Top 5 Successful Businesses For Retirees and Pensioners In 2023
Are you wondering which successful business to engage in as a retiree or pensioner? You are not alone. It is a joy for everyone to be able to sit back after working for several years and enjoy the fruits of their labor.
Unfortunately, for many retirees and pensioners, that is not the case. One of the many things that stand as a hindrance to an enjoyable retirement is post-retirement depression. a situation in which there is so much void in your life that the hustle and bustle of working in a career used to fill it.
The most successful way that has been found to cure post-retirement depression is to get activities to engage in. While there are several activities you can engage in, you can also make some extra funds while staying off post-retirement depression. And that is what this article is set to help you with.
I have listed the 5 most successful businesses for retirees and pensioners that you can start today. The good news is that all the businesses highlighted here do not require large sums of money to get started, they are not energy-intensive so they don’t affect your health and they are also very lucrative. You won’t just make a few bucks— they can become full-time extra income to make your life easier.
Top 5 Successful Businesses For Retirees and Pensioners
1. Coaching and consulting
The first and most successful business for retirees and pensioners is coaching and consulting. If not anything else, one of the assets that come with ageing is experience. As a retiree, you have walked a career path, you have had experiences with friends, you have lived under different governments, you have raised children and probably grandchildren, and so on.
All of this wealth of experience are valuable assets that can be monetized through coaching and consulting. Becoming a coach or consultant is not as difficult as it sounds.
Even if you aren’t aware, you coach people in your daily life and several others come to you for consultancy, just what you call advice-giving or storytelling. How about just becoming a little more intentional and strategic about what you’re already doing and start making money from it?
The first step is to identify the field where you have the most practical experience and make it your niche. Choosing a niche will make you an authority thereby giving you leverage to charge a premium.
Secondly, you can take an online course in that field for certification’s sake (still building authority). Next, you develop a simple website where you explain the services you render, your working terms, and pricing. Coaches and consultants charge per hour or session.
That’s basically it. You then begin to tell your friends, colleagues, and family both offline and online about your services and attract others by sharing free valuable information online to show your expertise. You will most likely get your first few clients through referrals but as you continue to deliver, your clientele will grow. You can charge anything between $100 to $1,000 per coaching or consulting session.
2. Event planning and rentals
The second most successful business for retirees and pensioners is event planning and rental services. This is also another business in that you don’t need much labor to get started.
Since you are someone who has attended a lot of events, you have seen what made the successful events successful and what made the failed events fail. This knowledge added to the willingness to study trends is enough to start an event planning business as a retiree or pensioner.
One model of event planning that will particularly sell if you venture into it as a retiree is planning events where culture is needed. As someone who has more experience with past cultures than the younger generation, you are invaluable in that field. This includes cultural wedding ceremonies, culture awareness days, and so on.
Not to worry, as an event planner, you’re not the one setting the stage and dressing everyone up. You are simply what it says— the planner. You only map out the strategies to be used, the equipment and accessories needed, the venue that will best suit you, the estimated cost of the event, and the like.
Once your plan has been accepted by the client, you outsource individuals who will help you implement the plan while you supervise.
One other service that goes hand in hand with event planning is rentals. Using our cultural wedding ceremony as an example, the couple will certainly need to rent the costumes and accessories you recommended. Instead of going to rent it elsewhere, you can keep the money to yourself once you have them available for rent.
Apart from using the materials for yourself. You can also rent them out to other event planners on days you don’t have events to plan. You can charge between $500 to $10,000 per event depending on how large the event is.
3. Poultry and livestock business
The third most successful business for retirees and pensioners is the poultry and livestock business. Poultry is simply the raising of different kinds of birds from chickens to ducks and pigeons.
But livestock increases the scope to include other domestic animals like catfish, rabbits, dogs, and so on. If there’s one thing I’ve learned about businesses over the years, it is that once you are in a business that sells what people use daily, you are one step closer to success than the rest. And what do people buy more daily than food?
By keeping chickens alone, you can sell the actual broilers to consumers, you can sell day-old chicks to other poultry farmers, and you can sell the eggs from the layers to buyers too. Even poultry droppings can also be sold as manure. So there’s no waste.
What makes starting a poultry business as a retiree easy is that you don’t need to spend a lot of time acquiring new skills. By just reading blog posts or watching YouTube videos, you can get the needed knowledge to set up and run a poultry and livestock business even at home.
If you are afraid of the risk of losing the birds, you can start with just a few until you trust your hands and continue to expand as time goes by.
Because you have a lot of friends and past colleagues, you can get linked up with hotels or restaurants and they will be your major customers while you sell smaller quantities to individual buyers.
As I said, it isn’t just poultry, you can choose any other animal you prefer and the process is still the same. You can make $400 to $3,000 monthly from starting a poultry and livestock business as a retiree or pensioner.
4. Blogging and writing business
The fourth top successful business for retirees and pensioners is blogging and other forms of writing business. If you are like most retirees, I am sure you are seeking an avenue to exercise your mental capabilities even if just a little. Blogging and other forms of writing like authoring a book and starting a newsletter are the perfect business for you. And yes, they are businesses.
If all you have heard about blogging is just sharing about your life to a few people who are free enough to read, you haven’t heard so much yet. Blogging is a business and a lucrative one.
For a basic explanation, it is providing answers to the questions people are searching for online. And like every other business online, once you have a lot of eyeballs, there are endless means of monetizing them.
The primary ways of monetizing a blog are through signing up with a display ads network and recommending products while you get an affiliate commission.
What you need to start a blog is to choose a topic you are knowledgeable about or willing to research, get a domain name and hosting for a few bucks and begin to publish valuable content. You can make from $500 to $5,000 monthly from your blog depending on how intentional you are about it.
5. Local tour guide
Becoming a local tour guide in your town is the fifth top successful business for retirees and pensioners. This business is specifically perfect for you if your town has a few tourist attractions or cultural significance and you have lived there for so long thereby knowing so much about the town.
Your primary responsibility as a local tour guide is to take tourists or visitors around your town and give them some background information about the town as you do so.
You share about the cultures and languages of the town, share the myths and beliefs of the town, share the history and tell about the notable personalities in the town and what they did.
What you need to become a sought-after local tour guide is simply in-depth knowledge about the particular town you want to tour people around and good storytelling skills.
You can rent a cab and a driver if you wish to give tourists the best experience. To get clients you will have to partner with community heads and immigration personnel so they can recommend you as tourists come. You can charge anything between $100 to $1,000 per hour
Conclusion: 5 Successful Businesses For Retirees and Pensioners
There you have the top 5 successful businesses for retirees and pensioners you can start today at a very low cost. All these businesses require little physical input and they keep you both physically and mentally active thereby making your retirement still adventurous and engaging. These businesses for retirees and pensioners listed are also high paying.