Creating a Successful Business After Retirement

Published: March 27, 2023

Creating a Successful Business After Retirement

Most of us have dreamed of owning our own business, and many older Americans are finally making that dream come true in retirement. Think you’re too old? Think again! Although we correlate entrepreneurship with younger adults, many successful entrepreneurs started businesses in their late forties, fifties, or older.

Starting a business after retirement is the perfect way to boost your income, supplement your retirement savings, and stay busy. If you’re serious about starting a business but not sure where to get started.  Here are some business ideas and tips to get you started.  

Consulting & Freelancing

The benefit of a long career working for someone else is the amount of knowledge and experience you’ve acquired. Using that experience to consult other business owners or entrepreneurs is a great way to start a business.

Many business owners rely on independent consultants in the following areas:

  • Marketing strategy
  • Search Engine Optimization (SEO)
  • Graphic design
  • Web design
  • Programming
  • Information Technology (IT)
  • Cybersecurity
  • Public relations
  • Project management
  • Human relations

Selling Products & Services Online

The internet has made it easier for people of all ages to start businesses doing what they love. Setting up an online business is a great way to sell various products and services without a significant investment. Some entrepreneurs use sites like Etsy to sell innovative and customized products such as clothing, handmade art, jewelry, and furniture. Content writing, resume writing, dropshipping, and financial planning are also profitable online business options. There are numerous online webinars and classes you can take to help you set up a website and start a profitable online business.

Virtual Assistant

Many businesses rely on and prefer virtual assistants for their flexibility and to keep their costs down. If you have experience in the following areas, consider becoming a virtual assistant:

  • Accounting
  • Scheduling meetings
  • Bookkeeping
  • Inside sales
  • Cold calling
  • Graphic design
  • Travel planning
  • Web design

Creating or Teaching Online Courses

If you have professional experience and enjoy teaching and helping other people, creating and selling online courses, ebooks, and training videos is an excellent way to earn extra income in the comfort of your home.

Tips for Post-retirement Business Owners

If becoming an entrepreneur is in your post-retirement plans, take the time to fully educate yourself on starting a business. Starting a business is a big step and involves many moving parts.  However, older adults with years of experience are uniquely positioned to build successful companies. Here are some tips to consider before you get started:

  • Be careful using retirement savings for start-up costs
  • Consult a financial advisor and tax expert
  • Protect your assets
  • Be flexible
  • Hire a competent marketing firm
  • Design a professional website
  • Learn new technology
  • Network with other entrepreneurs
  • Get a mentor
  • Make time for traveling, relaxing, and spending time with friends and family

Have fun and enjoy the process! Retirement doesn’t have to mean you stop making an income.  But it can mean you can stop making money working for someone else. Retirement is an ideal time to use the years of experience and knowledge you’ve acquired to build a successful business.