Business Ideas for Retired People

Business Ideas for Retired People

Whether people need to supplement their income or they enjoy being part of the workforce, we’re seeing more and more baby boomers deferring their retirement to a later date.

Although a demanding job that requires long hours, travel, manual labor or lots of activity may not be exactly what the older generation is looking for, there are plenty of alternatives. In fact, many of these work options may be better suited for those who have years of life experience rather than the younger generation.

What are the Most Popular Types of Work?

Business Ideas for retired PeopleFreelancing, teaching and consulting are some of the areas that many people get into when they are ready to leave their full time jobs but not leave the work force entirely. The reason why is that teaching, freelancing or consulting can work in virtually any field.

After people have spent several years in the workforce, they have accumulated lots of experience and knowledge that would definitely be useful to those who are less experienced. They can teach others what they have learned or they con continue actively working in the field.

Some of the Advantages

A big benefit to working as an independent contractor is that you get the benefit of working for yourself but you don’t have to take on the additional stress of starting a “typical” business with staff, store hours, etc.. There is significantly less financial risk and less responsibility. You are essentially taking the skills and knowledge that you already have and marketing them in a different way.

Another big bonus to working as a freelancer or consultant is that you can work from home or meet clients in their homes or places of business. You don’t have to get a professional office, and you can schedule your work hours at times that work best for you.

How to Find Clients

People who transition from their regular jobs to independent contracting and remain in the same line of work can usually pull from the network of business associates that they’ve built up over the years. This make is much easier to get clients and referrals.

Let everyone you know and have previously worked with that you are going into business for yourself. Many of them may not need your services – but they are likely to know or run into people who will. The more exposure you give your business, the faster your business can grow. Printing up and distributing business cards and brochures can help people learn about you and remember you later.

Online and Industry Tools You Can Use

However, you don’t need to rely on just the people you know. There are plenty of freelance websites that help you connect with people and businesses looking to outsource work. Some of these sites include iFreelance, Guru, oDesk, Freelancer, eLance, PeoplePerHour and Pure Design Resources.

If you choose to be a consultant, look for a trade association in your field. Many of these groups offer several benefits to their members, including helping them connect with clients who want their particular service.

How to Set up Your Business

Whether you work as a graphic designer, instructor, website developer, freelance writer, financial consultant, life coach, marketing consultant, ad copywriter, engineering, legal consultant, etc.., you can set up your business using a simple sole proprietorship structure. Register your business name and get any applicable business licenses through your city.

You can bill clients by the project or by the hour using easy invoicing software programs like FreshBooks and hire a bookkeeper and/or accountant to deal with tax and business financial tasks. There are, of course, more steps to starting a business, but this is the basic idea.