Top Ten Retirement Businesses
(if you don't want to bet the house) 

If you became a butcher, baker or candlestick maker because that's what you always wanted to be, you are in the minority.  Many of us find ourselves in a career without fully understanding how it "happened" to us.  We needed to make a living, of course, but we may also have been influenced by family expectations or pressure, issues of self-esteem, or what the guidance counselor said.  That was then.  Now, you can join the hoards of people 50 and older who are swelling the ranks of new entrepreneurs, now 5.6 million and growing.Here, from our book, Too Young to Retire: 101 Ways to Start the Rest of Your Life, and current research are top ten retirement businesses that capitalize on the qualities you, as a mature person, bring to the table: great people skills, resilience, experience -- life and work -- and a perspective that only comes with years.  We also liked these retirement business opportunities because:

• You can launch them while you still hold your day jobs, in the evening or on the weekend

• You can begin from a home office which means low overhead.  According to home-based business guru and author, Paul Edwards, most can be launched for under $5,000

• None demands years of training, in fact, you might be able to leverage your past business experience or build on a hobby or avocation

• Lots of flexibility about how and when you work -- one of the most desired qualities for retirement businesses.   

1. Antique/Collectibles Restoration.  Take a hint from the success of Ebay, which began life as a collectibles auction site, and the popularity of PBS' Antiques Road Show.  Nostalgia for the handmade quality of the past has many people scouring their attics, and those of their parents, and roadside flea markets for that neglected gem to restore to its former glory.  Enter the professional restorer (also chair re-caning expert) -- you.  If you doubt there's money in this line of work, read The Little Toaster That Could.  See also this article from the Journal of Antiques and Collectibles.

2. Bakery, especially Artisan Bread Baking.  Here's another back-to-the-future move (and movement) that could pay off handsomely.  A friend of ours -- she grew up in the bakery business -- gets her baking done before dawn in the kitchen of a neighborhood restaurant, and sells her artisan breads to a local gourmet shop.  Her new business is going so well, she could be looking for some real estate of her own before long.  Today, there is a growing demand for well-made food that takes skill and time.  Read more about the Slow Food movement here:  http://www.slowfoodusa.org/

3. Coach (Life, Executive, Transition, Career).  As you may know, coaching is a partnership between a client and a trained coach to identify and work toward the client's goals.  The career of coaching attracts many mid-life and older career changers for the simple reason that all your previous education and work experience is applicable to coaching your clients.  For example, if you've been an executive yourself, you bring a perspective to your coaching that other executives would find attractive.  Similarly, if your background is in the arts, you are are likely to attract others who share your experience.  Your previous work environment may also provide you with a client base, at least when you are starting out.  Coach training has kept pace with the growth of the profession and today you have many programs accredited by the International Coaching Federation to choose from.  See Rex Toothman's story.  

4. Dog Grooming (also Walking, Training).  If you love dogs, you are not alone.  A little market research of the pet department at your local supermarket should convince you of the growth potential of this business.  You can test it on a house call basis before investing in bricks and mortar.  Need a list of upcoming seminars on a variety of dog training tips: http://www.puppyworks.com and http://www.alldogsgym.com

5. Freelance Commercial Writer.  If you enjoy writing and can think strategically, you could be ready to launch yourself in a career that offers a great lifestyle and the chance to earn an excellent income (say $50-125 an hour). "Given the vast array and volume of commercial work out there, for many, it’s simply a matter of re-directing past career experience into a profitable writing direction – one that often zooms right past [age] 60s and beyond," says  Peter Bowerman, author of The Well-Fed Writer, Back for Seconds, and an award-winning e-zine, THE WELL-FED E-PUB.  Check out his article specifically for the 50+ at http://www.wellfedwriter.com/seniors.shtml.  Packed with profiles and good ideas. 

