In this article, we will look at 16 small business ideas for seniors. If you want to skip our detailed analysis, you can go directly to 5 small business ideas for seniors.
Business trends among seniors
According to a report According to the World Health Organization, between 2015 and 2050, the percentage of people over 60 years of age will almost double, from 12% to 22%. In 2020, the number of people over 60 years old was 5 times greater than the number of children under 5 years old. In 2030, almost one in six people will be 60 years old or older. The elderly population is increasing significantly and life expectancy is experiencing an upward trajectory. This suggests why global business and work dynamics are changing to include more older people.
According to a report According to Forbes, people between the ages of 55 and 64 accounted for 22.8% of entrepreneurs in 2021. Business founders over the age of 45 account for between a quarter and a third of new business activity. As life expectancy rates around the world continue to increase, people will now experience non-linear 60-year career paths instead of the traditional 40-year career setup. Not only do seniors have enough experience in the industry, but the age group also has more financial stability and freedom backed by a wide network. Forbes also highlights that older people or late-life entrepreneurs are three times more likely to introduce novel ideas to the market compared to younger entrepreneurs. You can also take a look at the Part-time jobs for seniors that pay daily or weekly..
Ananas Anam is an innovative company that recycles pineapple leaves into sustainable vegan textiles, including Pinatex and Pinayarn. The company is owned by Dr. Carmen Hijosa, who received her doctorate at the age of 62 in 2014. She did not have enough knowledge of the textile industry, so she wanted to expand her knowledge of it. She founded the company in 2013 and used her PhD knowledge to expand her business. It also offers a monthly newsletter that covers news and opportunities for impact entrepreneurs.
How can older people improve their skills?
SeniorNet, Udemy, Inc. (NASDAQ:UDMI) and GetSetUp provide opportunities for seniors to improve their skills and run successful businesses. Let’s analyze some offers from these companies. You can also take a look at the The best stress-free jobs for seniors..
SeniorNet is a charity providing computer and internet education to seniors, veterans, disadvantaged people, disabled people and other people with disabilities. It was founded in 1986 and is based in Florida, United States. Training takes place in informal groups or in learning centers. In 2021, AMI partnered with SeniorNet to support seniors in New Zealand. The collaboration will allow older people in New Zealand to become familiar with digital technologies such as insurtech. AMI leverages the capabilities of SeniorNet to make its insurance tools accessible to everyone, especially seniors.
Udemy, Inc. (NASDAQ:UDMY) is an educational technology company based in California. Udemy, Inc. (NASDAQ:UDMY) offers a variety of courses for seniors. One of the courses, Learn to Work at Home and Digital Marketing for Seniors, has 3,204 students and has a rating of 4.5. The course helps seniors learn the best way to run a business from home. The course addresses various areas such as virtual assistance, online sales, online mentoring, blogging, freelancing, consulting and translation, to name a few.
GetSetUp is an online community of seniors who want to learn new skills and connect with other seniors. GetSetUp is home to over 4 million seniors. The platform focuses on helping people earn additional income without leaving home, manage their fitness and health, improve their cooking skills, and get familiar with technology. The community helps older adults learn from each other.
Now that we have discussed the position of seniors in the market, without further ado, let’s take a look at 16 small business ideas for seniors. You can also read our article on The best vacation for seniors on a budget..
16 Small Business Ideas for Seniors
Our Methodology
To compile a list of 16 small business ideas for seniors, we consulted more than 10 rankings and reports on the Internet. We selected the business ideas that appeared in 50% of our sources and then ranked them.
16 Small Business Ideas for Seniors
16. Sewing and tailoring
Older people can engage in the production of handmade clothing, either by sewing or crocheting. These products can then be sold on e-commerce platforms such as Amazon.com, Inc. (NASDAQ:AMZN). Under the individual plan, Amazon.com, Inc. (NASDAQ:AMZN) charges $0.99 per item sold. The company trains potential merchants, supports sellers, helps them manage inventory, and allows them to integrate other applications.
15. Start a newsletter
Older people often have a lot of wisdom to share with others. Sites like Substack allow people to set up a newsletter. Seniors can share a weekly or biweekly newsletter with important life quotes. If people specialize in a certain field, such as finance or property, they can also share opinions and knowledge about the industry through the newsletter.
14. Home organization
Starting a home-based organizing business is another small business idea for seniors. Seniors can offer organizing and organizing services to other homes in the community. Seniors can market their services by word of mouth through community centers.
13. Public speaking
Public speaking is one of the best small business ideas for seniors. Older people have great experience in different areas. Seniors can take advantage of social media and YouTube to talk about the things that matter most to them. These include history lessons, political talks or social talks. Seniors can also hire a freelance editor for their videos. The average hourly cost for a video editor on Upwork is $15 per hour.
12. Nutritional advice
Older people have extensive experience in evaluating healthy eating habits. To become a certified nutrition specialist, seniors can enroll in registered courses to ensure that the training they provide is credible. Seniors can enroll in senior centers and community programs to provide nutritional counseling to other seniors.
11. Physical training
Older people are increasingly aware of their health and fitness. The International Sports Science Association (ISSA) allows people to become certified personal trainers through a 4-week online program. Anyone over 18 years of age can register for an ISSA certification. Certification is accepted at most gyms in the US. On the other hand, seniors can also offer fitness training to other seniors in their own community. Older people can also create an Instagram account to publicize their physical career. Joan MacDonald is a public figure in her 70s. She has an Instagram account called trainwithjoan. The account has more than 1.9 million followers.
10. Make courses/books
Taking courses and books is one of the best business ideas for seniors. Users can create and sell courses on several platforms, including Udemy, Inc. (NASDAQ:UDMY) and Teachable. Seniors can hire an assistant to manage the marketing and publishing of the course. Teachable allows course creators to target influencers to promote the course. Teachable offers a variety of plans. The basic plan is available for $39 per month, the Pro plan is available for $119 per month, and the Pro+ is available for $199 per month. Teachable also offers a free plan, which allows creators to try to make money before they start paying.
9. Sale of handmade crafts
Older people are considered very artistic. Seniors can create handmade crafts and then sell them on Etsy, Inc. (NASDAQ:ETSY). The handmade wooden chess set on Etsy, Inc. (NASDAQ:ETSY) is one of the best-selling items on the platform priced at $216.93. Etsy, Inc. (NASDAQ:ETSY) charges $0.20 per listing and then collects money for each sale made. A listing expires in 4 months and the listing fee is due regardless of sales made.
8. Career guidance
Older people often have good advice to offer young adults and teens about their career paths. Seniors can provide career and life advice to prevent young adults and teenagers from making crucial mistakes. Other niches that seniors can target include health and wellness counseling and post-retirement counseling. This can be done by joining community centers and participating in workshops.
7. Food/Catering business
Seniors with cooking skills can start delivering homemade meals in their neighborhood or beyond. Seniors can also attend small events such as birthday parties and other gatherings. Business owners can focus on preparing signature family dishes or a specific cuisine.
6. Pet care
Providing pet care is one of the best small business ideas for seniors. Some of the key services include dog walking and house sitting. Wag! is a site for pet sitters available throughout the United States. It is home to more than 400,000 pet sitters and has donated more than 16 million meals so far.
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Disclosure: None. 16 Small Business Ideas for Seniors is originally published on Insider Monkey.