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Running a Home Business: Five Workable Ideas for Retirees

By Vincent Hughes posted 23 Sep, 2020 20:42

  

Some seniors are simply not ready to stop working and wish to find ways to keep themselves occupied. Others have no alternative but to work as they need the income. 

However, securing employment after reaching retirement age is not easy as there is a willing pool of younger people eager for jobs. Therefore, seniors opt to start home businesses instead of seeking conventional employment. Here are some potentially lucrative ideas for home businesses:

A hobby for business

Instead of using the skillset from their working years, seniors use their talents to turn their hobbies into businesses. This could involve making and selling products, such as baked goods or wooden toys. Advertise your services as a photographer or videographer for weddings and parties, or as a website developer. 

Instead of selling products of your hobby, consider teaching it to others. You could offer painting classes at your home for people from the neighborhood. Alternatively, you can write and produce an online course for people to buy. 

Service businesses

Put your skills to use by selling services such as bookkeeping, carpentry, vehicle repairs, or landscaping. As a senior, you have years of experience to tap into when advertising a service. An advantage of selling a service is that you can work as much or as little as you like and set flexible hours.

Russell Noga from Medisupps is an expert on Medicare Advantage Plans 2021 and says that working those few extra hours to pay a small premium on a supplementary plan can take the burden of medical bills off the retiree’s shoulders. Plans and premiums differ, says Noga, who advises that interested parties visit MedicareAdvantage2021.org to find out more.

Consulting

If the job you held before retirement involved scarce skills, there is a good chance that setting up a consulting business could be lucrative. Your previous employer would probably be first in line to take advantage of your knowledge and allow you to train your successor. 

Once other companies in the industry hear that a new consultant is setting up shop, they will also be interested in seeing what skills and knowledge you can share with their employees.

Part of consulting and helping businesses and their employees involves elements of coaching. You would be wise to take a coaching course before advertising your services as potential clients will see that you have the hard skills they need and the soft skills necessary to impart them.

Buying/selling

Start by trading things around the house that you no longer need on platforms like eBay, Craigslist, or Fulfillment by Amazon. Many people who begin just by selling unwanted goods soon find themselves buying additional goods and selling them on to others for a profit.

Alternatively, go a step further, and set up an e-commerce shop to sell new goods that you source from a supplier. You will not even have to warehouse and ship the products yourself as third-party companies offer these services at reasonable rates.

Writing

There is a seemingly limitless demand for content writing, as many people have something to say but lack the skills to communicate it effectively. Writers bring their ideas to life in words, and these texts are published on websites, blogs, and social media platforms. 

If you do not want to do your writing for someone else, consider blogging and getting advertising partners to monetize your site. Travel blogs are successful, as are those that offer expert insight into several topics. It could be time to write that book you have always wanted to pen and submit it to a publisher or opt to self-publish.

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