Retirement is the second innings of life. You may want to pursue your hobby, start a new venture, travel and do a lot more. You may also want to stay productive and engaged. Below are a few business ideas after retirement that you may want to pursue.
Make your hobby your business
Hobbies like photography, painting, singing, yoga, baking and exotic cooking, organic farming and more can be turned into profitable business ideas after retirement. These require a small investment. A relevant certification in these fields can help build trust and hence grow your business. Moreover, pursuing an area of interest makes the business more fun and exciting.
The COVID pandemic has accelerated a shift in consumer behaviour from buying offline to online. This, along with the increasing penetration of internet in the country, has led to an increase in the volume of purchases online.
Selling through online platforms can provide you additional income during retirement. You can choose to sell through established e-commerce platforms or build your own. You can choose to sell handmade products like soaps, candles, toys, paintings and more, or can purchase products of various brands and sell them online. You do not need an offline store to sell online. Selling online requires low investment and can be done easily.
Writing can be an interesting business idea after retirement for creative minds. Writing can also help you to create an outlet for your thoughts and be more at peace. You can start writing blogs on any blogging platform of your choice and share your work on social media for people to read. As more and more people read and engage with your blogs, you can start earning money through advertisements on your blogs. You can also publish this into a book and sell it online and offline.
You have decades of experience, both in your personal and professional life. You can become a life coach/mentor and help others achieve their personal and professional goals. For example, if you are an ex-athlete, you can set up a business after retirement in which you coach current or aspiring athletes and help them with the nuances of a particular sport. Moreover, this business requires minimal set-up costs.
Tutor for students
You can pick a subject of your interest and consider offering personalised tuitions to students. You may need to brush up your knowledge in the subject that you choose. You can tutor students in your neighbourhood and gradually grow with time. You can also choose to tutor offline and online, both. With your experience, identifying the right approach to tutor any student can come easy. You will also be able to impart various skills amongst your students that will help them later in their career.
After years of financial planning, you can share your valuable learnings with people that need your guidance with their investments. You can offer your insights in investing through various instruments, such as mutual funds, stocks, bonds, life insurance plans, real estate and more. With the right advice, you can help people meet their financial goals.
Setting up a business after retirement can be a physically and mentally stimulating experience. It can give you a purpose and can keep you active and healthy. However, irrespective of how big or small the investment in a business is, it does carry some risk. Therefore, it is important to plan well. With proper planning, you can build a fulfilling retirement life for yourself.