22 Passive Income Ideas for Retirees [2024]
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Are you a retiree looking to boost your income and maintain financial stability during your golden years?
Look no further than passive income ideas! Passive income is money earned without the need for active involvement, and it’s an excellent way to supplement your retirement income.
Whether you’re looking to travel the world, spoil your grandkids, or simply enjoy your retirement to the fullest, passive income can help make those dreams a reality.
In this article, we’ll explore some of the best passive income ideas for retirees, from investing in real estate to starting a blog or creating an online course.
With a little bit of effort upfront, you can create a steady stream of income that will last long after you retire. So, let’s dive in and discover how you can earn passive income today!
1. Start an ecommerce store
Opening an ecommerce store can be a great passive income idea for retirees, as it requires minimal overhead costs and can be managed from home. With the rise of online shopping, there is a huge potential customer base for ecommerce stores. Skills needed to get started include understanding of online sales platforms, marketing, and customer service.
An eCommerce business is a company that sells products or services online. Ecommerce businesses have many advantages over brick-and-mortar businesses, including lower overhead costs, increased flexibility and reach, and the ability to reach a wider audience.
eCommerce is booming right now because of the convenience and efficiency it offers consumers. Consumers can buy products from their favorite brands on a platform that makes the whole process easier than ever. They don't have to leave their homes or go out in public, they can just sit down at their computer, tablet or smartphone and browse through all of the options available to them.
To start an ecommerce business, you'll need to set up a website where customers can browse your inventory and purchase items, as well as payment processing software that allows you to accept credit card payments. You'll also need to choose a shopping cart software and manage inventory tracking software.
How much you can make: $450 — $62,500,000/month
How long does it take to build: 120 days (?)
Time commitment per week: Min. 5 hours/week
Southern Elegance Candle Company, founded by D'Shawn Russell, started as a side hustle making around $200 per weekend at a local Farmers Market, but now averages approximately $20,000 per month in sales across their retail site, wholesale site, and Faire.
2. Start an etsy shop
An Etsy shop can be a great way for retirees to monetize their crafting hobbies. Whether it's handmade goods, vintage items, or craft supplies, Etsy provides a platform for creatives to sell their wares. Retirees can work from home and set their own hours, while potentially earning passive income. Skills needed include crafting and online marketing.
Etsy has been around for over a decade, and the platform has become more popular for creators, entrepreneurs, and consumers.
The platform started as a place for crafters to sell their supplies and handmade goods. Now it has become a venue for artists and small businesses of all kinds to sell their products.
If you just started your shop or want to sell your products on Etsy, there are many different ways to kill on the platform. With the tips and advice of Etsy sellers who’ve been in your position, you’ll soon be successful!
How much you can make: $100 — $750,000/month
How much does it cost to start: $1,000 (?)
How long does it take to build: 30 days (?)
Chasing Planner Peace is a planner company that has expanded from selling planner inserts on Etsy, to offering a one-stop shop customizable planner experience with over 300 inserts, a planner line, and various other related products, gaining a monthly revenue of around $25,000 at its busiest time of year.
3. Create an online course
Creating an online course can be a great way for retirees to share their expertise and earn passive income. With the right content and marketing, online courses can attract a large audience and generate significant revenue. Retirees can record their course materials from home and manage sales through a platform like Udemy or Teachable. Skills needed include teaching and video production.
An online course business involves creating and selling digital classes teaching specialized skills or knowledge to subscribed students.
As an entrepreneurial course creator, you identify educational gaps around topics you have expertise in and develop engaging video lessons and supplementary materials.
With flexibility around self-paced or cohort-based structures, building a student base provides passive income potential.
For founders who enjoy information-sharing, launching an online course platform presents a lucrative way to monetize your instructional talents with small startup costs by serving eager lifelong learners seeking convenient access to emerging subjects.
How much you can make: $350 — $3,735,000/month
How much does it cost to start: $1,850 (?)
How long does it take to build: 90 days (?)
Learn how one couple created a successful personal finance blog, The Savvy Couple, that now makes over $20,000 per month and has sold thousands of digital workbooks and courses, by focusing on purposeful content and optimizing their ROI with efficient time management.
