The booming generation of boomers is full of active adults who don’t want to sit around with nothing to do but kill time. AARP estimates that half of all baby boomers will be looking to start a business in retirement, and that 31 percent of future retirees enjoy their work and plan to stay on after retirement age.
This is good news for retirees in Northeast Florida because Jacksonville was recently named the number one U.S. city in which to start a business by Wallethub.com.
So which business ventures make sense for seniors? Here’s a list of Inc. magazine’s top seven retirement start-ups:
- Consulting - there’s significant value in decades of industry experience, even if the technology has changed a lot over the years. Allow others to tap into your expertise by leveraging current connections to generate consulting opportunities.
- Public speaking - if you’ve taken the time to establish yourself as an industry expert, your knowledge will be in high demand. Public speaking engagements allow you to pass your insights to younger generations while maintaining control over your schedule.
- Online business - without a brick-and-mortar store, you can quickly and cost-effectively sell goods and services. Sites like Etsy and eBay allow you to create a virtual storefront where thousands of customers can browse your wares remotely, whether they’re items you made by hand or treasures you found at garage sales.
- Blog - the cash won’t start flowing overnight, but there are plenty of ways to monetize a blog once you’ve amassed a following, from running banner ads to participating in affiliate programs where you receive commissions when people follow links on your site to purchase goods on another site.
- Franchise - starting your own location of a business that’s already proven successful is a great way to ensure there’s demand for your product or service. Plus a formalized plan for how things should be done is already established, so you don’t have to figure everything out for yourself as you go.
- Bed and breakfast - a B&B isn’t exactly a new idea, but it can provide a steady stream of income, provided the location is in a spot with lots of tourists.
- Senior care - providing care for the ever-increasing over-85 population is a flexible means of income that is poised for steady growth as more and more seniors age into a time where care is needed. This career has built-in experience for anyone who has ever cared for their own aging parents.
With low barriers to entry and minimal costs, multi-level marketing (MLM) and direct sales companies offer seniors flexibility and earning potential. But you must do your homework. Be sure to thoroughly investigate any MLM business prior to signing on.
Whether it’s starting a new business venture, staying on with your current job or finding part-time work elsewhere, there are several other benefits of working at least part-time after 65 (besides the obvious financial advantages):
- Staying social
- Achieving fulfillment
- Feeding a passion
- Keeping active
- Giving back
From consulting to opening a franchise, there really aren’t any limits to what today’s retirees can do to stay active, social and financially stable. Being open-minded and realistic are keys to success in this exciting next chapter.
To learn more about homes available in Nocatee, visit nocatee.com or stop by the Nocatee Welcome Center.
