Business ideas for retirees

In a recent You’ve Earned It/YEI employment and entrepreneurship survey conducted on the YEI platform, 75% of respondents indicated that their preference is to continue working past the traditional retirement age.

Given employment opportunities are scarce in South Africa, particularly for the 60-plus age group, here are some ideas on possible entrepreneurship opportunities, well suited to older entrepreneurs.  Age has so many advantages, including having extensive knowledge, experience and skills, as well as wisdom, so starting a small business at this age is entirely doable and can be a rewarding and fulfilling endeavour. 

Online Tutoring

You need to be knowledgeable about the subjects you can offer in online tutoring.  One can also teach skills like cooking, gardening or even a musical instrument.

Care services for older adults

There is such a need for the elderyly who require assistance with daily activities and companionship.  This could be such a meaningful business for certain individuals.

Tech support for 60-plussers

Offer a service to those who need assistance with technology – think smartphones, computers, laptops and other devices

Arts and crafts

The festive season is a’coming!  If you are one of the lucky creative types, consider selling your handmade crafts, artwork or jewellery at the local craft fairs.

Consulting

Some businesses do value the wisdom and insights that come with years of experience and knowledge.  Use your decades of expertise and experience in your field to offer consulting services.

Coaching and mentoring

Think about helping others to navigate their professional and personal challenges.   As a life coach, mentor or career coach, you can share your knowledge and vast life experiences to assist those younger than you.

Handyman/women services

The majority of those working do not have the time or the inclination to do home repairs and maintenance.  If you have the requisite DIY skills, consider offering this service to others.

Pet-sitting and dog-walking

Love animals?  Don’t have your own?  Love walking?  A match made in heaven for animal lovers – set up your own pet-sitting and/or dog-walking business – flexible hours and a great way to enjoy the outdoors and get exercise. 

Before starting any business, it is absolutely essential to conduct thorough market research.  You also need to create a solid business plan, and also consider the financial and legal aspects that may come into play.  Ensure that your business idea aligns with your interests, passion and expertise.