4. Start a blog
Starting a blog can be a great way for retirees to share their experiences and earn passive income through advertising or affiliate marketing. Blogging requires minimal start-up costs and can be done from anywhere. Retirees can write about topics they're passionate about and potentially earn money from their writing. Skills needed include writing and online marketing.
In recent years, blogging has become a highly sought-after & lucrative Business. This location-independent business is a creative outlet to reach a broader audience and even work at any time. According to Optinmonster’s list of blogging statistics and facts:
- Blogs have been rated as the 5th most trustworthy source of gathering online information.
- 77% of internet users read blogs.
- Each month, approximately 409 million people view more than 20 billion pages.
Originally blogging started as an online journal, but today it is a highly profitable career option. Many people are choosing blogging as their full-time career and are earning their bread and butter from this profession.
If you want to start blogging as a side hustle or as a full-time profession, choose a niche you will enjoy writing about and have a content strategy ready. Then, create a mailing list, and decide on a good blog posting routine to keep your audience engaged.
How much you can make: $200 — $160,000/month
How much does it cost to start: $500 (?)
How long does it take to build: 44 days (?)
Time commitment per week: Min. 5 hours/week
Learn how one couple created a successful personal finance blog, The Savvy Couple, that now makes over $20,000 per month and has sold thousands of digital workbooks and courses, by focusing on purposeful content and optimizing their ROI with efficient time management.
5. Start a niche blog
Similar to a general blog, starting a niche blog can be a great way for retirees to share their expertise in a particular area and earn passive income. Niche blogs can attract a dedicated audience and generate revenue through advertising or affiliate marketing. Retirees can write about a subject they're passionate about and potentially earn money from their writing. Skills needed include writing and online marketing.
Starting a niche blog can be a great way to engage with a passionate online community by sharing your expertise on a specific topic.
The first step is to identify a profitable and underserved niche, such as fashion, video games, film reviews, cooking, and more.
Find your niche and create unique and informative content, such as articles, commentary, news, how-to guides, top product lists, convention coverage, video interviews, and spotlights.
To monetize your blog, gain visibility and followers, provide affiliate links, grow a YouTube channel, collaborate with relevant brands, and speak at events.
To succeed in niche blogging, you need to have a passion for your topic, create engaging content, and regularly engage with your followers.
How much you can make: $200 — $250,000/month
How much does it cost to start: $400 (?)
How long does it take to build: 30 days (?)
Starter Story grew to 1.4 million monthly visitors and millions in annual revenue by sharing the stories of entrepreneurs. Pat breaks down the early days and how he grew the business into something that changed his life.
6. Start a consulting business
Retirees with years of experience in a particular field can start a consulting business to offer their expertise to others. This can be a great way to earn passive income while sharing knowledge and helping others. Consulting can be done remotely, making it an ideal business for retirees. Skills needed include expertise in a particular field and the ability to offer advice and solutions.
Consulting businesses are booming, more so than ever before, and seeing year-over-year growth. With an accumulated value of about $250B, the global consulting industry is one of the biggest markets within the professional services sector.
If you want to start your own consulting business with valuable insights from industry experts, reading about their entrepreneurial journey will help you decide how you should go about it.
How much you can make: $100 — $2,500,000/month
How much does it cost to start: $1,000 (?)
How long does it take to build: 60 days (?)
Cybersecurity consulting firm Eden Data, launched in March 2020, scaled to four team members and generated over $45k MRR without large startup costs through their unique Virtual CISO offering, which outsources cybersecurity and compliance needs for a flat monthly price, rather than charging by the hour or for long-term commitments.
7. Start a copywriting business
Starting a copywriting business can be a great way for retirees to use their writing skills to earn passive income. Copywriting involves writing marketing materials for businesses, such as website copy, product descriptions, and advertisements. Retirees can work from home and manage clients through online platforms. Skills needed include strong writing abilities and marketing knowledge.
A copywriter creates clear, compelling copy to sell products and/or educate and engage consumers.
To become a copywriter, focus on covering the basics, plan your copywriting business and choose the services you intend to offer.
