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5 Best Retirement Business Ideas With Scalable Profit Potential
Retirement opens up many opportunities. You might want to explore a new hobby or spend more time with family. But you’ve also got the chance to explore a new career or leverage your existing skills to supplement your retirement income.
If you’re thinking you might like to carry on working after retiring, you’re not alone. At least 51% of Americans expect to work indefinitely, and many plan to remain active in new careers into their 80s. To make the most out of post-retirement work, you need to look at opportunities that are scalable and profitable, plus flexible enough to allow you to enjoy your golden years. But which is the best business for retirees?
Take a look at these five retirement business ideas, each allowing you become your own boss and explore exciting new opportunities.
Benefits of Starting a Business in Retirement
Why do retirees decide to take the step and start a business after retirement? Top benefits that appeal to retirees include:
- Flexible hours
- Learning leadership and business skills
- Becoming a more important part of the community
- Making connections
- The potential to earn beyond retirement savings and social security income
You might choose to leverage a skill you already have or learn something completely new. See which of the five retirement business ideas mentioned here appeals to you.
1. Home Inspection
A home inspector is a key part of the real estate market, offering services to homebuyers, sellers, and real estate professionals. Inspections are essential to ensure homes are sold in safe conditions and avoid nasty surprises for homebuyers later down the line. If you choose this career path, you’ll get to learn new skills but also build a scalable business that could significantly supplement your existing retirement income.
Home inspectors may have different tasks to perform every day of the week, making this one of the most interesting and educational retirement business opportunities. Home inspections often include air-quality tests, asbestos testing, mold inspections, chimney inspections, and full inspections of the entire property.
Inspections are critical for homeowners who want to ensure they’re living in a safe, healthy environment. As an inspector, you might sign off on a home’s safety and quality and help a seller out, or identify an issue and help a homeowner fix it quickly.
Why do so many people consider home inspection the best business for retirees?
- No experience required
- Flexible hours
- Scalable profit opportunities
- Low startup cost
Becoming a home inspector is also a great way to become active in your local community and beyond as you expand your range. You get to know local real estate business owners, first-time buyers, and their families, and can become the trusted home inspector that everyone knows.
As a home inspector, you can expect to earn a salary of $70,300, on average, making this one of the more potentially lucrative opportunities on this list of retirement businesses.
2. Home Care Services
If you’ve always considered yourself handy, a good business to start after retirement is one that offers various types of home care services. You can use your existing skills and retrain as required, getting the relevant licenses as needed to provide services like:
- Electrical services
- Plumbing
- Cleaning
- Pest control
- Gardening and landscaping
You may end up working with other retirees who need additional help keeping their homes in order, so offering these types of services can be another way to connect with your peers.
Plumbers can earn around $66K a year, while cleaners earn an average salary of around $37K.
3. Consulting or Coaching
Your existing skills, knowledge, and experience could be the key to a more luxurious retirement. Whether you have business administration skills or you’re an experienced yoga practitioner, you can turn your passion into a profitable business as a coach, mentor, or consultant.
You can work to your own hours and even work entirely from home, making this an ideal business to start after retirement for anyone with mobility or accessibility issues.
Consultants earn different amounts, and your salary will depend on the type of skills and experience you offer.
4. Pet Sitting
Here’s the best business for retirees who are also animal lovers. If you love the idea of spending time with dogs, cats, and other furry friends, becoming a pet sitter could be the retirement business choice for you.
You’ll need to build trust with a local client base, and could start by pet sitting for community members that you know. They can leave you reviews and testimonials to help you build your business and attract new clients.
Some pet sitters also offer dog walking services to help pet owners who are out at work all day. This is a wonderful way to stay active in later life.
Dog sitters earn, on average, over $47K per annum.
5. Property Management
Looking after someone else’s home or working with landlords to keep residential properties up to scratch is a busy career, best suited to active individuals. You’ll need excellent communication skills and be able to solve problems on the fly, plus you might need to monitor and manage several projects at once. You may also need certifications and licenses, depending on where you live.
The upsides are that you get to become a vital member of local residential communities and earn a tidy profit, especially if you work across multiple properties. Successful property managers may earn around $60K each year.
Choosing the Best Business for Retirement
Before you decide which retirement business is the right one for you, take into consideration what you want from a career in later life. Find out which businesses give you the flexibility to work to your own hours and if there’s the opportunity to scale your business for increasing profits as you gain confidence.
Set financial goals and discuss these with other people in those businesses to see if they’re achievable. Remember to choose a new career path that will offer interest, hands-on activity, and the chance to meet people. These are all aspects of starting your own business that can enhance your retirement and bring joy to later life.
If you’ve decided to become your own boss after retirement, why not find out more about how to become a home inspector? You’ll become a critical part of the real estate process, helping check the safety and quality of homes for buyers and realtors. Speak to WIN Home Inspection, ranked number #1 for home inspection services for the fourth year running. We can help you get started with a franchise that’s flexible and profitable, and perfect for supporting you through your retirement.
Book a free consultation to find out how simple it could be to launch your own recession-resistant retirement business.