6. Lifestyle Entrepreneur (mystery shopper, survey taker and/or car tester).  We know of people who cobble together a pretty interesting livelihood with a potpourri of part-time jobs.  You need plenty of initiative, enjoy being on the go, and a reliable car to get you around.  One of the best 'gap' opportunities, but for some, the freedom to set your own timetable and earning potential is addictive.  Read  this: http://www.shadowshopper.com/university_live_large.cfm  Here are some more thoughts from Mark Hendricks, Career Journal's Lifestyle Entrepreneur columnist: http://www.notjustaliving.net/news2.6.htm

7. Minister. Do you have a calling to work with people on the spiritual dimension of their lives?  Can you see yourself officiating at various rites of passage, joyful like weddings and baptisms, and not so, like memorial services?  Celebrancy is a new and rapidly growing profession in the U.S that traces its origins to Australia where it began about 25 years ago.  Celebrants perform civil ceremonies for a wide variety of rites of passage, and the profession has taken root in this country with the creation of the Celebrant USA Foundation™ in Montclair, NJ. For a profile, see http://www.2young2retire.com/GerryFierst.htm.  The Universal Life Church, Modesto, California also offers credentials that enable a person to perform certain ceremonies, and it is available free.  See:http://www.ulc.net/  You need to check on state requirement, however.  For a good overview: http://ask.yahoo.com/ask/20020702.html.

8. Motivational Speaker.  Do you love to encourage people to achieve their potential?  Do you enjoy speaking before an audience?  Put these together and you could have what it takes to be a motivation speaker.  Master the art of speaking -- both getting over the anxiety of public speaking and honing your favorite topics -- by joining your local chapter of Toastmasters International, www.toastmasters.org. See http://www.2young2retire.com/barbarawaskover.htm for a profile.  Read Alan Weiss' book, Money Talks!  How to Make a Million as a Speaker.

9. Professional Organizer.  One of the outcomes of our consumer culture is too much stuff, too little time or space to deal with it.  A professional organizer is trained in working with clients to tame their particular form of chaos, whether it is the office drowning in mountains of files or the home, with closets and storage areas bursting at the seams.  If you love a challenge like this, and enjoy working with people, this could be the business opportunity for you. Get credentialed with the National Association of Professional Organizers, http://napo.net, print up some cards and start prospecting for clients.  More information:
http://www.association-office.com/napo/etools/meetings/meetings.cfm

10. Virtual Assistants (VAs).  A small business-to-business service that is growing by leaps and bounds, virtual assistants provide administrative support and other specialized services 'virtually' via fax, phone, computer and the Internet.  Many get started during high seasons and go on the sign longer contracts for their services.  See International Virtual Assistant Association at http://www.ivaa.org for general information.  If you have equipment and skills and are ready to start prospecting, check out http://www.virtualassistants.com for actual jobs.  Virtual Assistant, Paula Williams' Moneypenny Assistants plays on 007's feisty factotum. 

And now the commercial: there are 101 other business opportunities in Too Young to Retire: 101 Ways to Start the Rest of Your Life (Plume 2004).

Small Business Resources

Service Corps of Retired Executives (SCORE) helped Anne Kleine of Mrs. Kleine's Krelish get her company going. Among other things, it has a short but very useful database of case histories of business startups.  SCORE's online startup workshops is a sample of the quality of their advice. The organization has been around since 1964 and has helped more than 3 million entrepreneurs and aspiring entrepreneurs.  

Startup Journal, the Wall Street Journal's Center for Entrepreneurs is packed with great ideas, including Success Stories like that of Art Hudson, 51, of Orlando, Florida, whose stock market losses made him rethink his future.  Hudson's old plan: golf until he dropped. New plan: sell golf equipment.  http://www.startupjournal.com/howto/successstories/20030331-brandstrader.html

Another source of good general information is the Small Business Administration. Here's a sample of what they offer: Writing the Business Plan.  See also the Virtual Business Plan from Bizplanit.

The independent entrepreneur seeking build-a-business help need look no further than Working Solo (www.workingsolo.com), the terrific site operated by Terri Lonier (lone-yay) who writes and speaks on the subject of being "boss-free."   

Of course, you can find lots of help by seeking out trade associations connected with the business you're considering.  Trade associations can fast-track you right into the action, helping you connect with the people in the know, and perhaps even some financing sources.  When Paul and Sands Belizzi wanted to ranch alpacas in Northern California, they got started in just this way.  If you're of like-mind, here's the source: Alpaca Owners and Breeders Association (U.S.), 800-213-9522.

Top Ten Retirement Businesses 

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01/15/2008 10:18:37 PM