organizations eager to gain from their vast knowledge and experience.
The reason consultancy works for retirees is because the
senior citizen has loads of experience, training and connections.
The companies are eager to pay such professional for
problem solving solutions. Consultancy covers most aspects like construction
companies, educational institution, manufacturers, energy sector. Others include
software developers, litigation and banking and finance.
Consultants get lots of business and the good part is you
can work from home. All you need to get stated is a small office space,
computer, secretary and telephone.
To get more work as a consultant expand your network of professional contacts.
Another equally good method is advertisement in national daily or
recommendations.
You can signup as a freelance consultant online and get
work. Satisfied clients will recommend your service to other companies.
Another plus for consultancy work is little demand on
your time and retainer earnings.
Part
Time Jobs
Part time jobs are ideal for retirees but the pay is
rather small. Select jobs that have flexible schedule, low stress and patience.
You will find lots of jobs like houses sitting, Baby
Setting, Childcare services and designated driving.
Baby setting needs lots of patience and long boring
hours. While childcare might have a little stress, designated driving should be
a breeze.
More
part time jobs
Private
Tutoring
Retired teachers and educationist can start a private
tutoring service. You have the option of going to your pupil’s house or the
pupil coming for lessons in your house.
Private tutoring is rewarding since you impart knowledge
while earning money.
Group
Tutoring
Expand your scope by offering group tutoring service.
Teach a particular subject like mathematics and applied physics to students.
Group tutoring pays more than private tutoring and more
stressful. There are many things to teach rather than academics like music,
craft, culinary skills and etiquette.
Ticketing
Sell tickets is a boring job and perfect for retirees.
You get to meet new people and hobnob with customers. The type of ticket you
sell is irrelevant but the job conditions are important.
Some ticketing jobs work on commission while other pays
direct wages. To avoid stress take the ones that pay direct wages, however,
commission based ticketing is best for marketing gurus.
Call
Center Jobs
Call center jobs has to do with lots of sitting and
answering calls. Some call cater jobs are very demanding but others are less stressful.
Find a mid tempo organization with moderate work load.
Virtual
Assistant
Virtual assistant job is similar to call center jobs but
added responsibility. To avoid stress get one with specific hours and work
schedules.
Sell
Organic Vegetables
Organic products are in high demand and attract good
prices. A senior citizen can grow his own organic vegetable garden and sell.
If you love gardening you can make good money from your
garden. Gardening is relaxing stress free and interesting.
Introduce other fruits, roots and vegetables into your
vegetable business.
Backyard
fish Farming
Start a backyard fish farm in plastic fish tanks. Fish
farming is easy relaxing and don’t take much of your time.
The best type of fish to grow is catfish because they are
rugged. Catfish can live outside water for an hour and they grow fast.
Your backyard fish tank should have an inlet and outlet.
The only requirement in fish farming is regular water changes at least once a
day and feeding.
A single fish of seven months can grow to 1.5 kg and
attracts good price. Learn more on backyard fish farming business.
Grow
Mushrooms
Mushrooms are a delicacy that attracts premium prices.
They grow in dark humid places with moderate sunlight.
Retirees can start
their own mushroom businesses and make moderate earnings. The first thing is to
learn how to grow mushrooms.
Then find reputable places to source the growing agent and
spawn. Start on a small scale and later develop your growing skill.
Mushrooms are in high demand in restaurants, private
homes and supermarkets. Learn here how to grow mushrooms.
Work
for your Former Employee
Employers hate losing top level employees especially if
they are valuable to the company. They are willing to pay less for part time
work and reap the benefits. The retiree on the other hand enjoys same office
with more time to relax.
The company might decide to make you a part Time
consultant of the firm.
Homemade
Cookies
Delicious homemade delicacies area hit anytime. Why not
use that secret family recipe to make homemade cookies for sale.
Find a coffee shop or pub and supply your cookies. Sell
them at festivals, camp grounds or open a small store.
Sell
Antique
Do you like bargain hunt then start your own antique business. Learn about the trade before venturing into
the business.
Find treasures in antique fairs, stores, jumble sales and
the attic. Don’t go over board when buying or finding treasures, start with a
small seed money and stick to it.
Start an online business
The internet is a good place to start a business venture.
All that is required is a computer, internet connection and lots of coffee.
There are many business opportunities online that earn
monthly payouts. We will focus on only a few according to their popularity and
ease of implementation.
Build
a Website and Blogs
The most direct approach a retiree can use to make money
online is to own a website or a blog. The subject of the website or blog is
purely at the discretion of the website owner.
You can choose to go purely commercial by building an eCommerce website or build a website to introduce your offline company.
A blog is more personal and deals with topics that the
owner is passionate about. You can use the blog to teach others about
challenges and advantages of your previous employment.
In the early 2004 making money from websites and blogs
was rather easy because there were very few websites and less competition.
To remain relevant in blogging today you need to post
regularly and write top quality articles. You also need to participate in
social media circles like Facebook and Twitter.
If your website is to make any money you need to
commercialize it by adding various earning sources. A popular way is to join an
advertisement network and place relevant advertisements on your website.
Another way is to join an affiliate network and direct
traffic to your affiliate partner for conversions. The visitor to your
affiliate partners once they take action like buying or requesting a service you
get paid commission.
Other ways to earn from your website is to sell other people
products. You can sell anything online from air tickets to automobile and
household products.
The senior citizen might choose to sell his own product
like used items, collectibles, jewelry or handmade craft. Other ways to sell
your own product is to create them.
There are many products you can create both offline and
online and offer for sale.A retiree can make a digital product like
software, a template, Wordpress App or a book.
Online businesses offer even much more opportunities such as
freelancing opportunities. The retiree can use his knowledge to get and execute
freelance jobs.
There are lots of online businesses for a retiree and the
good part is you can build new friendships on social media and forums. You
might even get a bit of lucky and win something valuable.
Summary of Business ideas for retirees
·
Consultancy jobs
·
Part time jobs
·
Private tutoring
·
Group tutoring
·
Ticketing
·
Call center
·
Virtual assistant
·
Sell organic vegetables
·
Backyard farming
·
Grow mushrooms
·
Work for your former employer
·
Home cookie business
·
Sell antiques
·
Build a website or blog
Conclusion
The retiree has many options after retirement to find a
paying job or start a small business venture the opportunities are many like
high paying consultancy jobs, part time jobs and tutoring.
Other job related opportunities are ticketing, virtual
assistant, selling organic vegetables and small scale farming. You can start
any of the online businesses from the comfort of your home and even sell
homemade remedies.
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10 Business Ideas for Retired Couples
10 Business Ideas for Retired Couples
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