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10 ways to make money in retirement

From running a B&B to writing a book about your area of expertise, 10 ways to supplement your pension

1. Bed & Breakfast

The old-fashioned B&Bs are making a comeback and flourishing everywhere in the UK due in the main to (a) the incidence of modern day migrant workforces and (b) ever-increasing DSS clientele requirements. This is a sound option for couples in retirement who own their home.

Upside

Modest start-up costs
Good cash generator
Repeat business factor
Low if not zero debtors' list

Downside

Labour intensive
Requires patience to put up with a constant flow of strangers in the home

2. Home Handyman

Have you fixed enough bathrooms to last you a lifetime or you could face carrying on – albeit at a lesser pace. Many retired tradespeople set themselves up to perform handyman services for those who can't do it themselves or don't have the time; plumbers, electricians, bricklayers, painters and decorators, carper fitters, etc.

Upside

Maintains a vital link between previous workplace activity and retirement
Steady earning potential
No premises required (work from home)
Minimal start-up costs

Downside

Irregular hours
Access to a vehicle would be essential for most trades

3. Tuition Service

Retired teachers, lecturers, and business training professionals are much in demand nowadays for the provision of part time coaching services. With the right skills there are opportunities with both the general public and business.

Upside

Excellent earnings potential
High profit margins
Home based
Zero start-up costs

Downside

Requires constant canvassing for new business

4. Floristry

Another profitable opportunity for retired couples; it’s not just fresh flowers, you can also cash on the rapidly growing trend of servicing local retail outlets with artificial produce.

Upside

Contractual arrangement guarantees repeat business on a regular basis
All year round trading potential attached

Downside

Labour intensive
Reliable supply sources essential
Initial investment in stock required

5. Retirement Coaching

Capitalise on the booming retirement market by coaching people over 50 who are either recently retired or planning their retirement.

Upside

Under-worked and rapidly growing marketplace
Domestic and group coaching opportunities
Huge earnings potential
High profit margins

Downside

Steep learning curve
Certification costs £270 to get started

6. Garden Maintenance

With more and more households where both partners are out working all day you won’t have any problem finding customers. Add to that those people to whom gardening is an abomination. They all need your service.

Upside

Healthy outdoors activity
No start-up costs
Multiple markets
Good cash generator
Low risk factor

Downside

Evening work involved

You’d probably require to bone up on design and planning (thanks to the multiplicity of television gardening programmes)

7. Desktop Publishing

According to research findings, this market had expanded globally from £1.8 million in annual sales in 1985 to almost £5.1 billion in 2005 - and there would appear to no end in sight to this growth. Home based desktop publishers are engaged in producing a welter of graphic materials; brochures, flyers, advertisements, newsletters, books, business proposals and forms.

Upside

Excellent profit potential
Ideal for retirees who have a home computer and the technical know-how
Home based
Multiple market opportunities: local businesses, groups, institutions, etc.

Downside

Irregular hours
Constant requirement for canvassing new business

8. Start Your Own Online Business

If you can think of the right online business you eliminate the bulk of the hassles connected with setting up an offline business. It’s a steep learning curve but it’s a lot more fun.

Upside

Minimal start up costs
Work your own hours
24 hour trading
Marketplace: the Planet Earth (perhaps beyond)
Automatic order taking and payment processing
Instant delivery of produce

Downside

Steep learning curve

9. Make Money on eBay

More and more retirees are turning to eBay because it doesn't take a genius to make money with online auctions nor does it require participants to have any specialised computer knowledge. You don't even need to be a skilled entrepreneur because eBay does most of the work for you.

Upside

Zero start-up costs
Low risk factor
Good earnings potential

Downside

Steep learning curve

10. Write a Book on Your Know-How

You are a walking compendium of learned life skills; not just those skills you acquired in your career but the aggregated knowledge of a lifetime: work, hobbies, general interests, specialist interests, child bearing/raising/educating, and so on.

The list is endless. And in one or more of these areas you are an expert. Write a book on your specific expertise and if you can’t place it with a traditional publisher have a look at the publishing options website for an incredible range of options for making money from your retirement literary effort.

Upside