Americans between the ages of 55 and 64 have a higher rate of entrepreneurial activity than those between the ages of 20 and 34, according to a study conducted by the Ewing Marion Kauffman Foundation, which is dedicated to small-business and entrepreneurial growth.
Perhaps this is because these baby boomers recognize that their 81 million peers — 35 percent of the U.S. population — represent a lucrative market.
Here are eight small-business startup ideas for baby boomers:
1. Daily money manager — Daily money managers help people manage their day-to-day financial affairs. This may include paying bills, handling financial paperwork, monitoring bank and credit card accounts, and serving as a liaison between the client and other financial professionals.
2. Specialty tour operator — If you live in a tourist destination, consider running a tour company. If you know local sights and history, enjoy talking and interacting with other people, and can put a “boomer” spin on your spiel, this could be just the ticket for you.
3. Pet-sitter or groomer — Your love for animals could pay off with a pet day care, kennel, or a grooming service. People who travel frequently or simply don’t want to leave their pet(s) alone while they’re out are potential clients.
4. Senior care provider — Older adults, particularly those who live alone, may require help taking care of their daily needs. This could include running errands, driving, cooking, cleaning, doing laundry, or providing companionship.
5. Event planner — Are you able to forge relationships with local businesses and pay attention to detail? Retirement bashes, milestone birthdays, silver wedding anniversaries, and other large parties, banquets, and events often require an event planner who can pull everything together.
6. Interior decorator — Do you have a knack for design? Designers who cater to 20-somethings abound. What about older homeowners with more traditional tastes? Opportunities may exist for you to specialize in interior design within your own demographic.
7. Wine consultant — Wine consultants facilitate wine tastings and serve as menu consultants for party planners. Some wine consultants affiliate themselves with vineyards to market their products. This is a perfect home-based business.
8. Personal trainer — Personal trainers who understand the specific fitness needs of older adults are less common than those who deal with the general population. If you love fitness, consider specializing with older citizens in their homes, in senior centers, and in other facilities.