Updated: Feb 25, 2022
Ahh retirement...that beautiful word, that delicious carrot dangling at the end of a long, hectic career. It conjures up images of toes in the sand, Mai Tais in hand, and endless golf games.
"Work" isn't a word synonymous with retirement, but...
What if you miss the challenge and satisfaction that work can bring? What if your retirement income isn't quite as "cushy" as you hoped? What if, now that you're "free," you actually have the time to pursue something you love?
There are plenty of reasons why you might want to start an online business in retirement. And frankly, you don't have to explain any of them to me.
All that matters is that YOU make the decision about whether a new adventure – in the form of an online business – is something that will enhance your retired life in some way.
Is now a good time?
Now is a PERFECT time to start an online business. Let me be honest, though...that will always and forever be my answer. :)
But beyond my general MO that "now is the first day of the rest of your life" and "carpe diem" and so on, it actually IS a great time in history to start an online business. Not only is it easier than ever to quickly and easily start a business (thanks to countless platforms, trainings, and groups), but there are more people online today than ever in the history of the world...so your potential audience is vast.
Are you still confused about your online retirement business and don’t know where to start?
Here I have listed some personal tips that helped me transform my long-time dream into a reality.
Let’s get started.
Know Your Market
Without research and business planning, most people, including me, don’t even make a major purchase decision, let alone a business startup.
Before setting foot in the market, it's always a good idea to learn about your potential audience, competition, business structure, and industry trends. One great way is to reach out to mentors and get some guidance from industry experts, who can provide insights about industry trends and the feasibility of your business model.
No matter what your career was, you likely have some business knowledge that you’ve learned over the course of your life. Your past job, experiences, skills, and work culture have instilled in you some foundational knowledge. For example, Harvey was a lawyer for 40+ years. Law is something that he has dealt with over his entire lifetime.
If he decides to start his own business of legal consultation after retirement, he’ll have the fundamental tools and knowledge for the business. All he needs is a suitable business model to take this business online.
Hence, whatever is your passion, cash in on the previous knowledge and experiences you’ve gained through most of your life.
Even if you decide to pursue something you love, you must show dedication and act with patience for the business to grow. I have personally witnessed businesses fail simply because owners decide to give up in the middle.
Therefore, wait as all successful owners do. Find a business you love to work on, such as running a blog or creating digital assets. Stay committed and watch your business grow.
What Is a Good Retirement Business to Start?
Honestly, it depends upon your passion and interest. I personally recommend you do something you like because who would want to work on something boring during retirement? Some retirement business ideas include:
Service provider business
Digital Products (Ebooks, apps, etc.)
Freelance writing business
Is 65+ Too Old to Start a Business?
Not at all! Fun fact: Colonel Sanders started KFC at the age of 65...and we all know what a massive success that business turned out to be. Many retirees start an online business to increase their income or give them a new challenge or way to impact the world. It’s a good idea to start a business anytime in your life and have passive retirement income rolling in.
Furthermore, many people with nothing to do in retirement often go into a depression and worsen their health. A new, exciting business can keep you busy with challenges and keep you in good health.
What Do YOU Want For Your Retirement?
Retirement isn’t only about golfing or watching television all day. You can make it more fun by keeping yourself busy and making money (even while sleeping!). To me, that sounds more like my type of life after retirement. Hence, implement the above-listed guidelines and make yourself financially independent well into your golden years.