32 Retirement Friendly Business Ideas for People Over 50 [2023]
Are you in your 50s and contemplating the idea of launching your own business?
You're in good company – many entrepreneurs decide to start a business or pursue a side project during this stage of life.
Entering your 50s often brings a renewed sense of purpose and a heightened ambition to pursue entrepreneurial dreams. This motivation might be fueled by a longing for greater independence, the pursuit of a passion project, or a shift in career priorities.
While the landscape may seem vast, there are numerous business opportunities uniquely suited for those in their 50s.
These ideas are not only lucrative but also practical, making it easier for you to generate passive income in your retirement.
Here they are:
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1. Become a financial advisor
A financial advisor helps people manage their money and reach their financial goals by providing personalized advice on investments and overall financial planning.
To start a business in this field, you should consider a solid financial background, relevant certifications, and good people skills.
Building credibility through education, gaining experience, and networking are key steps to success in the financial advisory business.
How much you can make: $5,600 — $2,000,000/month
How much does it cost to start: $6,550 (?)
How long does it take to build: 30 days (?)
Explore 10 Financial Advisor Success Stories
2. Become a retirement & personal finance consultant
As individuals are retiring earlier and more often than ever, there is an increasing demand for these types of services. A retirement consulting business can tap into a growing market of individuals seeking professional guidance for their post-work years.
A retirement consultant specializes in helping individuals plan for a secure and fulfilling retirement.
They assess clients' financial situations, recommend strategies for savings and investments, and guide them on how to achieve a comfortable retirement lifestyle.
How much you can make: $2,000 — $30,000/month
How much does it cost to start: $1,500 (?)
How long does it take to build: 360 days (?)
Explore 3 Retirement & Personal Finance Consultant Success Stories
3. Become a blogger
Are you looking for a business idea you can start from home? One great option to explore is to start your own blog.
With the flexibility of location independence, you can work on your blog from anywhere in the world!
What’s amazing about blogging is that anyone can start with just a computer and the internet! Besides, you don’t need any special talents or previous experience to start.
It’s an open field that welcomes anyone who has a passion for writing and sharing their thoughts with the world. The best part is that it can be one of the most rewarding passive income business ideas you can start.
How much you can make: $1,000 — $70,000/month
How much does it cost to start: $425 (?)
How long does it take to build: 30 days (?)
Explore 5 Blogger Success Stories
4. Become an Airbnb host
If you are interested in becoming an Airbnb host, the first step is to create a listing for your property or a portion of it on the Airbnb platform.
This will allow travelers from all over the world to rent your space and enjoy a personalized and unique accommodation experience.
By creating a welcoming atmosphere and providing excellent service to your guests, you can enhance your profile and attract even more visitors to your property.
With the potential to earn a steady stream of passive income, becoming an Airbnb host can be an excellent way to monetize your property.
How much you can make: $35,000 — $270,000/month
How long does it take to build: 215 days (?)
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5. Become an author
Becoming an author is an exciting journey that involves creating and publishing written works, such as books, novels, or articles that reflect one’s ideas, stories, or expertise.
You can establish yourself through traditional publishing routes or self-publishing, utilizing your literary skills to connect with readers and potentially earn revenue from book sales.
Traditional publishing involves submitting a manuscript to a publishing house or literary agent who will review and decide if it is suitable for publication.
On the other hand, self-publishing gives authors complete control over the publishing process, allowing them to publish their work independently and market it on their own.
You can generate income through book sales, royalties, and opportunities such as speaking engagements or workshops.
How much you can make: $200 — $1,500,000/month
How much does it cost to start: $1,000 (?)
How long does it take to build: 90 days (?)
Explore 19 Author Success Stories
6. Become a nutritionist
As individuals seek to adopt healthier lifestyles, there is an increasing demand for professional nutritionists who can offer tailored advice.
A nutritionist offers personalized nutrition advice and guidance to individuals or groups, helping them achieve their health and wellness goals through dietary recommendations and education.
This may include creating meal plans, conducting assessments, and providing ongoing support to clients seeking to improve their nutritional habits.
To become a nutritionist, consider obtaining relevant certifications and gaining practical experience through internships or supervised practice.
How much you can make: $600 — $500,000/month
How much does it cost to start: $2,750 (?)
