5 Smart Business Ideas for Federal Retirees

Many federal government retirees decide to go into business for themselves or seek new employment opportunities to stay busy and productive during their golden years. Federal government retirees have many benefits at their disposal for their years of service, and the experience and job skills learned in government positions can translate very well into many lucrative business options.

Take Advantage of Social and Federal Programs

Federal government retirees often qualify for various programs, grants, scholarships, and other benefits that may enable a retiree to go back to school, finish a certification, earn a degree, learn a new trade, or otherwise open new job opportunities. Take time to research the options available to you and see if there are any ways for you to fast-track your dreams for retirement. If you have always wanted to go back to school to finish your degree, retirement after a federal government job is a great time to do it.

If you have always wanted to own your own business, research programs and financing options for federal government retirees, or find a financial institution that offers discounted services and attractive financing options to retirees. You may find it easier to get the small business loan you need to jump start your own business after reaching retirement. If you have a solid business model and steady income, financing shouldn’t be hard to find.

Finally, if you simply want to find a great job to keep occupied and earn money in retirement, do not assume that age is an exclusionary factor in your applications. Ultimately, employers want people who can handle the job and bring something unique to the table. Your experience as a federal government employee will definitely set your application apart from other candidates who lack your work experience and training. You have many options for getting down to business in retirement, and the following five examples are a great place to start.

Learn Day Trading

Thanks to the economic policies of the current administration, the stock market is reaching unprecedented highs and has set numerous records in just one year. Take advantage of the current economic upswing by learning day trading. Day trading is a complex pursuit, but in retirement you should have plenty of time to research and learn the tricks of the trade. Day trading can also be lucrative. Accomplished day traders can make thousands of dollars on a single trade. It may take time to get to this point, but start small with penny stocks or other low-risk investments and find out how much tolerance you have for riskier trades.

Start an E-Commerce Site or Sell on eBay and Amazon

Americans spend hundreds of billions of dollars online each year. Take advantage of the digital age and start your own e-commerce site. You can carve a niche for yourself and manage an online store with relatively low overhead. Maintaining an online business can feel like a hobby as much as it feels like a job, so think about the types of products you know and love and see if there is a market for you to capture.

You can also use the tools provided on eBay and Amazon Marketplace to create an e-commerce site with very little overhead. It may take time to learn how to capitalize on your selling potential on these sites, but it can also provide you with an opportunity for clearing our old antiques, collectibles, and other items you don’t mind selling.

Become a Travel Agent

Another exciting opportunity for fulfilling employment after retiring from a federal government position is working as a travel agent. Travel agents help their clients plan vacations and business travel, and this extends far beyond simply booking airline tickets. Travel agents often help their clients find discounts for cruises, tours, travel groups, and other activities. Anyone who has planned an extensive trip knows how stressful it can be to book all of the necessary times, seats, and other factors, and travel agents are a tremendous help.

Travel agents earn commissions on the services they provide, so you can dictate how much you earn. Good travel agents look for opportunities to upgrade their clients’ airline ticket seating, suite quality in hotels, and can find the best prices on attractions and tours at their clients’ destinations. If you enjoy building a network of contacts, providing top-notch customer service, and have a background in logistics and planning, working as a travel agent is a great option for retirement.

Start a Consultancy

Depending on what type of federal government position you held, you might have a wealth of experience on a specific topic or within a certain field of study. You can turn this knowledge and experience into a business in several ways. Find a way to translate your work experience and skills into a consultancy and offer your services as a contractor. You could also start a specialized business that caters to your skill set and train employees. For example, a former federal employee who worked as a firearms instructor on a military base could translate that experience into working as a freelance firearms instructor, or open a target practice range or gun shop with that experience.

Buy a Franchise

If you’re looking for an easier way to get a business off the ground, starting with a franchise versus a start-up is a fantastic option. Think about the businesses you would like to see in your area, and do some research on franchise options to fill those needs. For example, if you enjoyed a particular restaurant in the past that doesn’t have any locations near you, investigate the chain to see if franchising is available in your area.

Starting a franchise can be a great option, because you have instant access to a recognized brand name, and the chain’s network of suppliers, partners, and vendors. If your past federal government experience involved managing personnel, hiring, and training, starting a franchise could be a lucrative and fulfilling option for retirement employment.

There are numerous employment opportunities for federal government retirees, and starting a business in retirement is much easier than most people think. Take the time to think about the types of jobs you’ve always wanted to try, how to apply your skill set to a new job, and what benefits and programs may assist you as a federal government retiree.

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