Getting Old? Really! Or Getting Retired? Well, if it is any or both of the situations then this is the best phase of your life, when you must be rewarding yourself for the hard work done for so many years. It is the time when you should plan frequent travel and outings to celebrate with friends and family, or give more time to yourself to indulge in your favourite pastimes, etc.
But, is there something which is restricting and trying to control you with a thought that “What will happen if I run out of funds?” OR “If any emergency occurs, then what?”
Monetary concerns will also assail you in case you are a corporate world retiree or a senior person who has been employed for past many decades and is now getting excited at the thought of building and running a business which is less stressful as well as risky & at the same time it could reflect your interests and values and open a new avenue of steady income.
If you’re thinking of not sitting idle & keep on earning in your advanced age, here are some exciting and viable ideas for you to get started with:
Buy a property to Rent Out: If you have your own financial resources or even retirement package, then you can invest them to buy or mortgage any property for the purpose of renting it out. Rental real estate does not require your constant involvement. It just requires some kind of monitoring or at best monthly visits for the purpose of upkeep and maintenance of your property which could even be outsourced.
Become a Trainer of Creative Skills: If you have some unique creative skills or craft that today’s generation aspires to learn, then you can share your mastery in those particular skills and get amply rewarded. Nowadays, people are more eager to learn new skills like dance, music, painting, knitting, weaving, beading, embroidery etc. You can conduct practical training from your home or by setting up any hobby centre and earn a constant income from it. You can choose to devote the amount of time you can spare in these creative pursuits and enjoy cool and relaxed timings as well.
Sell Home Cooked Food: This business option can provide you with assured margin of profit if you love cooking. One can sell traditional, regional homemade snacks or even home cooked meals could be sold to students, professionals or staff in offices. You just need to ensure quality at competitive prices. You can easily sell your food by providing your clients with some attractive discounts and delivery options. You can have a tie-up with offices to provide their employees with healthy, delicious food, for this you need to have a word with the HR department of the companies.
Gardening: This hobby option can turn out to be a great business option for the people who are very fond of gardening. Although this can be a tedious task if big gardens are taken up for maintaining, so just take up small gardens which require maintenance for only twice to thrice a week. If you have those “Green Hands”, then you can set up a flower garden or a herbs farm or even a fruits/veggie farm and make big money out of it.
Pet-Sitting: Basically, pet-sitters are the professional care-takers of pets, which look after the pets at the owner’s residence, when the latter are not home, at work, on vacation or anywhere else. Pet-sitting can be done at one’s own home as well. Pet-sitting is a work that is assumed to gain growth in the coming years since 60% of the population keeps pets and needs someone to look after their pets.
Day Care: As we all know, elders can take care of the kids like no one else can and even kids enjoy the elders being around them. A day care business can be source of a decent income as a child care is of major concern nowadays for the working couples. This can be done from one’s home or by setting up a small area for taking care of children. Although a license is required for running up a day care centre but in case the headcount of the children is below a certain number then the need for license could be avoided.
Yoga/Fitness Instructor: If you have been a fitness freak throughout your working period then after retirement, you can start up with your fitness centre as your business. If you are adept at Yogic Aasans, Mudras, and Kriyas etc then you can start providing Yoga training to a group of people from your home or from a Yoga centre or even a public garden and earn a living.
Spare Repairing Services: If you are an expert in repairing machines or devices then this can be good business to start up with. For example, small electronics repairing, bags repairing, repairing of home appliances etc. can be taken up as an option for repairing services. Even if you don’t have complete knowledge about repairing but want to start up a repairing service, you can even start with learning these skills from experienced professionals or even through internet tutorials or self-help books.
Soap Making Business: Although we all know the fact that the market is flooded with a number of brands in the segment of bathing soaps and washing bars, market is still open for aroma or organic soaps which are made without any chemical composition. So, if you are determined, you can start a soap making unit and earn good profits because of good margin in this field.
Resume Writing Service: Not everyone possesses the qualities of good expressions, but if you are well-versed in the written word, it can work wonders. If you have a long working experience in corporate environment, you must have gone through many resumes, especially if you were in HR department. You can leverage this skill of yours by helping people write their resumes. All that you require are language skills, and the ability to write engaging and impressive profiles that can best describe a candidate’s professional expertise. You can render your services as a professional resume writer to your clients or job sites.
