More than ever, people who are getting close to age 65 are choosing not to retire and instead doing what some people call “encore entrepreneurship.”
This is the chance to finally use their skills, experience, wisdom, and passion to start a small business that makes them happy.
The promise of a continued or renewed sense of purpose is so strong that people in this age group are starting businesses at a faster rate than any other age group. Here are 10 ways to change the rules of retirement and begin what could be the best part of your life.
1. Bed-and-breakfast Owner
If you’ve been called the host or hostess with the mostess and are known for being a great host, you may have what it takes to run a successful bed-and-breakfast.
Having interesting people, stories, and experiences can fill your time if you have a home that is warm and welcoming, with cozy rooms, lively conversation, interesting stories, and a delicious breakfast.
B&Bs are a $3.4 billion business that attracts couples, businesspeople, and solo travelers who want to get away and get to know the culture of a place from the inside out.
Owning one can be personally and financially rewarding, but you need to be ready for the many startups and running costs, such as permits and licenses, property and room renovations, furniture, and kitchen equipment.
You can have fun and make a space feel like yours by filling it with furniture and decorations from your travels, the work of local artisans, historical items, vintage finds, or romantic touches.
You can get people to know about your property by making connections with the local chamber of commerce, having a website with great photography and a strong social media presence, and asking guests to write online reviews.
2. Project-based Consultant
For people who have spent years building up specialized skills and sets of knowledge, your professional insights, wisdom, and point of view are valuable assets. There are consulting jobs in almost every industry, and they can be big or small.
If you love what you do and want to use it to your advantage as you get closer to retirement, becoming a consultant can be a natural step toward owning your own business. You’ll have more say over who you work with when you work, and how much you charge.
Having a variety of clients will keep things interesting. The key is to know how to market your expertise and find your niche. You can start by networking with former coworkers, clients, and other contacts.
3. Franchisee
In the world of franchise business ownership, there is something for everyone. In the United States, there are about 760,000 franchise businesses that make about $760 billion. Franchises are a good way to run a business.
They have a lot of benefits, like built-in brand awareness, business plans, and marketing and advertising materials. People who are interested in franchising as a second career can find opportunities in areas they are passionate about, use the skills and experience they have gained during their careers, and find a new kind of flexibility.
Once your business is up and running, you can hire a team of managers to oversee staffing and operations.
This way, you can be involved part-time and have the balance most people want at this point in their lives. It’s important to know that upfront costs vary a lot but can be quite high, and the average annual income of a franchisee is between $50,000 and $80,000.
4. Academic Tutor
Tutoring is a natural next step after teaching, and it lets you continue to make a difference in the lives of people who need extra help in school or help to get ready for college. There are many benefits, like being able to set your own hours and rates.
You can also hold sessions in person or online, so you can work with students anywhere. Keep in touch with your school colleagues, who can be a great way for students to find you, and use social media to get the word out about yourself and your credentials.
If you’re good at math or English, you might think about specializing in SAT/ACT and college prep work. The more qualifications and experience you have, the more you can charge, but on average, tutors make between $25 and $80 per hour, and sometimes even more depending on where they work.
5. Photographer
Photography is a hobby that can easily be turned into a small business if you have a good eye and the right tools. There aren’t many costs to get started, and the field is big enough that you can find a niche that fits your interests and schedule, whether you want to shoot people, places, or products.
Find a niche that interests you, like events, baby portraits, family photos, or product shots for e-commerce, and improve your skills by taking one of the many online photography courses that photographers of all levels can take.
You should make it a priority to build a strong digital portfolio and social media presence to show off your work, market yourself to potential clients, and even sell online. There are many online portfolio websites that are designed to do just that.
6. Tour Guide
Becoming a private tour guide is a great way to stay active while showing people around the places you love and telling them about their sights, sounds, and tastes. The best local tours give visitors specialized, in-depth experiences.
These can be based on history, art, food, religion, or one of many current trends. Getting a certification from one of the many good ones out there can make you more marketable.
Make sure to list yourself on at least one of the many digital platforms that help people find local tour guides.
7. Event Planner
Professional event planning is an area that is expected to grow by 18% between 2020 and 2030. It can be a great second career for people with great attention to detail and a never-ending drive to find solutions.
Start a business that focuses on a niche, like corporate meetings, weddings, big birthdays, fashion shows, wellness retreats, or any of the many other areas that are always in demand.
The key is to add value by providing access, availability, service, communication, and creativity that event planners don’t have time for.
Join local Facebook groups about events to get in touch with people who are looking for event planning services. As you get clients, make sure reviews and referrals are part of your marketing plan.
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