Let’s face it, when you hit your 60s people expect you to slow down a little and take it easy. And when you move into your 70s and 80s, people think you should be putting your feet up, sleeping in the afternoons and doing nothing more strenuous than playing dominos.

Of course, when I say ‘people’, I mean younger people – the ones in charge of companies and the ones who run HR departments. From what I’ve seen, those people are desperate to get you out when you hit 60, not in.

In fact even being 50 can be deemed ‘too old’ for certain jobs these days, which leaves you with a red hot opportunity to tap into this overlooked workforce and kick-start a lucrative home business.

Here are three mini-blueprints that could open up a potentially profitable part-time business for you:

Blueprint # 1: The ‘Over Qualified’ Employment Agency

You’ve heard that phrase of someone being too over-qualified for a certain role haven’t you?

It’s where someone takes a look at your CV, sees a wealth of experience there, and decides you know too much for the job on offer!

And this happens more and more the older you get. As people take on different roles and move up the chain of command, the more ‘over-qualified’ they get if they ever find themselves out of work.

And of course, once you hit official retirement age (what IS that these days… 100? 110?) finding work gets harder and harder.

But there’s a chance for you to spin the ‘over-qualified’ angle to your advantage, because older people can offer decades of invaluable experience which can be used to trouble-shoot problems or tackle a job with far more useful input than someone half their age.

Plus I’m not sure where I read this, but they take much less time off than younger workers.

So what’s in it for you?

Well, you can tap into this dormant talent by setting up your own employment agency – specifically for the over 50s. You won’t need a licence to set up an employment agency (as long as you don’t deal in nursing staff), and you can set up this business easily from home. 

All you need to get started is a phone and a PC. Really, they’re the only bits of office ‘equipment’ you’ll need.

But the BIGGEST challenge is to persuade potential employers the merits of taking on someone from your over 50s workforce.

Basically you need to SELL the benefits of older employees to companies in your area.

Here’s how you do it:

- Go through the phone book. Find big employers in your area.

- Tell them you’re running an employment agency that specialises in mature people who have experience to offer, and that you’d like to send them a proposal.

- Write a ‘sales letter’ pushing the benefits of recruiting older people – experience, qualifications, willingness and reliability. Get as many stats as possible that show how dedicated older people are compared to younger people. Make it seem like a no-brainer to hire someone who’s a top talent in their relevant industry vs hiring someone who still has it all to prove. Maybe compare it to a decent local town football team suddenly being able to get Gary Lineker to coach the team and improve them. Whatever angle you use, just SELL THE BENEFITS.

- PRICE WELL – maybe slightly lower than the average hourly rate for the job they’re going to fill. Attack the company from both angles – you get the best possible person at the lowest possible price.

- Once you’ve sent your proposal out, follow up with a call. Talk through any points with them. If possible get a face to face meeting.

- Persuade the employers to call you whenever they need new full or part-time staff.

That’s part one set up.

Next, set up a register of over 50s who are looking for full or part-time positions. Use a campaign of small, local newspaper ads, asking mature employees to register with you.

Take details of each employee, including:

- Qualifications
- Previous work and experience
- Skills they’ve acquired.
- Hours they’re prepared to work.
- Jobs they’re looking for (and always ask what jobs they’re prepared to do).

 All you need to do now is match the right vacancy with the right job. The standard fee for doing this is 20% of the employee’s first year salary, which the employer pays – a small price to pay for helping them find such mature and experienced employees.

Note: by law, you mustn’t charge the employee just for finding them a job, although you can charge for giving employment counselling and preparing CVs.

Add this Lucrative Sideline: List retired executives on a separate register. Hire them out by the week, day or even the hour, to small and medium-sized companies who need short term expert help with finance, legal issues or marketing. This will involve no extra work on your part, but by charging up to £100 per hour and paying your executives 50%, you’ll make £50 clear profit.

Blueprint #2 Target ‘the Boom with Money’

Have you noticed how many shops are targeted at the youth market – loud music, trendy décor, gum-chewing staff?

This was a great marketing policy in the 1980s and 90s, when the youth market dominated. But big business is missing a trick, because now the market to target is the lucrative over 55s.

You just need to ‘speak to them’.

Take this as an example:

Anvil Music, a chain of record and video stores in the eastern USA, have proven how lucrative this can be. Five years ago, they realised that older buyers were intimidated by the trendy atmosphere in US record stores.

So they restyled their branches to appeal to the older market.

Their stock list was chosen specifically to mirror more mature tastes. Out went flashing lights and loud music. Instead, customers sample records and CDs in 1950s-style sound booths.

