Are you wondering which business idea is best for baby boomers? Do you belong to the baby boomers era and are looking for the best business ideas you can do? Well, not to worry, this post discusses 10 profitable baby boomers business ideas you can explore.
Most business ideas featured here have a wide customer range and are easy to start.
Read on to find out the one that suits you best.
Introduction To Baby Boomers’ Business Ideas
Put simply; baby boomers are those people born between 1946 and 1964.
People born around this time should be in their late ’50s and ’70s as of the time of writing this post.
That is to say, baby boomers are the elderly and seniors.
Most of these people are of retirement age or approaching retirement age.
Hence, they will want to venture into small businesses that keep them busy while making cool income.
There’s no best age to become an entrepreneur.
That is why we are here, to give you the most profitable business ideas you, as an elder, can start.
As a baby boomer, you can achieve your goal with any of the businesses you choose from this article.
Your age and experience can help you achieve success in these businesses.
According to research, baby boomers own 2.34 million small businesses in the United States.
Therefore, with the right entrepreneurial mindset, you also can start a business of your choice.
Although online businesses are booming, this may not be the right business for you.
But you can take advantage of online platforms to boost your business.
If you’re willing to start your business, you should read this article to the end.
You will indeed find the most suitable baby boomer business idea you can work with.
Let’s see the different baby boomers’ business ideas we have.
10 Baby Boomers’ Business Ideas
1. Start A Bed And Breakfast (B&B) Business
Bed and breakfast is one of the best baby boomers’ business ideas.
Also, it has minimal barriers to entry and is very profitable.
A B&B with nine rooms in the US makes between $200,000 and $500,000 per year.
You should consider this idea if you enjoy entertaining visitors and sharing life experiences with people.
Or maybe you’ve worked in the hospitality industry; this could be the right business for you.
A bed and breakfast is a system of accommodation that offers overnight accommodation and breakfast to guests.
Furthermore, a bed and breakfast is usually a building with several rooms (4 to 10 rooms) set aside for guests.
Therefore, you should consider this idea if you have a house with several rooms.
Your target audience will most likely be people who fall into this category.
- Tourists
- Business Travelers
- College or university students (during graduation, homecoming, etc.).
- Couples on romantic gateways
- Locals in need of extra bedrooms.
If this sounds like something you could do, create a business plan for your B&B and register it.
Next, get the necessary licenses and permits required to operate your business smoothly.
You may also want to develop your strategy for marketing and promoting your business.
2. Open A Restaurant
Opening a restaurant is also another way to explore the baby boomers’ business ideas.
It’s well known that the food industry is one of the most profitable industries due to the massive demand for services in this industry.
So, if you’re looking to make a massive profit from your capital investment, you should consider this business.
A restaurant is a business that deals with preparing and serving food and drinks to customers.
If you have great culinary skills, you should consider this idea.
To begin with, you should decide the type of restaurant service you want as there are three types of restaurant business.
Quick-service restaurants
This type of restaurant offers fast food.
The meals are quickly prepared and sold for low prices.
Fast food services include a drive-thru and take-out.
Midscale Restaurants
Midscale restaurants offer both quick-service and full-service options.
This restaurant changes prices when customers perceive the food to be of good value.
Customers place orders at the counter while serving them at their tables.
Upscale Restaurants
Upscale restaurants offer full table service, unlike midscale restaurants.
They focus on the value of their meals, customers, and the restaurant setting.
Renowned chefs are usually of use in this type of service.
You should choose the type of restaurant service you can offer.
There are many restaurants, so you’ll need a unique value proposition to stand out in the market.
You could use a strictly vegan diet or fine dining with a traditional french menu as your USP.
Additionally, you should create a business plan, register your business, and obtain the necessary documents it needs.
Do a proper survey of the location you intend to establish the business and choose a strategic place.
Purchase the necessary equipment you need to get the business started.
Also, get a reliable food items supplier.
You will need to hire staff and a chef because you can do the work alone.
3. Start An Event Planning Service – Baby Boomers’ Business Ideas
If your previous work involves planning events, you can set up your event planning company.
This is also one of the best baby boomers’ business ideas.
As an event planner, you’ll be responsible for organizing events according to your client’s preferences.
Furthermore, different types of events are categorized under three sectors.
They include; charity, public, and private events.
Also, as an event planner, these are the tasks you’re expected to handle.
- Budgeting
- Planning food
- Acquiring permits
- Coordinating transportation
- Managing risk
- Selecting speakers and keynotes
- Selecting and reserving sites, and so on.
In all, you need to be good at planning to make an event a success.
Also, you need to possess good managerial, marketing, communication, and creative skills.
To begin with, you should determine your strength in the event planning industry.
In any event planning you wish to start, determine the size you can handle.
You can start with small event planning and expand in the long run.
Here are the few steps you should take to start your event planning business;
- Develop a business plan.
- Research your targeted market.
- Register your business and obtain licenses and permits.
- Purchase the equipment used for the event if you have the resources.
You can also decide to rent them if you don’t have space to store the items. - Employ staffs.
- Create a marketing strategy that will help promote your business.
4. Become A Fitness Trainer
As a baby boomer, you should know the importance of exercising daily.
If you enjoy working out, you should consider starting a business in the fitness industry.
