Having the choice to do what you want to do—as opposed to what you have to do—is one of the most attractive aspects of retirement. Still, this can be a time of anxiety if you’re left wondering what to do with your days and/or whether your retirement savings will continue to carry you comfortably. This is where starting an eCommerce business in retirement can be a smart move.
The Key Advantages of Starting an Ecommerce Business
In many cases, you can run an eCommerce business without giving over all of your free time. You can also use it to comfortably supplement (or perhaps even replace) your retirement income; freeing you of the need to live on a fixed number of dollars. The key is to make it fun by taking something you enjoy doing and making it a revenue producing activity.
Lower Barriers to Entry/Flexibility
Starting an eCommerce business can be done with a much smaller initial investment than a traditional brick and mortar business. In most cases, all you need is a computer, a fast internet connection, a viable idea and a good work ethic. You also have the flexibility of working from wherever you like. You can work at home, while traveling, or you can rent an office and just keep going to work everyday. (Some people do…)
The intellectual stimulation of running a business can stave off age related conditions such as dementia and Alzheimer’s. Activities such as writing copy for your website, developing marketing strategies and building up a social media presence will help you maintain your mental acuity. Retiring to ecommerce can also keep you physically active.
eCommerce Business Ideas for Retirees
The possibilities are unlimited. If you love golf, start a golf supply business. If you’re into art, market art supplies or sell your art online. With a lifetime of gainful employment behind you, chances are you can be an excellent resource for younger people entering your field seeking basic information. Offering online training courses is a great way to build an “evergreen” business, as the fundamental information will always remain the same. You’ll spend quite a bit of time up front developing the programs and recording them. But once you have a good library in hand, the manufacturing side of your business will require less effort.
A smart way to get into becoming an online merchant is to work with a drop shipper to provide the goods for which you create a market. Drop shippers are typically manufacturers who partner with retailers to get their products into the hands of consumers. Many of them provide photos and suggested pricing. All you have to do is create a compelling site to showcase the products and build up a customer base. You’re freed of manufacturing, shipping and warehousing expenses.
If your church or social group has crafts bazaars, you’ve likely run into a lot of people who make things by hand to supplement their incomes and/or fill their days. You can create a year-round holiday craft show for these people with a nice eCommerce store and some solid marketing. You’ll be helping others, even while you keep yourself occupied.
Retiring doesn’t have to mean sitting idle. Yes, that first month or so will be great when you are finally freed of the daily grind. But there are only so many rounds of golf one can play. Eventually, you’re going to get that itch. When you do, starting an eCommerce business in retirement is a great way to scratch it.