And Anvil favours employees over 40, who can prove that they’re dedicated to serving older customers. Now Anvil’s turnover has increased by 33% each year, and they’ve opened 10 new stores.

It doesn’t matter what sort of trade you are in – or would like to set up.

Exactly the same principles apply to a clothes store, book store, DIY supermarket, pub, restaurant or insurance brokerage as apply to a music store.

Follow these tips to make it work for you:

- Choose the type of goods which appeal to older clients.
- Price them to match the over-55s sense of fairness. They may have a lot of disposable cash, but they understand and appreciate value.
- Create surroundings to attract more mature people.
- Deliver high-quality, customer-focused service.

Incorporate those little extras which demonstrate you want and value the custom of the over-55s, who are shamefully neglected by many large businesses. Ideas to try:

- Quiet, bright surroundings without loud music or flashing lights.
- Offer free tea or coffee or even a toasted teacake.
- A carry-to-your-car service for shopping.
- Reserved parking for ‘seniors’.
- Free taxis home for customers spending over a set amount.
- Extra-clear signs and documentation.
- Extra privacy in changing rooms and at cash desks.

I’m amazed no one seems to have done this already. Just reading this list makes me feel that this is a really great idea that someone with a bit of get-up-and-go could take and make millions from. Seriously, if you hit the right note, you could end up with a chain store of your own. I mean, why not?

Blueprint # 3: A Senior Social Circle

Not only do the over-55s have a lot of time for leisure, they also have plenty of money to help them enjoy it. You can cater for this market by setting up a social circle offering dedicated leisure and entertainment activities for affluent over 55s.

Remember, they don’t all want afternoon tea and bingo – and certainly not everyday. Your target market is looking for high-quality, challenging activities. And your customers have the resources to pay for them. Think about:

- Day excursions
- Weekends away
- Guided tours
- Dinner dances
- Theatre, opera and ballet visits
- Talks, lectures and demonstrations

You can organise lots of activities easily yourself. For example, to run a dinner dance, simply hire a local hotel and a band to play there. And gauge the mood of your clients.

Do they want nostalgic music and décor that transports them back to their youth, or do they want to tap into modern themes, but in an ambience that suits them.

You won’t find it difficult to recruit members for your social circle.

- Use local and regional newspapers and magazines which appeal to older people.
- Mail your advertisements directly to this particular age group.
- Make your circle extra special by restricting it to members only. Charge a monthly membership of £5-£10, to include a newsletter and one social event each month.

And, however you promote your core service, look to sell other activities to your existing members. You have the perfect opportunity to deliver great service to your clients.

Four More Money-Making Ideas

- Private Home Help Agency. Many wealthy over-55s don’t qualify for local authority home help. You could recruit your own home helps, and then hire them out to affluent customers. Charge up to £10 per hour for a top quality service.

- Home Maintenance Services. Security check and vet builders, plumbers, appliance repair firms and gardeners. Offer peace of mind to older consumers by advertising your high-value services locally. Pass on enquiries to your approved contractors in exchange for a referral fee.

- Introduction and Friendship Agencies. With time and money to spare, the over-55s want to meet new people who share their experience and lifestyle. Run adverts through your local press, and arrange small social events as an extra service for your clients.

- Young Mind Academy. Run courses specifically for the over 55s in subjects such as computing, DIY for widows, cookery for widowers – and popular school subjects, so that grandparents can help their grandchildren with homework.

But to make ANY of this work, there are things you need be careful of:

- Selling to this market doesn’t necessarily mean selling old-fashioned products and services. Today’s over 55′s were teenagers in the 1950s – a rebellious and innovative age in itself. And they certainly don’t want to feel old and be treated as old. They’re as keen on the latest technology as anyone.

- Your customers are less interested in trends and fashions, and more interested in quality.
- The over-55s enjoy politeness as much they do friendly service.

- These consumers are often sceptical about marketing hype – they’ve seen it all before, remember. So instead, sell them with reliability, honesty and sincerity.

- For best results, aim to combine the traditional values and retro tastes of the over-55s age group with modern technology and 21st century standards of service.

Just consider this…

There are 12 million people over the age of 55 in the UK today. By 2020, it is estimated there could be over 20 million.

Older people’s incomes are rising fast. Of the over 55s, 38% are still in paid employment, while 68% have a private income in addition to any state pension.

They have very high disposable incomes – 55% don’t have a mortgage or rent to pay, and 94% have no dependants. Yet their needs and wants aren’t fully catered for…yet.

So will it be YOU who steps up and fills this gap? Could YOU make one of these ideas work – or maybe one of your own?

Stop thinking about it, and get stuck in! And by this time next year, you could have a profitable home-run business on the up that impresses all your family and friends.