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Did they say you were too old to start a business? Here are five business ideas to do over 60.

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Many people over 60 wish to retire from conventional employment and finally work for themselves. There are even those who may be older and now retired who want to return to work but need a flexible schedule.

So why not consider working in retirement?

Today we’re looking at five options you can do on your own terms, as an independent contractor, with your own rules and working arrangements that now fit into your schedule, not an employer’s. demanding.

Virtual working has taken on a new meaning post-COVID and more and more people, especially those in the “laptop class”, are working from home, only having to go a few days a month. This may be great for some, but for others the stressful demands are always there when you work for someone else. Contractualization could be the solution, so this is our first commercial suggestion.

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Being a consultant is a great way for knowledge professionals to share their expertise in a known industry, now for hire, on a schedule of your choosing.

Many retirees often take up hobbies when they are retired and find that they are quite good at it. Often the material costs are quite low, which means that your only real investment is your time, creativity, and expertise to make something. So our second option is to be an “artisan”.

Craft business creating products to sell locally or online. This includes any type of craft: woodworking, metalworking, clothing design, baking, jewelry, dolls/toys, quilting/knitting, etc.

Our third option is for the many retirees who like to garden. I once ordered flower and vegetable seeds, but was overwhelmed with how difficult it was to grow these little creatures into plants. If you’re good at it, why not make some extra income out of it? There are honestly a lot of people who will pay for already grown plants, ready to plant in their own gardens.

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Growing plants from seeds. The product range is as varied as your imagination: flowers, vines, terrace plants, vegetable plants, bushes, trees, shrubs, pond plants, etc.

Are you a retired academic? The fourth option is for our retired teachers or university professionals. You can make a great income tutoring young children and teens, and thanks to the pandemic, online tutoring has become much more popular.

Online tutoring of students of all ages or even newcomers to Canada. All you need to get started is good internet service and an understanding of how a conferencing platform like Zoom or Microsoft Teams works.

The last option is to invest in something you already know will be profitable, like a franchise business. Yes, there will be an upfront cost to start this business venture and likely profit sharing (royalties); however, you know you are buying from a well known and established brand. Try to choose a brand that already has national recognition and will attract customers from day one.

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Buy franchise. Don’t worry about creating a business plan or product logistics – all training, resources and customer support are provided to make the franchise brand successful.

We are all living longer and some of you in retirement may be looking for ways to earn some extra income. With the current volatility in stock markets, many retirees don’t want to make withdrawals from their losing investment portfolios and I agree. It is advisable, if you can, to leave your investments in the market so as not to realize the losses since we anticipate a further pullback before seeing a rebalancing of the market. While waiting for the recovery, why not consider a “side-hustle” income (like the examples above) to maintain or even improve your lifestyle.

Here are some of my ideas from friends and clients who are now retired or just starting to think about it. Please share with me your ways to earn extra income in retirement and I’ll write another column that we can all benefit from.

You can send me your ideas at [email protected]

Written by Christine Ibbotson, Canadian financial writer, radio host and You Tuber. For more tips, Google Ask the Money Lady.

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