To develop your brand, establish a marketing strategy, and offer quality services to your audience. Email marketing, newsletters, and other digital marketing tools can help you create a successful copywriting business.
How much you can make: $700 — $160,000/month
How much does it cost to start: $500 (?)
How long does it take to build: 41 days (?)
How David Tile turned a freelance writing gig into an $80k/month business, discussing lessons learned through managing growing demands and maintaining a remote team operation.
8. Start a life coaching business
Retirees with experience in counseling or mentoring can start a life coaching business to offer their expertise to clients. Life coaches can work remotely and offer their services through online platforms. This can be a great way for retirees to earn passive income while helping others improve their lives. Skills needed include counseling or mentoring experience and the ability to motivate and inspire others.
Life coach helps people in various areas of their lives using a combination of emotional intelligence, professional knowledge, and experience.
Life coaching is a popular industry worth over $2.85 billion, and the number of life coaches has increased by 33% between 2015-2019.
This is a very profitable business and can be started at virtually no cost. You’ll need a computer, a high-speed Internet connection, and a LinkedIn account to start. Then, you can begin coaching part-time in your spare time until you build up your clientele.
How much you can make: $100 — $660,000/month
How much does it cost to start: $750 (?)
How long does it take to build: 90 days (?)
Time commitment per week: Min. 5 hours/week
GrowthMentor, a platform connecting vetted growth mentors for one-on-one calls, founded by Fotis Panagiotakopoulos, has had over 2,500 mentorship calls booked to date and has seen success in using word of mouth, content marketing, and leveraging other people's networks as the primary drivers of customer acquisition.
9. Start an online jewelry store
Opening an online jewelry store can be a great way for retirees to monetize their passion for jewelry making. With the rise of ecommerce, there is a large potential customer base for online jewelry stores. Retirees can work from home and manage sales through a platform like Etsy or Shopify. Skills needed include jewelry making and online marketing.
The online jewelry store industry has been growing rapidly. More and more people are buying cheaper jewelry online because it is easier and has a much more extensive selection.
The United States jewelry market was valued at about $76B in 2020, and diamond is considered to be the most valuable and lucrative among all forms of jewelry.
If you’re considering starting an online jewelry store to tap into this market, it’s crucial to choose the right e-commerce platform that can support your business needs and enable seamless transactions with your customers.
A great platform can help you showcase your products, manage your inventory, process payments securely, and provide an enjoyable shopping experience to your customers.
How much you can make: $1,000 — $833,333/month
How much does it cost to start: $7,500 (?)
How long does it take to build: 120 days (?)
Taylor & Hart CEO Nikolay Piriankov tells the story of the company's journey from a diamond trading business to an award-winning, disruptive e-tailer of custom-designed, ethical engagement rings and fine jewelry, offering a bespoke design service through specifically developed technology online and instore, and growing to £4-6M in annual revenue.
10. Start an online clothing business
Starting an online clothing business can be a great way for retirees to monetize their passion for fashion. With the rise of ecommerce, there is a large potential customer base for online clothing stores. Retirees can work from home and manage sales through a platform like Shopify or Amazon. Skills needed include fashion design and online marketing.
Starting an online clothing business is an exciting and promising venture. The concept is simple: create an online platform where customers can browse, purchase, and receive their fashion items directly to their doorstep. The beauty of an online clothing business is that you don't have to worry about the overhead costs associated with a physical store, and you can reach a broader customer base.
However, running a successful online clothing business takes more than just setting up a website and listing products. Here are a few tips to ensure your business thrives:
Find your niche: The fashion industry is vast, and it’s essential to find your niche and target market. Identify what type of clothing you want to sell and to whom. For example, if you’re passionate about sustainable fashion, you can focus on selling eco-friendly clothing for the eco-conscious consumer.
Build a strong brand: Your brand is your business’s identity, and it’s crucial to create a strong brand that resonates with your target market. Choose a catchy and memorable business name, and create a consistent visual identity across all platforms, including your website, social media, and packaging.
Invest in excellent product photography: The quality of your product photography can make or break your business. People can’t touch or try on clothes online, so the photos are their only reference. Invest in professional photography to showcase your products in the best light possible.
