Share this
Looking for Your Second Act? 7 Retirement Businesses That (Almost) Run Themselves
The world of retirement has certainly changed in recent years. People are living longer than ever. You may suddenly be worried that your savings won’t last long enough. You may also worry that you’ll get bored. While earlier generations were content to spend their golden years on the golf course, those who are retiring now are often looking for their second acts.
Many retirees dream of running their own businesses, but they do not necessarily want to spend their days chained to their office chairs or flying around the country. There’s a good chance you are also looking to get out from behind a computer. You have no interest in starting a blog or offering consulting services. You want freedom!
If you have always wanted to be an entrepreneur, here are seven low-key retirement-friendly business ideas that can (almost) run themselves.
Car wash
Even the smallest towns almost always have a self-service car wash. Have you considered the low amount of maintenance these operations require? There are no employees. They are open 24-7. Even a small-scale car wash can profit over $40,000 per year per some studies.
There are considerable capital requirements to get started and there are some disadvantages such as expensive equipment maintenance. But this is a service that’s always in demand. And it’s not a service that can be outsourced overseas. Local people need local car washes.
Self-storage
The American people are a mobile bunch, and that mobility means the self-storage business is booming. With the right location and a bit of capital investment upfront, a self-storage business could be a great choice for your retirement dreams of entrepreneurial success.
Storage units largely have low overhead. The most basic units typically do not offer electricity, lighting or climate control. If you get into more upscale storage units, you can offer electricity, heating and air conditioning, top-level security and other extras for a premium.
Laundromat
Everyone needs clean clothes, but not everyone has room for a washing machine and dryer. You can serve the needs of those folks and make some money in the process by opening and running a Laundromat in retirement.
In most cases, the quickest way to earning income from a laundromat is by purchasing an established business. This will also allow you to see the books before making an investment. You will know just how much overhead and profit you can expect.
Rental properties
Being a landlord may not seem like a low-maintenance endeavor, but it can be if you use a property manager to run the show. A property management company will take care of everything from rent collection to repairs in exchange for a percentage of the monthly rent roll.
Real estate is typically an income stream that you should start before you retire. You will definitely want to seek the advice of an expert.
Vending machines
If you are just looking for a little spending money and something to do from time to time, vending machines may be the way to go. From hospital waiting rooms to busy office parks, vending machines are everywhere, and the people who own them can enjoy profits.
Unlike some options on this list, starting a vending machine business requires only a small investment. Once the vending machines are in place, filling and maintaining them generally takes very little time, making this business perfect for retirees with better things to do.
Dropshipping
Running a retail operation is hard, but dropshipping is much easier. This business opportunity will require some computer time and more day-to-day involvement than many ideas on this list, but once it is set up things can operate pretty much hands-off.
Once you have found a reliable dropshipping supplier, you can enjoy a steady stream of income while the third party does the heavy lifting. Amazon FBA is another ecommerce opportunity to consider as you can store your items for sale at their warehouses and they will pack and ship orders as they come in.
Billboard rentals
Those highway billboards get a lot of attention, and the people who own them get a lot of money. Buying a billboard and renting it out is a great post-retirement business idea, one you can literally do in your spare time. On the flip side, if you own property on a highly-trafficked road you may be able to lease some land to a billboard company.
If you see retirement as a second act and not a final one, you are not alone. The view of retirement is changing fast, and many retirees are looking for businesses they can run in their spare time. The seven low-key and low-maintenance business ideas listed above can help you live out your entrepreneurial dreams without negatively impacting your golf game.
