More and more Americans are working well past their retirement years and for many reasons. Financial uncertainty threatens peace of mind and some have found that their retirement funds are not adequate enough to sustain them through their retirement years. The uncertainty of Social Security: Will it be enough or will it even be around when I really need it? A retirement plan versus a retirement reality: Will it provide enough money for me to live comfortably or will I need supplemental income?
There is a whole section of boomers that are simply adapting to a new kind of retirement. With lot of time on their hands, they want to make that time productive and profitable. They like working, and while it may have been time to retire from their old job, they don’t feel like it is necessarily time to stop working.
Regardless of the motivation, it makes sense that more seniors are seeking a home-based business to supplement income, work from home and work the hours they want and are able to work. But what home based businesses are good options for seniors?
7 Home-Based Business Ideas that are Great for Seniors and Retirees
Party and Event Planner. A creative-minded problem solver who enjoys helping people make memories should look into party and event planning. Starting out small with children’s birthday parties grows experience and makes connections. Then opportunities can open to scale up to larger events like fundraiser dinners or specialize down to events like dog weddings. There is money to be made either way when providing a service that a person could probably do but will pay to have done better and faster. People pay well for better and faster.
Consultant. Retirees step out of the workforce with a lifetime of experience that others find very valuable. People seek consultants in every industry because they want to know what took you years to learn and they are willing to pay nicely for that knowledge. Many businesses seek the services of consultants because consultants solve problems, lending leadership and direction without the hassle of taking on an employee.
Antique Appraiser. Having experience as a collector, dealer, or antique restorer naturally lends itself to starting an antiques business but also works if antiquing has been a passion for years. There is no antique appraisal certification but there are appraisal societies that often give classes and teach the mechanics of appraising.
Gift Baskets. Crafty and creative types who enjoy working with their hands really enjoy this type of home-based business. This business works especially well as a two-man operation where one can focus on the creative side and another can focus on the business side.
Freelance. Having a skill people will pay for and a willingness or preference (after decades of working for other people) to work independently on a contract or job by job basis makes freelancing a great choice for extra income. Writers, painters, photographers, decorators, and designers are all traditional freelance jobs. But freelance work also includes businesses like landscape design, seamstress, personal trainer, painting murals in children’s bedrooms, teaching community classes, writing and editing, event photographer and so much more.
Cooking or Baking. People who love to bake and cook can make a huge profit by contracting out orders for cakes, cookies, appetizers, meals, or “sack” lunches. Anyone who knows how to bake has seen a $3 dollar sugar cookie wrapped in kitchen clear wrap and wondered where the $2.75 profit from that one cookie went. Some smart cookie figured out how to put that profit in their pocket by asking a store to buy and sell their home-made cookies.
Tutoring. By 60, a person has lived enough to know if they have the patience and personality to present information in a way that makes it easier to learn and retain. There is money to be made for this highly sought after skill. Education is important to parents and they will pay handsomely to help their children be where they feel they need to be. Tutoring offers flexible hours, can be a cash only business and really makes a difference in peoples’ lives.
Do you know of any other home-based business ideas that would work well for seniors? Let us know in the comments so other readers can hear them.