How long does it take to build: 180 days (?)
Time commitment per week: Min. 3 hours/week
Explore 9 Nutritionist Success Stories
7. Start a dog walking business
Are you a dog lover? If so, you can turn your passion for animals into a profitable side hustle that allows you to earn extra income for your mortgage, a vacation, or paying off student loans.
As a dog walker, sitter, or boarder, you can earn an average annual income of between $10,000 and $30,000 by offering your services to dog owners in need of a caregiver for their furry friends.
To get started, register on a credible dog-walking app and create a compelling profile that showcases your experience, skills, and love for dogs.
With your dedication and expertise, you can help dog owners ensure their pets receive the care and attention they need while building a thriving business that fulfills your passion for animals.
How much you can make: $25,000 — $54,000/month
How much does it cost to start: $1,500 (?)
How long does it take to build: 60 days (?)
Time commitment per week: Min. 2 hours/week
8. Start a life coaching business
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 — $120,000/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
Explore 20 Life Coaching Business Success Stories
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9. Start a lifestyle blog
A lifestyle blog is a versatile and dynamic platform where you can share your experiences and ideas on various topics such as wellness, fashion, travel, and personal development.
By curating and sharing valuable content, you can engage with a diverse audience seeking inspiration and insights.
This medium offers you the freedom to tailor your content to reflect your unique perspective and interests.
Moreover, you can monetize your blog in several ways, such as affiliate marketing, sponsored posts, and product collaborations, making it a lucrative venture.
With the flexibility to manage your own schedule, you can build a brand that resonates with a global audience.
Whether you consider it a side hustle or a full-time endeavor, a lifestyle blog provides endless opportunities for creativity and financial growth.
How much you can make: $5,200 — $50,000/month
How much does it cost to start: $675 (?)
How long does it take to build: 1607 days (?)
Explore 7 Lifestyle Blog Success Stories
10. Start a podcast for car enthusiasts
A podcast for car enthusiasts is a business idea that involves creating a weekly or monthly audio program that covers topics related to the automotive industry. The podcast could focus on a specific type of vehicle, such as classic cars or sports cars, or it could cover a wide range of automotive topics, such as car maintenance, racing, and new car releases.
To run this business, you will need a few key things:
- A good microphone and recording equipment to capture high-quality audio.
- A computer and editing software to edit the audio and add any necessary music or sound effects.
- A hosting platform to upload the podcast, such as Apple Podcasts or Spotify.
- A website to promote the podcast and provide information about new episodes and sponsors.
The benefits of running a podcast for car enthusiasts include reaching a large and passionate audience, building relationships with sponsors and advertisers, and generating income through advertising, sponsorships, and merchandise sales. Additionally, running a podcast can be a fun and rewarding hobby for those passionate about cars and who enjoy sharing their knowledge with others.
How much you can make: $419/month
How much does it cost to start: $3,111 (?)
11. Become a freelancer
As a Freelancer, you have the freedom to choose your own projects and work hours, making it a great business idea for anyone seeking a flexible side hustle or full-time entrepreneurship.
You can offer your skills and services to clients on a project-by-project basis through a digital platform that connects you with a global network of clients.
The services range from writing and design to programming and marketing.
It’s an opportunity to showcase your expertise, build a diverse portfolio, and earn income on your own terms.
With the rise of remote work and the gig economy, becoming a Freelancer empowers you to turn your skills into a thriving business.
How much you can make: $5,000 — $500,000/month
How much does it cost to start: $5,250 (?)
How long does it take to build: 14 days (?)
Explore 3 Freelancer Success Stories
12. Start a furniture flipping business
Flipping furniture is a business idea that can make you money by working a few hours a week. From kitchen tables to dressers and armories, plus, you can turn old pieces of furniture into a masterpiece that someone would be interested in paying for.
If you have a few hours a week and you enjoy checking out wooden furniture, flipping household or office units can be a profitable business idea for you. Some furniture flippers earn a 6-figure profit per year, from furniture flipping.
How much does it cost to start: $50 (?)
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13. Start a gardening business
A gardening business makes money by planting trees, growing specific produce, maintaining landscapes, and more.
Gardening companies work with homeowners to install, maintain and repair their landscaping areas. For instance, a typical gardening business provides all-inclusive services to create and maintain a lawn, such as mowing, fertilizing, and edging.
