There is a plethora of opportunities for business persons who are looking forward to commence their own enterprise after retirement. It is often said that once someone is retired, he starts losing fascination for life. Thus, it is recommended that one must keep himself surrounded with some constructive work to keep the mind alert. Another ground for working after retirement would be that the cost of living is rising constantly these days. Savings alone are not sufficient to support you through your lifetime. Therefore, it is a great thought to remain occupied after the retirement as it does not only provides financial security to the person, but also provides him a zest for life.
Working after the age of retirement also improves the mental and physical well being of a person. It provides a plenty of health benefits to the retiree and he leads an active life. You can pursue things which might interest you as well as earn you a steady income. Here are some small scale business ideas to get you going.
- Coaching and Consulting
Imparting coaching in the form of teaching or tutoring services or offering specialized consulting services to firms and individuals is considered as a wise small scale business idea. Retirees who are thinking to start their own business should begin by contemplating about two areas – their expertise and job experiences. Such experiences and skills make retirees capable of sharing their knowledge with others.
Since retired people have a lot of career and life experience, a coaching and consulting business will suit them well. Keen knowledge of the subject matter chosen is very crucial before starting such kind of business. Sharing knowledge can be either face-to-face or through a business of freelance writing. In a freelance writing business, retired people can write blogs or articles for an online community to leverage their knowledge and generate some income. Major advantage, which this sort of business offers, is that the person has a flexibility of work timings as you can work on those particular hours of the day which you find the most convenient.
- Online Researcher
Providing research services on the internet is another good option for people who are looking for creative ideas for small business after retirement. An online researcher does research and compiles information from the internet. This service operates in two modes. The first is collecting facts and data that are relevant to certain topics, and then selling the compiled data to businesses and individuals who require such information. Business owners require services of online researchers to source specific facts and data for a particular market, industry or business and pay a good sum of money for the information sought.
- Distributor of Insurance Products and Mutual Fund
Distribution of insurance products and mutual funds can be amongst the lucrative small scale business ideas for retirees. The job of such distributors is to sell insurance policies and mutual funds and offer advice on such matters to firms and private individuals.
There is an immense demand for insurance intermediaries as they help people in providing beneficial insurance plans for their products. A person needs to clear a specific examination before becoming an insurance product or mutual fund distributor. The job is quite tough but with intense dedication and determination towards work, huge earnings can be made which can go up to lakhs per month.
- Professional Speaker
Just because you are retired, it doesn’t mean that you have lost the ability to speak and capture the attention of other people. There is an endless potential for a professional speaking venture. You can do professional speaking about a particular industry in which you have expertise, carry out brainstorming sessions, hold creative topics in office retreats or can even be a problem solving as well as motivational speaker for various classes of niche audiences in conferences, offices or events.
To be a successful professional speaker, one needs to have confidence, passion about the subject of speech, voice modulation skills, precise communications and an ability to connect with the audiences.
- Start a School/ College
Yet another business idea for retired people is starting their own school or college. Your knowledge and experience might give you a major advantage in owning a school or college. Though this business requires a huge capital investment, the returns and growth are exceptionally high. You can arrange for loans for your financing needs. Such business requires a proper planning, sufficient land, well-qualified faculty and time to fully get established. It also involves legal procedures before stepping into the education line.
- Start a Franchise Business
Opening a franchise business could be a great small scale business idea for elderly people. Running such businesses can provide a remarkable union of both freedom and structure. Running a franchise business offers several advantages to a person including product recognition, guaranteed territory, supplies, support, marketing help and a shared success. For assurance and guidance, the franchise business of others could also be looked upon.
- Start a Club
If you have saved good money in your working days, then investing in a club business could turn out to be a fruitful idea for small business. A club is a source of celebrations, get-togethers and entertainment for people. Thus, you can enjoy your retirement period while looking at the younger generation and sometimes joining them in their fun times.
But owning a club may sound like a perfect life for the entrepreneurs. In actual terms, it would involve a thorough attention to details, long hours and sometimes dealing with harsh customers. Hence, you may need to hire a manager to organize complicated tasks of your business.
- Services for Entrepreneurial Support
As the total number of business entrepreneurs rises, so does the entrepreneurs who are above the age of 50. Thus, a business can be started which caters to them. There is an immense opportunity to assist new business entrepreneurs with marketing, building and managing their businesses in this line. While senior entrepreneurs have sound key skills from the former professions, they usually fall short in terms of capitalization and unfortunately cannot turn their talents and knowledge into a profitable venture. For instance, a skilful graphic designer can design menus, logos and brochures for a new eating place in the town but will not find it easy to set up his own design firm. Many small business people are not able to afford full time employees, so it could be a nice small scale business idea to make income on a part time or flexible basis.
