Instead of having a long, boring slog of a retirement, a home-based business can make one’s golden years meaningful, productive, and even profitable. Here are five of the most practical home-based business ideas for retirees.
In this article:
- Online Selling Home Business Opportunities
- Coaching or Counselling Home Business
- Self-Publishing Business From Home
- Sell Video Courses
- Freelance Services
Best Home-Based Business Ideas for a Productive and Financially Rewarding Retirement
1. Online Selling Home Business Opportunities
There are two types of products online-selling businesses sell:
- Physical products
For physical products, there are two ways to sell them online: via the standard retail and the drop-shipping models.
A standard retail business requires buying inventory first and stocking them at home or in a warehouse before selling. Fulfilling orders, which entails receiving payments and shipping orders, can be done by either the entrepreneur or a fulfillment company.
Amazon and eBay are two of the best and biggest examples of order fulfillment companies. For example, Amazon has the Amazon FBA (fulfillment by Amazon) program, where the company takes care of logistics (inventory warehousing, order processing, payments, and shipping).
The drop-shipping method, on the other hand, doesn’t require sellers to stock up on inventories. When they receive online orders from customers, they’ll ask their suppliers to ship the items directly to their customers.
The drop-shipping method requires less operating capital than the standard retail method because entrepreneurs don’t have to purchase and stock inventory. They only buy items they sell and ask their suppliers to ship directly to their customers.
For digital products, retirees can choose from a wide array of digital products like e-books, video courses, and the like. The best way to do it is through affiliate marketing, which involves selling other people’s digital products.
Affiliate marketing has two advantages:
- No need to create one’s digital products
- No need to sell. An affiliate marketer only needs to drive traffic to an online seller’s sales page, and if it leads to sales, they get a commission.
2. Coaching or Counselling Home Business
For those who find satisfaction in helping people solve their life issues, this can be the perfect retirement home-based business. With so many people living under so much stress these days, the coaching or counseling market can be huge.
One can coach or counsel in person or online (via Skype or other video-conference platforms). The latter provides a big opportunity for the potential market to expand to other countries.
To be a professional coach or counselor, you’d need sufficient training and credentials. Organizations like the International Coach Federation (ICF) offer coaching training and accreditation.
For the budget-conscious, you can also get training and certification through online courses available on e-learning platforms like Udemy.com.
3. Self-Publishing Business From Home
Many have already found fame and fortune through self-publishing, particularly Amazon.com’s Kindle Direct Publishing (KDP) platform.
In this set-up, there’s no need to go through a publishing company, which can be a tedious process. An aspiring author just needs to write an e-book, open a free account on the KDP platform, and upload the manuscript there.
The KDP platform can also offer bigger royalties compared to the traditional publishing route.
- Authors who release their works via a publisher can expect to get a 15% royalty, at most, per copy sold. For example, if an e-book sells for $10.00, the author will get $1.50 and the rest goes to the publisher.
- Self-published authors on the KDP program can get as much as 70% royalty. For example, an author can get up to $7.00 per sale of a $10.00 e-book.
Even those who aren’t good at creating their own stories can self-publish their e-books.
They can hire ghostwriters, who are professional book writers who turn over complete rights to finished works for a fixed price. One can find e-book ghostwriters on job sourcing sites like UpWork.com.
4. Sell Video Courses
Retirees who have specialized knowledge and would like to continue making money off it can consider selling that knowledge by producing and selling video courses. The market for this is those who are eager to learn specific skills but have a limited budget or time to attend a class in real life.
For example, the Professional Guitar Masterclass created by professional guitarist Michael Palmisano on Udemy.com. On a regular day, the course sells for $24.00, which is considerably cheaper than offline guitar classes.
Instructors make on Udemy can get as much as 97% of a course’s selling price, depending on who was responsible for the sale. For example, a Udemy instructor can earn as much as $19.40 for every sale of a $20.00 course if a customer came from the instructor.
The beautiful thing about selling video courses, like self-publishing e-books on KDP, is scalability. It means it costs the same to sell one copy of the video course as selling 100 thousand copies.
Most of the hard work will be on the video production side, which includes creating the lesson plan, shooting the video, and post-production. Once uploaded to platforms like Udemy, you only need to focus on marketing the course, which can be done in a few minutes daily or once or twice weekly.
For those who have no experience in creating lesson plans or shooting/editing videos, no problem since you can outsource it to freelancers. It’ll cost more, but it can help overcome the lack of content creation and video production skills.
5. Freelance Services
Retirement doesn’t necessarily mean one has to stop working. You can continue doing your job, but on your own terms and pace by being a freelancer.
Some of the many freelancing gigs available on job sourcing platforms like UpWork and Guru include:
- Ghostwriting e-books, articles, and blogs
- Video editing
- Web development
- Software development
- Financial services, such as accounting and financial analysis
- 3D modeling
- Customer service
There are a lot of available gigs from a wide range of industries on the Internet. Chances are, there’s a gig that’s perfect for retirees of any career background.
A home-based business can help make one’s retirement productive and profitable. With the right home-based business, you may even get to enjoy the best years of your life during retirement and live out the dream retirement lifestyle.
What home-based business do you want to start after retiring? Let us know in the comments section below!