Owning a gardening business can be a very flexible and profitable business venture.
How much you can make: $700 — $3,750,000/month
How much does it cost to start: $200 (?)
How long does it take to build: 90 days (?)
Explore 4 Gardening Business Success Stories
14. Become a project manager
Project management is a crucial function in any organization, regardless of its size.
As a project manager, your primary responsibility is to ensure that projects are planned, executed, and supervised effectively to meet clients' requirements within the given timeframe and budget.
You will be responsible for coordinating teams, managing resources, and overcoming any challenges that may arise during the project's lifecycle.
You will also be responsible for monitoring project progress and ensuring that project deliverables meet the required quality standards.
Being a project manager gives you the opportunity to work with businesses or individuals who want to achieve efficient project delivery without any hassle.
Whether you choose to do it as a side hustle or as a full-time career, this can be a lucrative opportunity for you.
How much you can make: $4,500/month
How much does it cost to start: $2,000 (?)
How long does it take to build: 178 days (?)
15. Start a car rental business
Starting a car rental business can be a profitable venture for those interested in the auto industry.
Retail and corporate are the main segments within the car rental industry. Retail car rentals focus on individuals who rent cars for shorter periods, while corporate car rental targets companies that want to transport clients or employees.
If you are starting a car rental business , target airports, hotels, railway stations, commercial offices, and other high-traffic areas.
Market your business, hire employees who will manage the operations and keep records, and purchase business insurance for both cars and employees.
How much you can make: $870 — $10,000/month
How long does it take to build: 135 days (?)
16. Become a public speaker
Motivational speakers share powerful messages based on their life experiences. The focus is on helping others gain life's wisdom and become successful.
If you plan to become a motivational public speaker, learn how you can transition your genuine passion to becoming a professional public speaker who inspires others.
Then, start a social media channel and share your videos widely to go viral.
How much you can make: $5,000 — $200,000/month
How much does it cost to start: $3,000 (?)
How long does it take to build: 90 days (?)
Explore 10 Public Speaker Success Stories
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17. Start a team-building consulting business
All organizations aim to achieve the best results possible. Two crucial factors affecting employee productivity in any organization are employee input and coordination. Team building activities help employees develop better coordination.
Therefore, companies hire team-building specialists to help their employees foster better coordination. Team-building companies organize retreats and corporate training services to provide employees with memorable and impactful team-building experiences.
If you are interested in starting a business within the human resource industry, a team-building company can be a profitable business idea. Identify potential companies within your area and advertise your business.
How much you can make: $15,000 — $80,000/month
How much does it cost to start: $2,500 (?)
How long does it take to build: 60 days (?)
Explore 3 Team Building Consulting Business Success Stories
18. Become a proofreader
Proofreading business is a service that helps customers review their written work and ensure it is ready for publication. Typically, a proofreader corrects grammatical errors and provides the written piece meets any relevant style guide.
As a proofreader, you can work online, allowing you to choose what time to work.
If you plan to start a professional proofreading business, make sure you possess the following skills:
- Have an excellent grasp of grammar
- Ability to correct mistakenly capitalized words
- Familiarity with the proper use of capitalization
- Use spell-checkers to flag misspelled words
Proofreading is a great way to enhance content quality. With the increased use of written content marketing to reach a broader market, the demand for professional proofreaders has grown tremendously. Professional proofreaders earn an average of $12/hr. And $30/hr.
Therefore, consider proofreading as a business if you are looking for a great side hustle idea or simply looking for ways to increase your income.
How much you can make: $2,000/month
19. Start a resume writing business
The resume writing business is a service that helps job applicants write professional resumes, provide details about their past experiences, and highlight their skills. Resume writing makes it easier for clients to capture hiring managers’ attention and shows they are fully qualified on paper.
A successful resume writer should have strong communication skills, proofreading skills, typing skills, and relevant business experience. Besides, the resume writer should have strong interpersonal skills and proven success.
According to glassdoor, 68% of job seekers who hire professional resume writers find a job within 90 days. The study also points out that professionally written resumes score jobs faster and earn more.
Therefore, the demand for professional resume-writing businesses will keep increasing.