- Property Dealing and Management
Yet another smart idea for small business for retired persons is to become a property dealer or manger of someone else’s property. This kind of business can be started from home and with a little bit of finance. The person does not need to own any property in the beginning as he can work on letting properties which belong to others. A sound business plan and detailed market research is very important before stepping into this line of business to get success in it.
After from dealing in properties, a retired person can also take up the business of managing properties. A property manager works on site at the premises which are owned by some other company or person. These professionals look after the day to day operations of a residential or commercial property. For this, the employers offer salary, utilities, benefits and a rent free living.
- Pet Sitting Service
Such small scale business idea is suitable for the ones who adore pets and can easily manage them. Services can be provided either at your own place or the place where the pet owner resides. Pet sitting services are apt for the old ones as there is not much stress involved in pet care as they are already taken care of in their own homes. You can provide services like dog walking, vacation care, dog grooming, dog boarding, veterinarian care etc.
- Open a Day Care Centre
Child care stands as a consistent need for occupied families. You can do babysitting as required for family, neighbors and friends for some additional income or offer regular childcare services in your house. In most of the places, a license is not required to run the service of babysitting from home if the child headcount is kept under a certain number. Opening a day care centre is a great small scale business idea for the retirees as the number of working parents is increasing and it can be operated with almost no investment. Above all, the elderly people love to spend time with kids.
- Purchase a Property and Rent Out
Rental income from a personal property is purely passive. It is amongst the wisest small scale business ideas as it does not entail much of work from a person as the owner can just do a check up once in a month and relax while enjoying his retirement period. This sort of business requires a big initial investment, thus you need to have resources to buy a property. But one time investment gives long term monetary benefits to the owner of rental property. Monthly maintenance work on the rental property can be outsourced to others if you do not want to get into the hassles.
- Start a Travel Agency
Retirees can also commence a travel agency business. It is a clever idea for small business for the older ones as the business can even be operated from home. All you require is a good experience and background in sales and travelling. For framing a home office space, one needs to check the area regulations, designate a separate room that is used only for work and make arrangements for a desk to form a professional impression on the customers. For maximizing profit and business opportunities, expert travel agent organizations can also be joined. Creating a website on the internet might promote your business and increase the customer base.
- Start a Bank Grahak Seva Kendra
A Bank Grahak Seva Kendra mostly involves online operations. For commencing this business, one needs to associate with any bank of his choice like Punjab National Bank, State Bank Of India etc. This kind of business involves functioning just like a bank such as opening of accounts, depositing money, insurance, cash counting. A separate office is required for carrying out the operations.
- Sewing, Alteration and Knitting Services
If you are talented with thread and needle, then you can put your talent into operation by entering this line of trading. Sewing, alteration and knitting services is yet another idea for small business which can turn out to be really productive. Your sewing talent can become the key to a plethora of business opportunities, from sewing custom apparels and mending to producing homespun projects and marketing them online. There are many people who prefer custom made carpets, blankets, sweaters and towels. Thus, there is an immense market for these home made goods. The only thing you require is a big loom to carry out the knitting process. You can market your services through a regional trade fair or can even sell your stuff directly to the local stores.
Many organizations and companies outsource their campaigns to third parties and call centres. They hire temporary and full time workers; most of them operate from home to attend to clients. This job involves – soliciting donations, confirming or booking appointments, convincing people to try a particular service, product or property, debt collection etc. Payment is done on the basis of work hours. You might also earn commission for performing well. Though training is provided for the work, the applicants need to have some customer service and superior cold calling experience to manage customer queries. As this work does not require much of efforts, it is a cool small scale business idea for senior citizens.
- Open a Grocery Store
Opening a local grocery store is a fruitful idea for small business for the retirees. Groceries are amongst those basic things that people cannot do without. Thus, commencing a business in this segment would be a right step. This business is likely to give a good return on the investments made and does not involve much of exertion for old people. Keeping up with the regular stock and maintaining cordial relations with the customers will help in achieving a long term success.
Retirement is the time to reward oneself for all the hard work done earlier in life. During this time, you can travel, spend time with the family and pamper yourself. But sometimes, the retirement funds are not sufficient to fulfill all your needs and desires and in emergency cases, you might even run out of money. Thus, working after retirement is always a smart idea. So if you are planning to work after retirement, you can opt for any of these ideas for small business and earn a descent income from it.