You can design a fitness program for seniors and elders.
Most seniors understand the need to stay active and healthy.
So you can solve this problem by creating a fitness program that helps elderlies achieve their fitness goals and make money from it.
You can set up your fitness training centre in a good location, one that’s close to your target market.
Next, purchase the equipment and tools that are necessary for the business.
Starting this business is quite expensive due to the fitness equipment that you’ll need to purchase.
You may also need to get some training and qualifications to be a fitness trainer.
5. Open A Pet Store- Baby Boomers Business Ideas
The amount of money spent by pet owners in the US alone is around $110 million.
This shows that pet store is a very profitable and lucrative business.
More so, this business is great for pet lovers.
To start this business, you will need to decide which types of pets you want to focus on.
It could be cats, dogs, fish, birds, rabbits, horses, and so on.
You’ll also need to;
- Rent a retail space suitable for your business.
- Source for the pets of your choice.
- Purchase different items you want to sell in the store.
- Register your business and obtain licenses and permits.
- Create a business plan and a marketing strategy for your business.
You can also add pet daycare to the list of services you offer.
6. Open A Clinic Business – Baby Boomers’ Business Ideas
If you are in the medical line, you should consider this idea.
This is among the most profitable and thriving baby boomers’ business ideas.
According to studies, more than $800 billion was spent on clinical and physician services in 2020.
As you already know what goes on in a clinic, you won’t find it challenging to get your share in the market.
Hence, you can help treat people in your community and make a living.
Before you begin;
- You will need to define your niche.
You should figure out if you want to deal with urgent, primary, or preventive care.
Also, you will need to decide if you want to run a mobile clinic or a brick-and-mortar clinic.
Your choice of service will help you figure out your targeted customers.
- Furthermore, register your business and obtain licenses and permits to run the business legally.
- You should obtain business insurance for the safety of the business.
7. Start A Security Service
The value of the security industry in the United States is over $46 billion.
Meanwhile, there is a continuous demand for security services across the globe.
Therefore, the market is expected to grow continually.
If your line of work is in the security industry, you shouldn’t find it difficult to set up your business in this sector.
You can also help people to feel safe and at ease by securing their valuables and safety.
To get started, you need to obtain a security license.
Also, you should obtain business liability insurance.
You can apply for this in your state of residence.
Furthermore, you should be able to install and operate different security systems.
If you are interested in this business but have no experience, you can take courses to acquire the skills needed.
8. Open A Supplement Store
Opening a supplement store is also a baby boomers’ business idea you should explore.
Studies show that supplement manufacturers earn around $35 billion yearly.
This shows that there is high demand for supplements and vitamins.
Furthermore, there are two ways to start this business.
Firstly, you can open a store and sell different supplements and vitamins.
You will need to rent a retail store for this type of business.
The other way to open a supplement store is to buy a franchise.
However, you’ll only be allowed to sell the brand of the company your purchase its franchise.
So, think of the best business model that suits you and get started.
9. Invest In Real Estate Business – Baby Boomers’ Business Ideas
Investing in real estate is also another lucrative baby boomers’ business idea.
As a baby boomer, if you have the resources, you should consider this idea.
Real estate investment is a business that yields a lot of profits for its investors.
The real estate business involves owning the rights to a land, including the improvements and natural resources like plants, animals, water, etc., on the land.
Before investing in real estate, you must define the one best for you.
Here are the four types of real estate you can choose to invest in.
Land
Investing in land means you are investing in undeveloped property and vacant land.
You can acquire different land and develop it to increase its value.
Residential
This is the most common type of real estate business.
Investing in residential real estate means you’re investing in different types of living arrangements.
They include; single-family homes, apartments, condominiums, townhouses, and so on.
Commercial
Investing in commercials means investing in buildings used to carry out business operations.
Examples; include shopping malls, office buildings, parking lots, individual stores, hotels, etc.
Industrial
Investing in industrial means investing in lands and buildings for industrial businesses like factories, construction, transportation, etc.
So, to set up your own real estate business, you should:
- choose the most suitable type of real taste you want to invest in.
- research your preferred choice thoroughly.
- Create a business plan and register your business.
- Obtain the necessary documents for the business.
- Finally, decide on the marketing strategy you’ll use to promote your business.
It is important to note that real estate is a capital-intensive and long-term investment.
Keep these in mind while considering this business idea.
10. Open A Senior Transportation Company
As a baby boomer, you should know that 65-year-olds and above can’t drive like the younger generation.
Research shows that more than 72 million older citizens will require the service of elderly care.
This means the elderly care service is the next big business in the industry.
This is because most seniors might be unable to drive due to visual impairment and other challenges.
With this, you position your business as a solution in this market.
However, before you start, you should research your target customers’ needs.
This will help you figure out the fleet of cars you should purchase and the purpose of your business.
With this, you will help seniors avoid road accidents and maintain their mobility and independence.
You will also make cool profits from it.
Furthermore, you should register your business and obtain licenses and permits.
Conclusion On The Baby Boomers’ Business Ideas
We’ve shortlisted the baby boomers’ business ideas into these ten options, making it easier to identify your interest.
To help you with your decision, focus on picking a business idea related to your work or life experience.
This will make things a lot easier for you.
Best wishes.