Prioritize customer service: Good customer service is vital to building customer trust and loyalty. Respond quickly to customer inquiries, and make it easy for them to contact you. Offer free returns, and consider offering a loyalty program to keep your customers returning.
Stay on top of trends: The fashion industry is ever-evolving, and it’s crucial to stay on top of the latest trends. Keep an eye on what’s popular and what's coming next, and consider incorporating trendy items into your product offerings.
Starting an online clothing business may seem daunting, but it’s an exciting and fulfilling venture. By finding your niche, building a solid brand, investing in excellent product photography, prioritizing customer service, and staying on top of trends, you’ll be well on your way to running a successful and lucrative online clothing business.
How much you can make: $5,000 — $475,000,000/month
How much does it cost to start: $8,500 (?)
How long does it take to build: 120 days (?)
Highway Robery is a sustainable robe company in Austin, Texas, producing colorful, all-inclusive, gender-neutral robes in the USA, having increased their sales up 49% YoY as of May 31, 2019.
11. Start an online food business
Starting an online food business, such as a meal delivery service or specialty food store, can be a great way for retirees to capitalize on their culinary skills and earn passive income. This can be done through platforms like Grubhub, Uber Eats, or by setting up an online store. Retirees can work from home and create their own schedule. Skills needed include cooking and food preparation, as well as knowledge of online sales platforms.
Gone are the days when food lovers needed to leave their homes for delectable delights. Insert: online food business. This venture allows individuals or groups to offer ready-to-eat meals or pre-packaged ingredients for home preparation, straight to customers' doorsteps.
In simple terms, the business centers on creating and selling meals through an online platform. In a world perpetually pursuing convenience and variety, this idea caters to a diverse audience—busy professionals seeking nutritious meals, cooking novices craving guidance, or adventurous eaters exploring global cuisines.
As an owner of an online food business, you'll be involved in menu planning, sourcing ingredients, preparation, packaging, and delivering—while constantly innovating and adapting to the ever-changing food trends and dietary preferences. With the right blend of business acumen and culinary passion, the online food business can offer a unique opportunity to merge profit with satisfaction—giving people the gift of good food while filling a fundamental market gap.
How much you can make: $4,000 — $12,500,000/month
How long does it take to build: 120 days (?)
Healthy Chew is a profitable weekly meal preparation service that grew from 200 to 10,000 weekly bowls in just over 3 years, with an overall sales figure of $1.8 million, achieved through effective branding and personalised customer service.
12. Start an online jewelry store
An online jewelry making business can be a great way for retirees to turn their passion for jewelry making into a source of passive income. Retirees can create and sell their pieces through an online store or platform like Etsy. This business can be managed from home and on their own schedule. Skills needed include jewelry making and online marketing.
The online jewelry store industry has been growing rapidly. More and more people are buying cheaper jewelry online because it is easier and has a much more extensive selection.
The United States jewelry market was valued at about $76B in 2020, and diamond is considered to be the most valuable and lucrative among all forms of jewelry.
If you’re considering starting an online jewelry store to tap into this market, it’s crucial to choose the right e-commerce platform that can support your business needs and enable seamless transactions with your customers.
A great platform can help you showcase your products, manage your inventory, process payments securely, and provide an enjoyable shopping experience to your customers.
How much you can make: $1,000 — $833,333/month
How much does it cost to start: $7,500 (?)
How long does it take to build: 120 days (?)
Taylor & Hart CEO Nikolay Piriankov tells the story of the company's journey from a diamond trading business to an award-winning, disruptive e-tailer of custom-designed, ethical engagement rings and fine jewelry, offering a bespoke design service through specifically developed technology online and instore, and growing to £4-6M in annual revenue.
13. Start a pet company
Starting a pet company, such as a pet grooming or pet-sitting service, can be a great way for retirees to earn passive income while working with animals. This business can be managed from home and on their own schedule. Skills needed include knowledge of pet care and animal behavior, as well as marketing and customer service skills.
Starting a pet business requires a lot of hard work and dedication, but it's well worth it. Not only will you be able to spend more time with your pets, but you'll also be able to provide them with a better life.
There's no shortage of products or services you can offer when starting a pet business. From food to toys to grooming services—the list goes on and on!
