0
0
It is never too late to start your dream business. Well, each one of us has thought about building our brand/business at least once in our lifetime. But due to some constraints, most of us were unable to achieve it. We will be free from most of our responsibilities after retirement, and it is the best time to fulfil our dreams. If your dream is to start a business, this article is for you. Read till the end to learn about 5 profitable small business opportunities for retirees.
1. Start an eCommerce Store
Thanks to the internet and smartphones, many consumers now shop from eCommerce stores. Nowadays, all types of products can be found in online stores. If you have skills in handicrafts, clothes designing, chocolate making, etc., the best way to make the most of such skills is by selling your product through an eCommerce store. You can set up an eCommerce store yourself or simply list the products on existing online stores like Flipkart or Amazon.
2. Become a Blogger or Freelance Writer
If you have writing skills and research capabilities, you can start a writing career by becoming a blogger or a freelance writer. Using WordPress or BlogSpot, anyone can start their own blog/website. Interesting content attracts readers. After writing a decent amount of content, you can monetize the blog to start earning from it. You can also register on freelance platforms like Upwork, Fiverr, etc., as a freelance writer.
3. Become a Coach or Consultant
During your working tenure, you might have acquired various skills. Now that you have retired, it does not mean those skills are useless. There are many individuals out there looking for these skills. To start a business using these skills, you can establish a consulting service and become a consultant or coach. Again, thanks to the internet, you can do this from home using video calls. Usually, coaching is given to individuals looking for life skills, interview skills, etc., and consulting is also useful for organizations looking to boost their sales.
4. Become an Investment Agent
Financial markets and investments are hard to understand. If you have knowledge of finance, you can use it to become an investment agent. There are many millennials out there willing to pay decent money for investment advice. You can use your knowledge to start an advisory firm. Business loans can help you set up an investment advisory firm.
5. Turn a Hobby into a Business
Everyone usually has a hobby. It may be gardening, model aircraft flying, motorcycle riding, or something else. Try to turn your hobby into a business. If you are a motorcycle or car enthusiast, you can build carbon fibre parts and sell them online. Like the hobbies discussed above, other hobbies can be turned into businesses with the right ideas. Many banks and NBFCs offer loans to retired individuals to start small businesses.
Conclusion
In the above article, we have discussed the five different ways in which anyone can start a small business after retirement. For capital, you can approach a bank or an NBFC offering attractive loans for businesses. Business loans help fulfil urgent business requirements. They also help expand your existing business and boost production. Before approaching a bank or a financial institution, check your business loan eligibility. You may use an online business loan EMI calculator to plan your repayments.
Average Rating