How much you can make: $1,000 — $62,500/month
How long does it take to build: 120 days (?)
Explore 4 Resume Writing Business Success Stories
20. Start a supplements company
A supplement business makes money by selling dietary supplements, vitamins, protein powders, and health foods to customers.
These products are often sold directly to customers or through distributors and retailers.
Your target customers will likely include fitness enthusiasts, health-conscious individuals, wellness influencers, and those who prioritize their nutrition daily.
Starting a supplement brand is becoming increasingly popular because it's relatively inexpensive, and you can run the business from your home.
How much you can make: $1,000 — $3,500,000/month
How long does it take to build: 200 days (?)
Explore 21 Supplements Company Success Stories
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21. Start an in-home senior care service
In-home senior care services allow senior clients to live their everyday life in the comfort of their own homes.
Experienced caregivers typically customize their services based on their client’s needs - which is why seniors and families prefer this type of service, even if it costs more than a typical nursing home.
There are several different types of home care you can offer, a few being:
- Personal care services: This type of service helps clients with everyday necessities, such as grooming, bathing, dressing, and overall hygiene
- Nurse-directed care: This type of care refers to caretakers managing medication, wounds, and the overall health and well-being of the client
- Meal & Food Prep: This type of care helps prepare nutritious meals and go grocery shopping
- Transportation: Rides to the library, salon, grocery store, doctor’s office, etc.
The price you can charge depends on where you live and your experience, but this ranges anywhere from $18/hour-$40/hour.
The significant part about starting an in-home senior care business is that you do not need formal education or medical training. You can build a successful home senior care business if you have the necessary skills to do this job.
How much you can make: $250,000/month
How long does it take to build: 150 days (?)
22. Start a home organizer
The home organizer business offers personalized decluttering and organization services to individuals who desire a tidy and functional living space.
As a home organizer, your role would be to help clients optimize their homes by decluttering, creating storage solutions, and implementing organizational systems.
This business is perfect for someone with a talent for orderliness and an eye for design.
Your services will include assisting with closet makeovers, kitchen reorganization, or overall home decluttering, providing clients with a more efficient and aesthetically pleasing living environment.
This venture is an excellent opportunity for full-time entrepreneurship in a growing market of individuals seeking a more organized lifestyle, making it not only a lucrative side hustle but also a promising business venture.
How much you can make: $18,000/month
How much does it cost to start: $2,000 (?)
23. Start an affiliate marketing business
Are you looking for a side hustle to pay you a passive income? Affiliate marketing is one of those side hustles that will pay you well over the long term. It is a way to earn money online by promoting other companies' products and services. You will be paid a commission for each sale you make as an affiliate marketer.
To get started, learn how to find the right product and brand to partner with. For example, you may prefer becoming an affiliate marketer for an eCommerce store, partnering with a manufacturer, and marketing their products for a commission.
How much you can make: $500 — $773,000/month
How much does it cost to start: $700 (?)
How long does it take to build: 60 days (?)
Explore 37 Affiliate Marketing Business Success Stories
24. Become a wellness coach
A health and wellness coach is a supportive guide who helps clients set health goals such as weight loss, improved energy levels, stress management, etc.
Health and wellness coaching is becoming popular. Therefore, if you consider yourself an expert in health and wellness, starting your health and wellness coaching business can be a significant business venture.
Some business ideas and opportunities for wellness coaching include:
- Corporate wellness coach
- Yoga teacher
- Personal trainer
- Nutritional therapist
- Herbalist
- Weight loss coach
The route you choose as a wellness coach depends on your ultimate career goals, your budget, and the amount of time you intend to commit to a health coaching program.
How much you can make: $100 — $300,000/month
How much does it cost to start: $800 (?)
How long does it take to build: 60 days (?)
Explore 8 Wellness Coach Success Stories
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25. Start a budget consultant business
If you have a keen interest in finance and understand budgeting, starting a budget consulting business could be a great idea for you.
With this business, you can offer personalized financial advice, expense analysis, and savings strategies to both individuals and small businesses.
Whether it's retirement planning, debt management, or creating a savings plan, you can help clients achieve their financial objectives and make a meaningful impact in their lives.
One of the best things about this business is that it provides flexibility in terms of scheduling.
You can make it your side hustle or turn it into a full-time venture, depending on your preference and availability.