You can offer these services at home or another location that suits you best (such as at an animal shelter). This means that not only will you be able to make money doing something you love while also helping others—but you'll also get the flexibility needed to do it all from wherever works best for both yourself and your customers (who might not always have time or transportation).
If you love animals and want to make a living from your passion, starting a pet business might be the perfect fit for you.
How much you can make: $400 — $1,833,333/month
Furry Fellas Pet Service LLC is a successful pet sitting and dog walking business that brings in over half a million dollars in sales per year, boasts 3,500-4,000 social media followers, employs 42 individuals and has been voted in the top 3 pet sitting/dog walking companies in the RI/MA area for eight years in a row.
14. Start a newsletter
Creating and distributing a newsletter can be a great way for retirees to share their knowledge and earn passive income. Newsletters can be on a variety of topics, from health and wellness to investing and finance. Retirees can manage their subscriber list and distribution through online platforms like Mailchimp. Skills needed include writing and marketing.
Did you know that in the past five years, there has been more than a 50% increase in the number of people who read newsletters?
Newsletters are one of the few things you can use to market yourself as a trusted expert. A well-written newsletter can educate your subscribers and build connections with them.
Email newsletters are a great way to connect with customers and potential customers. It’s a newsletter’s job to inform, persuade, and sell to your audience.
How much you can make: $100 — $3,000,000/month
How much does it cost to start: $400 (?)
How long does it take to build: 22 days (?)
Financial media company MarketBeat, founded by Matt Paulson, provides objective financial information and real-time market data to empower individual stock investors to make better trading decisions, generating approximately $8 million in revenue in 2019 and ending the year with over 1.3 million unique email subscribers due to a freemium model with 75% of revenue from advertising and 25% from subscriptions.
15. Start an online advertising agency
Starting an online advertising agency can be a great way for retirees to use their marketing skills to earn passive income. Online advertising agencies help businesses market their products or services through digital channels like social media and search engines. This business can be managed from home and on their own schedule. Skills needed include marketing and advertising knowledge.
An online advertising agency helps businesses promote their products or services on the internet.
To start this business on a budget, first learn the basics of digital marketing through free online resources.
Create a professional website and set up profiles on social media platforms to showcase your skills.
Build a portfolio by working on mock campaigns or offering discounted services to friends and family, and gradually market your services to attract clients.
With dedication, you can grow your agency over time.
How much you can make: $2,797 — $1,250,000/month
How much does it cost to start: $2,500 (?)
How long does it take to build: 45 days (?)
Iman Gadzhi made over $1.2M in profit within two years with his social media marketing agency and education company, where he teaches entrepreneurs how to start and scale a profitable SMMA, with over 45 of his students making over six figures with their SMMA, and over 300 students having quit their regular jobs.
16. Start a travel agency
Starting a travel agency can be a great way for retirees to earn passive income while helping others plan their dream vacations. Travel agents can work remotely and manage their clients through online platforms. This business requires knowledge of travel destinations and planning, as well as marketing and customer service skills.
Are you a passionate traveler with entrepreneurial skills? Then starting a travel agency can be a great career choice for you.
As a travel agency, you'll be responsible for linking travelers to providers of all the travel and tourism-related services such as accommodation, transportation, sightseeing, tour guides, local adventure, etc.
Starting an online travel agency is a lot easier than you might think. You'll need to perform market research, get a few necessary certifications (such as your IATA number), study competition, build a website, and do proper marketing.
To maximize earnings, negotiate discounts from the industry service providers, and charge travelers within the market rate.
How much you can make: $2,000 — $114,200,000/month
How much does it cost to start: $1,000 (?)
How long does it take to build: 90 days (?)
Marissa Daniels runs a successful travel agency, Spread Your Wings Travel, that hit $100,000 in sales within a year of launch and provides payment plan options for its all-inclusive vacations, and she hopes to help 100 families supplement their income through the business.
17. Start an online clothing business
Opening an online clothing boutique can be a great way for retirees to turn their passion for fashion into a source of passive income. Retirees can create their own clothing designs or curate a selection of products from other designers. This business can be managed from home and on their own schedule. Skills needed include fashion design and online marketing.
