10 Ways to Make Money when Retired

1. Bed & Breakfast

More and more people have enough money and time to travel more than once a year. Most of them go for a long weekend and they look for a cheap place to sleep. This is why the old-fashioned B&B is making a comeback. If your home is big enough starting a B&B is a sound option for couples in retirement.

Upside:

• Modest start-up costs
• Repeat business factor
• Meeting many people

Downside:

• Labour intensive

2. Handyman

Have you always been handy at fixing things around the house? Maybe a part-time handyman business is something for you. Many people work all day long and don’t have the time or the skills to do work around the house. Think of simple things – no large construction work – like putting up shelves, small electric and plumbing work, etc.

Upside:

• Steady earning potential
• Work from home
• Minimal start-up costs

Downside:

• Access to a vehicle is essential
• Irregular hours

3. Tuition Service

Retired teachers, lecturers or people that have worked in a specialist field are much in demand as a part-time coaching services. If you have the right skills then there are many opportunities with both the general public and businesses. Also people that play a specific instrument can start a coaching service.

Upside:

• Excellent earning potential
• Work from home
• Modest start-up costs

Downside:

• Need to search for new customers all the time

4. Florist

Another profitable opportunity for retired couples is starting a florist business. Selling flowers, plants, etc -that you have grown yourself- at local retail outlets.

Upside:

• Steady earning potential (when having a contract)
• Work from home
• Minimal start-up costs

Downside:

• Can be labour intensive
• Reliable supplies sources essential

5. Retirement Coaching

Capitalise on the booming retirement market by coaching people over 50 who are either recently retired or planning their retirement.

Upside:

• Domestic and group coaching opportunities
• High profit margins

Downside:

• In some countries you need to be certified to do this (Check this before starting!)
• Need to take courses to keep up to date with regulation market trends, etc.
• Potential learning curve.

6. Desktop Publishing

If you have the right computer skills maybe a home based desktop publishing business is something for you. Like making flyers, newsletters, brochures, forms, etc for small local businesses.

Upside:

• Use Internet to sell your skill (all electronic deliverable goods, ebooks, flyer design, etc).
• Excellent profit potential
• Home based (only need computer)

Downside:

• Need specific skills
• Constant requirement for canvassing new business

7. Garden Maintenance

Many people work all day long and don’t have the time or the skills to maintain their gardens. (There are many people that don’t like gardening and they are willing to pay someone to do this for them).

Upside:

• Small start-up costs (some gardening tools are required.)
• Good cash generator
• Low risk

Downside:

• Access to a vehicle maybe essential
• Irregular hours

8. Start Your Own Online Business

If you can think of the right online business you eliminate the bulk of the hassles connected with setting up an offline business.

Upside:

• Can be fun!
• Minimal start up costs
• 24 hour trading

Downside:

• Steep learning curve

9. Write a Book on Your know-how

Are you an expert in a specific field? Why don’t you write a book or eBook on this specific expertise that you have. Write about work, hobbies, general interests and so on. The list is endless.

Upside:

• Minimal cost

Downside:

• Finding a publisher (Selling an eBook is easier.)

10. Make Money on eBay

More and more retirees are turning to eBay because it doesn’t take a genius to make money with online auctions. Besides selling on eBay you could also try to sell on local markets.

Upside:

• Small or zero start-up cost
• Low risk

Downside:

• Small learning curve