In this article, we will take a look at the 16 small business ideas for senior citizens. If you want to skip our detailed analysis, you can go directly to 5 Small Business Ideas for Senior Citizens.
Entrepreneurial Trends Among Senior Citizens
According to a report by the World Health Organization, between 2015 and 2050, the percentage of people above 60 will nearly double from 12% to 22%. In 2020, the number of people aged above 60 was 5 times greater than the number of children under the age of 5. By 2030, almost one in every six people will be aged 60 or over. The older population is significantly increasing and life expectancy is experiencing an upward trajectory. Such suggests why the global entrepreneurial and working dynamic is shifting to include more senior citizens.
According to a report by Forbes, people aged between 55 and 64 made up 22.8% of the entrepreneurs in 2021. Business founders above the age of 45 make up between a quarter and a third of new business activity. As life expectancy rates across the globe continue to increase, people will now experience 60-year non-linear career paths instead of the traditional 40-year career setup. Older people not only have enough experience in the industry, but the age group also happens to have more financial stability and freedom supported by a vast network. Forbes also highlights that older people or late 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 upcycles pineapple leaves into sustainable vegan textiles including Pinatex and Pinayarn. The company is owned by Dr Carmen Hijosa, who got a PhD at the age of 62 in 2014. She did not have enough knowledge of the textile industry, and therefore, wanted to expand her learning. She founded the company in 2013 and used her PhD knowledge to expand her business. She also offers a monthly newsletter covering news and opportunities for impact entrepreneurs.
How Can Senior Citizens Upskill Themselves
SeniorNet, Udemy, Inc. (NASDAQ:UDMY), and GetSetUp provide opportunities for senior citizens to upskill themselves and run successful businesses. Let's discuss some offerings from these companies. You can also take a look at the best low stress jobs for seniors.
SeniorNet is a charity organization that provides computer and internet education to senior citizens, veterans, the underprivileged, the disabled, and other people with impairments. It was founded in 1986 and is based in Florida, United States. The training is either carried out in informal groups or learning centers. In 2021, AMI partnered with SeniorNet to support senior citizens in New Zealand. The collaboration will allow seniors in New Zealand to be acquainted with digital technologies such as insurtech. AMI leverages SeniorNet's capabilities to make its insurance tools accessible to everyone, especially the elderly.
Udemy, Inc. (NASDAQ:UDMY) is an ed-tech company headquartered in California. Udemy, Inc. (NASDAQ:UDMY) offers a range of courses for senior citizens. One of the courses, Learn How to Work at Home & Digital Marketing for Seniors, is home to 3,204 students and is rated 4.5. The course helps senior citizens learn the best way to run a business from home. The course targets several domains such as virtual assistance, online selling, online tutoring, blogging, freelancing, consulting, and translation, to name a few.
GetSetUp is an online community of older adults wanting to learn new skills and connect with fellow older adults. GetSetUp is home to more than 4 million older adults. The platform focuses on helping individuals make extra income without leaving their homes, managing their fitness and health, enhancing their cooking skills, and getting acquainted with technology. The community helps older adults learn from each other.
Now that we have discussed the position of senior citizens in the market, without further ado, let's take a look at the 16 small business ideas for senior citizens. You can also read our piece on the best vacations for seniors on a budget.
16 Small Business Ideas for Senior Citizens
16 Small Business Ideas for Senior Citizens
Our Methodology
To gather a list of the 16 small business ideas for senior citizens, we consulted over 10 rankings and reports on the internet. We picked the business ideas that appeared in 50% of our sources and then ranked them.
16 Small Business Ideas for Senior Citizens
16. Sewing and Tailoring
Senior citizens can engage in the production of handmade clothing items either by sewing or crocheting. These products can then be sold on e-commerce platforms like 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, provides seller support, helps them manage inventory, and allows them to integrate other applications.
15. Start a Newsletter
Senior citizens usually have a lot of wisdom to share with others. Sites like Substack allow people to set up a newsletter. Senior citizens can share a weekly or bi-weekly newsletter with important life quotes. If the individuals specialize in a certain domain such as finance or property, they can also share opinions and insights on the industry via the newsletter.
14. Home Organization
Starting a home organization business is another small business idea for senior citizens. Senior citizens can offer decluttering and organization services to other homes in the community. Senior citizens can market their services by word of mouth via community centers.
13. Public Speaking
Public Speaking is one of the best small business ideas for senior citizens. Senior citizens have a wealth of experience in different domains. Senior citizens can leverage social media and YouTube to talk about things that matter the most to them. These include history lessons, political talk, or social talk. Senior citizens can also hire a freelance editor for their videos. The average cost per hour for a video editor on Upwork is $15 per hour.
12. Nutrition Coaching
Senior citizens have ample experience in gauging healthy eating habits. To become a certified nutrition specialist, seniors can enroll in registered courses to ensure that the coaching they provide is credible. Seniors can enroll in senior centers and community programs to provide nutrition coaching to other seniors.
11. Fitness Training
Senior citizens are increasingly becoming more conscious of their health and fitness. The International Sports Sciences Association (ISSA) allows people to become certified personal trainers through an online 4-week program. Anyone above the age of 18 can enroll in a certification with ISSA. The certification is accepted at most gyms in the US. On the other hand, senior citizens can also provide fitness training to other seniors in their own community. Seniors can also set up an Instagram account to publicize their fitness journey. Joan MacDonald is a public figure in her 70s. She runs an Instagram account by the name of trainwithjoan. The account has over 1.9 million followers.
10. Making Courses/Books
Making courses and books is among the best business ideas for senior citizens. Users can create and sell courses on several platforms including Udemy, Inc. (NASDAQ:UDMY) and Teachable. Senior citizens can hire an assistant to manage the marketing and listing of the course. Teachable allows course creators to target influencers to hype up the course. Teachable offers a range 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, allowing creators to try and earn before they start paying.
9. Selling Handmade Crafts
Senior citizens are regarded as very artsy. 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 charges money for every sale made. A listing expires in 4 months and the listing fee has to be paid regardless of the sales made.
8. Career Coaching
Senior citizens usually have great advice to offer to young adults and teenagers on their career trajectories. Senior citizens can provide career and life coaching to prevent young adults and teenagers from making crucial mistakes. Other niches seniors can target include health and wellness coaching and post-retirement coaching. Such can be done by joining community centers and partaking in workshops.
7. Food Business/Catering
Senior citizens with a knack for cooking can start delivering homemade dishes in their neighborhood or beyond. Senior citizens can also cater small events like birthday parties and other gatherings. Business owners can focus on making signature family dishes or a specific cuisine.
6. Pet Care
Providing pet care is among the best small business ideas for senior citizens. Some of the key services include dog walking and house sitting. Wag! is a site for pet caregivers available across the United States. It is home to more than 400,000 pet caregivers and has donated more than 16 million meals so far.
