The idea of retirement after 60 may be desirable, and is in fact the target for most. The ripe age of 60 could also be the time to set up a business where your money works for you, and earns you a passive income. At age 60, the idea of work is way different from the conventional idea. At this stage, one is blessed with wisdom garnered over years of experience. If you want to keep the fire burning at 60, here are some profitable businesses to consider.
9 retirement business ideas to consider after 60
1. Growing and Selling Plants
Gardening is not only my personal favourite on the list, it is a favourite retirement hobby for most people. You can easily turn this therapeutic hobby into a profitable business. Not everyone can grow a plant from seed. Not everyone can nurse a seedling to a mature plant. These individuals without the knowledge or patience for growing plants are willing to pay for already established plants. You can grow just about anything from bushes, shrubs, fruit trees, Economic trees, flowers, potted plants, vines, wall plants, patio plants etc.
You can also sell the accessories for this plants like flower pots, plastic bags, fertilizers, herbicides, gardening accessories etc. Growing and selling plants can be a full time business. Since the primary operating base is the garden space, this business can also be run as a home-based (work-from -home) business where customers register their interest, and come to the house to pick up their plants.
To set up, you need pots, a steady supply of water, space and dirt, a lot of rich dirt. Plants sell anywhere from $20 to $100 so you know this can become a full time business. You can grow different plants in your patio, backyard, or greenhouse, and sell them directly to the public via an offline shop or as an online business.
2. Academic Tutoring
Tutoring is an ideal business to start for people who love to impact knowledge. This is particularly suitable for retired teachers who would love to continue to pass knowledge outside the walls of the conventional classrooms. It also brings the opportunity to earn without school administrative stress.
There are offline and online options for tutoring where tutors can visit their students at home or vice versa, or have their classes online. Online classes/distance learning is gradually becoming the norm now post covid-19.
Tutoring is a profitable business, and tutors can earn anywhere from $25 to $100 per hour depending on the level and subject matter. People learn just about anything online from a new language to how to play musical instruments. The tutoring industry has infinite opportunities.
3. Real Estate Investment
Real estate investment remains one of the most profitable business enterprise to set up for anyone. It guarantees a reliable income stream if managed with proper guidance.
Real estate investment is capital intensive, and easier for those with adequate capital, and a good credit score. However, there are so many levels to real estate, and you don’t have to be rich to find a path in this industry. Investors may buy houses, fix, and upgrade these houses, and flip when the market is right. Investors may also purchase apartment buildings, and let them out for rent. Another option is to use apartments for short term let as we have with the famous Airbnb arrangement.
As a retiree with huge or modest savings, you can find your category, and build up gradually in any investment area your substance can afford. The short term rent option is a thing currently as you can do that from an apartment you currently live in. Offering specials such as breakfast, or other attractions can also excite your potential customers. The bottom line is even if you are not so rich to buy and flip houses, that extra unoccupied guest room could be the beginning of real estate investment.
Consulting is a profitable business venture associated with retired seniors. The wealth of experience accumulated over the years makes them the most suitable individuals to guide potential businesses into success. At age 60 and above, the years of expertise developed over several years can be transformed into a profitable business. As a consultant, you create your work hours, and determine your preferred rates. If we go by the American Economic Journal Labour Statistics, almost all adult will fancy becoming consultants. The journal reported that around 60% of Americans in their 60s and 70s would consider going back to work if they could do that on a flexible schedule.
Consulting is a suitable, and profitable business for retirees due to the flexible working hours. It is also a business that you can run remotely so you can always be available for your clients anytime you desire. Consulting gives retirees the opportunity to remain active, and run a profitable business without being overworked. Are you wondering where consultants are needed? Your answer is every enterprising venture including medicine, Law, Finance, Real Estate, Human Resources etc.
5. Create and Sell Crafts
One very common habit retirees cultivate is picking up a hobby to pass their time. Most retirees combat boredom with a hobby which they develop to an expert level over time. If making crafts is a hobby at age 60, then it can be profitable if converted to a business. Handmaid crafts are not limited to just women. Anyone can make this and turn it into an income earner. There are so many crafts that can be sold as a business. Embroidery and Quilts, jewellery, Arts, Toys, Dolls, and even Home decor all fall into the crafts category.
