Catching Second Wind: 4 Business Ideas for Retirees

August 18, 2020

Contrary to what others think, retirement is not the end of the line. There are many worthy goals you can still pursue after retiring from your job.

To that end, many retirees find a couple of good reasons to start a business of their own. Depending on their financial situation, some can self-finance. Others go through GoFundMe or alternative crowdfunding platforms.

So whether it’s to gain a small profit or to give back to the community, what are some business opportunities you can seek out?

Starting a local artisan shop

Beyond the professional skills you’ve acquired through the decades, you might also have dabbled in arts and crafts.

Whether it’s painting, pottery, or embroidery, these passions often start as simple hobbies. And now that you’re retired, you can have more time to work on them and further hone your artisanal skills.

Setting up a local shop where you can sell your work is an excellent idea to pursue. All the better if you live in an area where there’s a reasonable amount of people who take an interest in handmade arts and crafts.

Tutoring services

For some retirees, it can be more rewarding to teach kids and help them succeed in the classroom. For those that have some teaching experience, this can be an even more worthwhile endeavor to invest in.

But even if you don’t necessarily have teaching expertise, tutoring can allow you to cascade lessons and insights to younger generations. With a wide range of subjects to delve into — whether it’s math, science or music — you’re bound to find an exciting field where you can support students.

And aside from handing down specific knowledge, you can also act as a wise coach and mentor. This can prove especially useful for youth who have behavioral problems and experience difficulty fitting in a community or larger group.

colored paper planes

Establishing a small travel company

One of the great things about retirement is that you’re no longer tied to a nine to five office job. And if you have an intense interest in traveling, it’s all the more appealing.

Starting a small travel or tour company could be your next gig. If you take pleasure in interacting with various types of people and still have the energy to visit different places around the country — or the world for that matter — then this is another idea you should seriously consider.

If you don’t have much experience organizing trips, many institutions offer training certification courses that you can take advantage of.

Setting up a local nonprofit

If you’re looking for a worthy venture to get into and profit is the least of your concerns, why not start a local nonprofit?

This a good option for retirees who want to give back to their communities and empower underserved populations. There are many worthy causes to fight for, from equitable housing to increased educational opportunities for low-income youth.

Depending on your experience and the needs of your local neighborhood, you might find an ideal opportunity to pour your time and effort into.

Moreover, starting a charitable organization can also galvanize other community members to take part. This can strengthen the sense of community in your area and ultimately contribute towards solving long-standing societal problems.

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