Blogging: If you are good at writing coupled with your own experiences and ideas to write about, you can start writing your own blogs and publish it online to earn good bucks. Blogging could be done for your clients in any form such as Advertising blogs, knowledgeable blogs, blogs related to marketing of any products or services. If your blog becomes popular, leading to good traffic, it will turn out to be quite a lucrative option for you.
Customised Handloom work: If you have sewing or knitting skills and a desire to take it forward then in today’s era of demand for customised dresses, you could make customised dresses for babies and adults, fancy dresses for competitions, baby’s cloth diapers, pet clothes, customised bed covers, comforters etc. This can turn out to be a profit-spinning business due to the high demand for such products.
Freelance Writing: What is better than being paid for your words? Yes, if you have some good writing skills then it can make you earn good money by writing for your clients online or for some magazine or a newspaper, provided your work and write-ups are plagiarism-free and reader-friendly. Freelance writing can be a good source of life-long income from the comfort of your home.
Book-Keeping: Another idea which could be considered is of book-keeping service. You can help people in maintaining their books of accounts and managing their incomes and expenses. If as a retiree, you have an interest in rendering such services, then it could be opted either for individual clients or companies.
Public Speaking/Motivational Speaking: Another option is to become a public/motivational speaker. It can make you earn a decent living; all you need to do is to share your ideas, knowledge, skills, and motivational thoughts to inspire the public to take the challenges of life in a positive way. Motivational seminars are nowadays in great demand as increasing number of people need to fight back the stress, depression, insecurity, restlessness and other factors. Your long and rich experience of life can turn out to be a boon for the younger generations as well as an income earning source for you.
Write a Book: If you love to pen down your thoughts, ideas or life time experiences, then this idea can prove to be a good earning source for you. Writing a biography of any personality or your autobiography or fiction or action series as a book might bring you many readers. Once your book becomes a hit, i.e., you start getting more & more readers that is when your book becomes a blockbuster and you earn millions out of them.
Open a Franchise: If you want to start up a business and that too with a low risk potential then franchising is one great option to choose but sometimes it requires certain capital investment as per the franchiser’s policies. While taking up a franchise of any brand, certain things should always be borne in mind, foremost among them being the credibility, past track-record and market positioning of the brand and the possibility of earning profit in the minimum time-frame.
Event Planning/Organising: Nowadays, there are several companies that need to organise an event that matters to them. To start up with this task, you just need to be a bit more updated. There is & will always be a requirement to add beauty to any event. You with your experience can add up much to the beauty of the event. You can choose to start either as a birthday party organiser, marriage organiser, marriage planner, concert organiser or any other event you feel interesting.
Financial Planner: Many a people look for someone who is experienced enough, who can offer them sound advice with regard to most profitable avenues of investment. Being quite experienced, you can suggest and advise your clients how to do long-term financial planning so as to make the most of their investments. You can suggest them the ways to save, invest, earn and double their money as well as plan a steady source of income after retirement. Financial Planners usually receive a commission or fixed charges for their services provided or the suggestions made, which can make you earn a long-term source of income.
Healthy Living Consultant: Nowadays, people are so much stressed and pressurised due to their busy schedules that sometimes they may ignore even a diet full of nutrients, in other words a balanced diet. Sometimes people suffer from emotional issues and are unable to cope with their own feelings in a given situation. Sometimes, they may be prone to insomnia, depression, short-term memory loss or other forms of mental disorders. An elderly person, armed with a lot of experience and understanding of life can become a healthy living consultant who can counsel as well as educate people on a healthier and vibrant way of leading life. This option depending upon your skills and initiative can make you earn people’s good wishes as well as very good money.
Data Entry: Perhaps, this business may not be able to make you earn some instant bucks but it can offer you a steady source of extra income. In this type of business, you get paid for the number of entries done by you per hour. The plus point of this business is that you can do it in your spare time.
So, all you people out there who are old in age but young at heart, keeping yourself active even at this phase of life is a crucial thing as it will not only help you to maintain your health but will also make your earn good money to sustain yourself in your advanced years.
It’s well said that “Better late than Never”.
Remember, age is just a number & there is no perfect age of starting up with some business. As you have a wealth of so many years of experience, you might be able to crack the jackpot with some of the aforementioned ideas which can help you utilise your time as well as generate a good income for yourself.