To turn crafts making into a profitable business requires time, creativity, and knowledge (expertise). In most cases the cost of the raw materials are usually low as they are locally sourced. The profit margin is there higher because the major investments involves personal commitment.
There is a local and global market for crafts. Crafts people can sell locally via shops, flea market, farmers market, and festivals. They can also reach a global market by opening online shops via Facebook, Instagram, Craigslist, Etsy etc. Social media is such a powerful tool right now used to attract customers.
Retirees don’t need to be limited to the conventional ideas of crafts to start a business. Clothing design, baking, woodworking etc. all fall into this category. The general idea is just to turn a hobby to a business managed under a flexible schedule. Anything you can do convincingly well and from home, make a profitable business out of it.
6. Dog Walking
If you are a pet lover, this is one suitable business for you. Pet owners will continue to increase as people discover the benefits of owning pets. The pet industry is a considerably large one because the more pet owners we have, the higher the demand for animal related products and services which includes day-care for dogs, pet/dog training, dog walking etc.
There is a huge demand for animal-related products and services, including dog grooming, doggy day-care, and dog walking. This is one very wonderful business for people aged 60 and above because the physical requirements is a good way of staying active. Dog walkers charge anywhere between $20 to $30 per 30 minutes dog walk depending on the location. When this business becomes too physically demanding, hiring extra hands is also an option on the table.
7. Earn from Writing
Writing is a highly profitable venture for any age grade. There are so many aspects of writing that can earn you a decent income as a writer.
Aspects of writing even people aged 60 and above can venture into include: Self-publishing, blogging, freelance writing, ghost-writing, copywriting, technical writing, just to name a few.
Writing gives the desired freedom to work with a flexible schedule. It also helps Writers develop themselves especially on topics which they ordinarily wouldn’t have ventured into. When it comes to remote work, writing is one of the most highly talked about globally. You can write about almost everything from creative writing to adventure, and tourism. Retirees have one luxury which is experience. They can make a journal of these experiences for posterity especially experiences detailing their life’s work which can become an asset when published
8. Move Management Services
This service involves helping people move when they switch apartments. The move manager is a facilitator between the client and the moving company that does the actual heavy lifting. Moving is an overwhelming process no matter how short the distance is, and people are willing to pay anyone who can organize this difficult process.
The organizational process may include cleaning out the apartment, packaging, labelling luggage, planning ,positioning etc. Moving managers also help people to find the suitable retirement home. This is perhaps where experience comes into play as fellow seniors will be more willing to trust a fellow retiree who has passed through the process over and over again.
The Moving Manager will also help to decide what to keep, what to discard, what to donate etc. They will also help clients unpack, and settle into their new homes.
9. Setting up a Franchise
Small businesses thrive from setting up a franchise because starting a new business from scratch is mostly a difficult task to accomplish. Asides the financial commitment required for start-ups, experience is also important. Where experience is lacking, new businesses easily fail. This perhaps explains why small and medium scale businesses find the idea of a franchise quite attractive.
When you buy into a franchise, you pay a franchise fee, and agree on royalties while you receive procedural guidance on how to run a successful business as a newbie. It eliminates the need to search for new customers or advertising as you are building on an already established business.
A franchise has a working business plan, a reliable supply chain logistics, training resources for all staff cadres and guidance on every aspect of the business. This working system makes it a viable option for people aged 60 and above who may not have the vigour to start a business from scratch.
Harlin Sanders set up his Kentucky Fried Chicken franchise when he was in his 60s and was involved in some aspects of restaurant business till the age of 90 when he passed. KFC is still a subsisting, and a popular franchise known all over the world.
Popular business franchise exist in several businesses other than hotels. They include; convenience stores, hotels, transportation companies, hardware stores, Fitness gyms, entertainment companies etc.
Life expectancy has not increased over the years so the idea of retirement is not as attractive as it used to be. The conversation has gone from retirement to having a profitable businesses and passive income. Remote world, part time work, work from home are phrases which have taken over and people are discovering new ways to explore these possibilities.
Starting a new business is the way to go as it gives you the opportunity to operate on your time. You may not really have to retire to enjoy the retiree lifestyle you desire.