Starting an online clothing business is an exciting and promising venture. The concept is simple: create an online platform where customers can browse, purchase, and receive their fashion items directly to their doorstep. The beauty of an online clothing business is that you don't have to worry about the overhead costs associated with a physical store, and you can reach a broader customer base.
However, running a successful online clothing business takes more than just setting up a website and listing products. Here are a few tips to ensure your business thrives:
Find your niche: The fashion industry is vast, and it’s essential to find your niche and target market. Identify what type of clothing you want to sell and to whom. For example, if you’re passionate about sustainable fashion, you can focus on selling eco-friendly clothing for the eco-conscious consumer.
Build a strong brand: Your brand is your business’s identity, and it’s crucial to create a strong brand that resonates with your target market. Choose a catchy and memorable business name, and create a consistent visual identity across all platforms, including your website, social media, and packaging.
Invest in excellent product photography: The quality of your product photography can make or break your business. People can’t touch or try on clothes online, so the photos are their only reference. Invest in professional photography to showcase your products in the best light possible.
Prioritize customer service: Good customer service is vital to building customer trust and loyalty. Respond quickly to customer inquiries, and make it easy for them to contact you. Offer free returns, and consider offering a loyalty program to keep your customers returning.
Stay on top of trends: The fashion industry is ever-evolving, and it’s crucial to stay on top of the latest trends. Keep an eye on what’s popular and what's coming next, and consider incorporating trendy items into your product offerings.
Starting an online clothing business may seem daunting, but it’s an exciting and fulfilling venture. By finding your niche, building a solid brand, investing in excellent product photography, prioritizing customer service, and staying on top of trends, you’ll be well on your way to running a successful and lucrative online clothing business.
How much you can make: $5,000 — $475,000,000/month
How much does it cost to start: $8,500 (?)
How long does it take to build: 120 days (?)
Highway Robery is a sustainable robe company in Austin, Texas, producing colorful, all-inclusive, gender-neutral robes in the USA, having increased their sales up 49% YoY as of May 31, 2019.
18. Start an online fitness business
Starting an online fitness business, such as a personal training or workout program, can be a great way for retirees to earn passive income while helping others improve their health. This business can be managed from home and on their own schedule. Skills needed include fitness and training knowledge, as well as online marketing skills.
Thinking of starting an online fitness business?
Online fitness is growing rapidly in popularity because it’s convenient, affordable, and accessible to everyone. The best part is that you can stay in your home to start.
Starting an online fitness business can be a great way to make money and help people. When you start an online fitness business, you don’t have to worry about overhead costs like rent or maintaining a physical location - all you need is a computer and an internet connection to get started.
How much you can make: $2,000 — $108,333,333/month
How much does it cost to start: $2,000 (?)
How long does it take to build: 60 days (?)
This case study is about a former personal trainer who launched his online personal training platform, TeamFFLEX, starting with no money and a lot of drive, and grew it into a 6-figure business in less than a year, now doing $48,000 a month with potential for continued growth.
19. Start an online community
Creating an online community, such as a forum or membership site, can be a great way for retirees to share their knowledge and earn passive income. Retirees can create a community around a topic they're passionate about, such as gardening or travel. This business can be managed from home and on their own schedule. Skills needed include online community management and marketing.
Online communities bring people who share common values together. For anyone looking to start a side hustle and earn money, you need to figure out the best online communities to participate. More important, you need to figure out on how to translate your online community membership into dollars. Ideas of how to earn through online communities include:
- Selling your products
- Promoting affiliate links for a commission
- Run ads
- Sell online community membership
- Start your own online community and charge for sponsored content
How much you can make: $1,500 — $1,816,666/month
How much does it cost to start: $750 (?)
How long does it take to build: 60 days (?)
Time commitment per week: Min. 4 hours/week
VC-turned-entrepreneur Phil Strazzulla, who previously built a successful b2b SaaS business, shares how he bootstrapped an online review site for HR software into a viable business with over $1k monthly revenues in just 3 months through organic search traffic growth and selling high intent leads.
