Americans are living longer than ever and finding purpose and financial security in retirement can be challenging. More than half of Americans are worried they will not have enough money to support themselves during retirement, according to the AARP. Having an income to supplement retirement savings can alleviate concerns and give seniors the security they deserve.

Did you know baby boomers account for 30% of business owners? Starting a business during retirement can provide a steady stream of income while keeping you mentally and socially engaged. It’s also a chance to pursue passions, build a legacy, and retire on your terms. Nearly 9% of entrepreneurs launched a business for long-term wealth creation and to establish a legacy, Guidant Financial reports.

Ready to swap shuffleboard and bingo for something a little more exciting? If you're craving more from retirement than just relaxation, entrepreneurship could be your next chapter. Discover profitable retirement business ideas you can launch right now to boost your income and add a new level of purpose to your golden years.

Key Considerations Before Starting a Business in Retirement 

Before you commit to launching a business, retirees need to do research and identify your goals.

  • Be honest about your time, physical energy, and financial risk tolerance.
  • Choose something that aligns with your interests and lifestyle goals.
  • Consider growth potential. Do you want a side hustle, a part-time project, or a legacy business?
  • Look at opportunities that offer support, training, and a community, like franchises.

Retirement Business Ideas That Pay Off

Here are four business ideas for seniors that offer strong income potential:

1. Consulting

Opening a consulting business enables you to leverage your career experience to help others. Consulting offers low overhead and flexibility so you can earn money and still enjoy the rewards of retirement. This type of business is particularly suited for people with experience in human resources, finance, marketing, or project management.

2. Senior concierge

As the aging population skyrockets, demand for assistance with errands, transportation, companionship, and daily tasks is growing. These services don’t require specialized training but make a big impact. Plus, it's a flexible, low-cost business you can run part-time, or scale based on your schedule and goals. It’s especially fulfilling for retirees who enjoy giving back and building meaningful relationships in their community.

3. Tutoring

A tutoring business allows you to share your knowledge and experience in a flexible, low-stress setting. It requires minimal startup costs, can be done in-person or online, and offers a meaningful way to make a difference in students’ lives while earning a solid income. 

4. Open a Franchise

If you’re looking for an opportunity that has higher profit potential, launching a franchise can achieve your goals and offer the flexibility and support you need to be successful. After the first two years, the average annual income of a franchise owner is $115,688, according to Franchise Business Review. Investing in a franchise offers a turnkey business with a proven brand. You get a built-in support system for marketing, operations, and training. And many options offer flexibility and work-life balance. A franchise is designed for growth and can enable you to build a legacy for future generations.

Spotlight on Kitchen Tune-Up

If you want to open a business with strong support and training, invest in a franchise with Kitchen Tune-Up. The kitchen market size is expected to reach $116.4 billion in 2025, and repair and remodeling spending for the kitchen and bathroom industry is forecast to increase by 2.6%.

Kitchen Tune-Up is a nationally recognized kitchen remodeling franchise specializing in quick, affordable kitchen updates and full-scale remodels. We’re looking for franchise owners with strong business acumen and good customer service skills who want to follow a proven system to launch a business. Our management-led model enables you to focus on growth and leave installations to the experts. You can choose to launch a showroom or operate from a home office to trim operational costs. 

Start A New Chapter

Diversify your portfolio and maximize your retirement years by launching a business with Kitchen Tune-Up. Inquire now to learn more about owning a kitchen remodeling business.

Explore The Next Steps

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