By starting your own consulting business, you can tap into this market and empower others to take control of their financial future.
How much you can make: $7,000 — $50,000/month
How long does it take to build: 45 days (?)
26. Start a newsletter
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: $160 — $4,100,000/month
How much does it cost to start: $450 (?)
How long does it take to build: 30 days (?)
Explore 39 Newsletter Success Stories
27. Start a franchise development business
Franchise development is a highly profitable business that involves helping successful businesses expand their operations.
As a franchise developer, you play a crucial role in identifying promising brands, creating replicable systems, and recruiting franchisees to establish new outlets.
This entrepreneurial venture can be a lucrative side hustle or a full-time opportunity. It involves collaborating with business owners to transform their success into a franchise model, offering aspiring entrepreneurs a proven blueprint for success.
By providing training, support, and ongoing guidance, you enable others to realize their business dreams while generating income through franchise fees and royalties.
As a franchise developer, you have the opportunity to make a significant impact on the success of both established and emerging businesses while benefiting from a profitable career.
How much you can make: $10,000 — $1,000,000/month
28. Start a money lending company
A money lending company is a business that provides loans to individuals or businesses in need of financial assistance. This type of company typically operates by offering a range of loan products, such as personal loans, business loans, and mortgage loans, to customers who meet specific eligibility requirements.
To run a successful money lending company, it is essential to have a thorough understanding of financial regulations and compliance and a strong marketing strategy to attract and retain customers. It is also essential to clearly understand potential borrowers’ creditworthiness and carefully evaluate the risk of lending money to them.
One essential tip for running a successful money lending company is offering customers competitive interest rates and terms, which can help attract and retain business. It is also essential to thoroughly understand the local market and carefully assess the risks and potential returns of lending to different types of borrowers.
In addition, it is essential to have a strong customer service team to handle inquiries and complaints and establish clear policies and procedures for handling defaulted loans. By following these tips and staying up to date with industry trends, entrepreneurs can start and run a successful money-lending company that helps meet their customers’ financial needs.
How much you can make: $7,000 — $100,000,000/month
How long does it take to build: 730 days (?)
Explore 5 Money Lending Company Success Stories
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29. Start a window cleaning business
If you are ambitious about cleaning spaces, you may consider the window cleaning business opportunity.
Starting a window cleaning business offers several advantages. First, you get to choose a suitable work schedule. Also, you have access to repeat business since windows need regular cleaning to keep their shiny appearance.
Besides, starting a window cleaning service is not capital-intensive and comes with minimal overhead costs.
How much you can make: $58,000/month
30. Become a mental health counselor
A mental health counselor assesses and treats mental and emotional health disorders caused by relationship issues or life challenges.
According to World Health Organization, mental health conditions are increasing globally. Mental disorders involve a significant disturbance in thinking, emotional regulation, or behavior.
To become a mental health counselor, learn various psychotherapy skills so you can identify triggers and help patients to cope with negative emotions and reduce symptoms of mental disorder.
How much you can make: $1,100 — $1,000,000/month
How long does it take to build: 77 days (?)
Explore 6 Mental Health Counselor Success Stories
31. Start a debt management and recovery business
With the increasing need for financial guidance and debt resolution, starting a debt management and recovery business can provide a valuable service while establishing a profitable venture.
The debt management and recovery business involves helping individuals and businesses navigate and resolve their financial obligations.
Entrepreneurs in this field typically offer services such as debt consolidation, negotiation with creditors, and developing customized repayment plans.
The business may also include debt recovery services, assisting creditors in recouping funds from individuals or entities who have defaulted on their payments.
How much you can make: $3,500 — $80,000/month
How much does it cost to start: $500 (?)
How long does it take to build: 5 days (?)
32. Start a senior exercise class
If you’re looking to start a business, have you considered offering exercise classes tailored to seniors?
This could be a fantastic opportunity to provide safe and effective fitness routines that cater to the unique health and wellness needs of older adults.
By creating a welcoming and inclusive environment, you can also foster a sense of community among the participants, promoting social interaction and improving mental health.
With the aging population increasingly seeking ways to stay active and connected, your senior exercise class could be a valuable service that helps them achieve both, while also providing you with a fulfilling and rewarding career.