20. Start an online t-shirt business
Starting an online t-shirt business can be a great way for retirees to monetize their artistic skills and earn passive income. Retirees can create their own designs and sell them through platforms like Teespring or Shopify. This business can be managed from home and on their own schedule. Skills needed include graphic design and online marketing.
Running a t-shirt business is an opportunity many entrepreneurs are looking into as a side hustle or even a full-time business opportunity. While having your own physical store is possible, online businesses are becoming extremely popular in this field.
Launching your own successful online t-shirt business may feel daunting, but with the guidance & insights from people who are already pioneering this industry, it’s simpler than you may think. You can start with selling customized quotes t-shirts, tie-dye prints/screen printing t-shirts, or solid color t-shirts. The opportunities for this industry are endless.
How much you can make: $1,000 — $83,300,000/month
How much does it cost to start: $425 (?)
How long does it take to build: 7 days (?)
Texas-born apparel brand Tumbleweed TexStyles has grown to serve over 150 retailers throughout the southern United States, selling an estimated 90,000+ products yearly and making an annual $1.2m in sales, thanks to the founders' unique designs, focus on giving back to the education community and successful “guerilla marketing” tactics.
21. Start an online tutors business
Starting an online tutoring or education business can be a great way for retirees to earn passive income while sharing their expertise with others. Retirees can offer tutoring services or create online courses on a variety of topics, from language learning to computer skills. This business can be managed from home and on their own schedule. Skills needed include subject matter expertise and online teaching skills.
Online tutoring is a growing business idea that provides academic assistance and support to students through the internet. This can be done through one-on-one sessions, group classes, or pre-recorded video lessons. Online tutors can specialize in a specific subject or offer tutoring services for various subjects.
To start an online tutoring business, you must have a strong background in the subject or subjects you want to tutor. You will also need good communication skills and be comfortable using technology, as you will interact with students through video conferencing platforms or messaging apps.
To succeed in this business, you will need to be able to provide high-quality tutoring services that help students understand and retain the material. This may involve creating personalized lesson plans and materials, providing feedback and support, and being available to answer questions and provide guidance. You will also need to be able to market your services effectively to attract potential clients.
There are a few key steps to starting an online tutoring business:
- Determine your areas of expertise and the subjects you are comfortable tutoring.
- Develop a website or online platform to showcase your services and allow students to schedule sessions or access materials.
- Set up a payment system and establish your rates.
- Promote your services through social media, online classifieds, or networking with schools and educational institutions.
- Provide high-quality tutoring services that meet the needs of your students and help them succeed academically.
To succeed in this business, you will need to be organized, reliable, and able to adapt to the needs of your students. You will also need to be able to communicate effectively and use technology to your advantage. With hard work and dedication, an online tutoring business can be a rewarding and fulfilling career choice.
How much you can make: $12,000 — $166,667/month
How much does it cost to start: $70 (?)
Teacher Jade's online academy and consulting services, which teach youth and adults how to offer online classes, resulted in a five-figure monthly income with increased enrollment through Outschool, leading to the creation of a second business and a plan to expand course offerings and salaries for her teachers.
Frequently Asked Questions
Can you build passive income as a retiree?
Yes, retirees can build passive income through various means, such as real estate investments, dividend-paying stocks, index funds, peer-to-peer lending, and creating digital products. With proper planning and research, retirees can earn steady passive income to supplement their retirement savings.
How to make passive income as a retiree?
Retirees can make passive income through real estate investments, dividend-paying stocks, index funds, peer-to-peer lending, and creating digital products like e-books, courses, or software. Retirees should assess their risk tolerance and choose investments that match their goals and preferences.
Is passive income for retirees truly passive?
While passive income sources like rental properties or dividend-paying stocks can require some initial effort, they can provide ongoing income with little maintenance. However, creating digital products or running an online business may require more ongoing work to maintain and market, so it's important to choose a passive income stream that aligns with your lifestyle and goals.
Conclusion
Online passive income is an excellent option if you are a retiree looking for ways to make some extra money. Several options are available, and many of them can be started with little to no investment.
Do your research, find something that interests you, and get started! You may be surprised at how quickly those extra dollars start adding up. What have you got to lose?
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
