Whether you want a little extra income or just want to get out and interact with new people, tapping into your entrepreneurial instincts can fill many needs in retirement. Here are a few examples of fun, money-generating ideas people have come up with recently.
Remember photo booths — a printed strip of quick takes for a buck? These have regained popularity as a must-have activity at many weddings. One woman capitalized on the demand by purchasing a photo booth and pitching it for local wedding receptions. The side gig now generates a six-figure revenue.1
It’s a good reminder that being an entrepreneur doesn’t necessarily mean coming up with a brand new product. You can also use your own talents to do something you enjoy and get paid for it. Mega-entrepreneur Martha Stewart said she’s seen a trend in product makers expressing their own spirit, with less focus on what the market wants. For example, if you sew aprons, add special, personalized messages on the front to make them unique.2
Another idea is to create a business that charges less for things people need. For example, if you and your neighbors believe your city or county charges too much to pick up curbside garbage, invest in a truck and do it yourself for less.3 Advertise that you’ll retrieve and return trash cans to the backyard and still charge less than the city.
Perhaps you enjoy cooking for large groups, but your family has spread out across the country. If that’s the case, consider cooking for someone else’s family. Today’s two-income families rely heavily on the fast-food industry to get meals on the table. Introduce a menu of your favorite meals to cook — including baked goods, desserts and ideas for special occasions — and distribute it among neighbors and friends.4
Last year, just over 24 percent of new entrepreneurs were between the ages of 55 and 64.5 Remember, you have the advantage of knowing who you are, what you’re good at and, perhaps more importantly, what you’re not. If you can take your talents and knowledge to the masses, or even just your friends and their busy families, it could be a satisfying way to stay engaged in the community and supplement your income.
Content prepared by Kara Stefan Communications.
1 Elaine Pofeldt. Forbes. Oct. 24, 2016. “Why Small Business Ownership Will Skyrocket In 10 Years – Especially By Solopreneurs.” http://www.forbes.com/sites/elainepofeldt/2016/10/24/why-small-business-ownership-will-skyrocket-in-10-years-especially-by-solopreneurs/#35addb527725. Accessed Oct. 24, 2016.
2 Lydia Belanger. Entrepreneur. Oct. 24, 2016. “Martha Stewart: The World Wants Your Unique Product. You Just Need to Find the Right Partners.” https://www.entrepreneur.com/article/284213. Accessed Oct 24, 2016.
3 Richard Eisenberg. Forbes. July 7, 2016. “What It Takes to Be a Successful 50+ Business Owner.” http://www.forbes.com/sites/nextavenue/2016/07/07/what-it-takes-to-be-a-successful-50-business-owner/#3961408e3152. Accessed Oct 24, 2016.
4 Gayle Guyardo. WFLA. Jan. 13, 2016. “Busy Tampa families use local services to get home-cooked meals.” http://wfla.com/2016/01/13/busy-tampa-families-use-local-services-to-get-home-cooked-meals/. Accessed Oct 24, 2016.
5 Elizabeth Walsh. The New York Times. Sept. 9, 2016. “Older Entrepreneurs Take On the ‘Concrete Ceiling.'” http://www.nytimes.com/2016/09/10/your-money/older-entrepreneurs-take-on-the-concrete-ceiling.html?_r=0ets. Accessed Oct 24, 2016.
We are an independent firm helping individuals create retirement strategies using a variety of insurance products to custom suit their needs and objectives. This material is intended to provide general information to help you understand basic retirement income strategies and should not be construed as financial advice.
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