Most people look forward to spending their retirement days lounging around the house or traveling. However, many retirees are not ready to stop working just yet.
Does the idea of a life with zero activity drive you nuts? A few months of relaxation after retirement is great, but after some time, you need to take on something and conquer it.
Working a regular job is definitely not an option. A better alternative would be to turn all the years of knowledge and experience into a highly profitable online business to invest in. An online business can be run from anywhere around the world. It offers greater flexibility and freedom that retirees have earned after decades of working.
Here, we have compiled five online business ideas that would allow you to capitalize on your years of knowledge and experience. And you can do all of this in the comfort of your own home.
1) Be an Expert
Now that you are retired, it doesn’t mean that your skills are also retired. It doesn’t mean that your knowledge and expertise have no value. You can turn your years of training and experience into a highly profitable coaching or consultancy business. You can learn how to start an online coaching business to determine your offer and audience. You can manage your business using online tools such as Zoom or Skype.
Coaching usually targets private individuals like life coaching, or for professionals in need of developing strategies for their business.
Consultancy works best for businesses that require assistance to improve sales or even team productivity. With the help of technology, all of this can be done online.
2) Financial Advisor
Do you know who the best financial advisor anybody could have is? You. With your life experience, you can teach people how to retire comfortably. You have gone through many changes in the market and have navigated them successfully. You are a well-seasoned veteran of life.
If you enjoy meeting new people and love helping them with their financial woes, then being an online financial advisor is definitely for you.
I know you might think that blogging is a young person’s game, but think again. People go online to look for entertainment or information regarding any topic and who best to get this information from? Yes, you with know-how and years of experience. If you can give them what they are looking for in your blog, you can monetize your website in several ways, such as affiliate marketing.
People love great stories, and I bet you have lots of it. Exploits or romantic tales of the past, if well-written, can drive traffic to your site. Recently retired? You can chronicle your retirement journey and show your audience steps on various topics such as traveling.
Another great topic would be tips on managing money and planning for retirement. If you are a good cook, you can take photos of the food you make and post recipes. Turn your passion or hobby into a possible blog topic.
4) Become an Angel Investor
Now, this is something you can do. You have worked for decades and done well for yourself. In fact, money is not an issue, and you’ve definitely got more of it that you know what to do with.
You have been working or running a business for years, and working for another decade doesn’t really appeal to you. However, if you’d love to help another person pursue their dreams and take their passion mainstream, now is the time.
If this sounds like something you want to do, then why not find out how you can become an angel investor?
5) Acquire an Existing Profitable Ecommerce Business
If you’re more interested in investing in an income source you can maintain while at home or on the go, consider buying an established ecommerce business.
There are several websites that you can look into, such as Store Coach and Exchange Marketplace. Exchange is a marketplace powered by Shopify, where you can acquire and sell off eCommerce stores. You can go through the listings, look for a business that best suits your budget, and your level of experience. You can also choose based on your needs like you might want to buy a proven business. Or maybe you want the challenge of building up a potential business from the ground up?
Shining Style is one example of businesses available for purchase on Exchange. The company currently earns $2,800 in monthly revenue with a 74% profit margin and around 3,500 email lists. The best part about this listing is that the former owners offer support in running the business. Also, it would take you only 10 hours a week to run this highly profitable business.
It would be best if you made sure that you properly vet each listing. You should consider everything that is included in the sale. You can verify all the information, including revenue and other data with Shopify.
Finding a profitable online business
The most profitable online business greatly depends on your goals. Do you want to be a hands-on business owner? How much capital are you willing to let go of? What kind of existing skills do you have? Or you just want to enjoy retirement and are looking to invest in a business that can bring in a passive income?
An online business in today’s world is relatively simple and easy to follow. The businesses are remote-friendly, where technology bridges the gap between you, your suppliers, and your clients. Like any other type of business you get into, think carefully about what motivates you and what you enjoy working on to find a profitable business that works for you.
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