Most people at retirement age need an extra income to make ends meet. Because of this, many are becoming self-employed to bring in that income. In fact, the self-employment rate amongst those sixty-five years and older continues to steadily climb. More and more retired seniors are working for themselves rather than working for another company.
One great thing about seniors starting their own business is their skill set. Seniors will often use their hobby to launch their small business so it’s enjoyable and profitable. You can make this work well for you if you are able to match your hobby with a great business plan. Below are some ways you can turn your hobby into a business that is successful.
Because of their age, many older retirees may encounter obstacles that a younger entrepreneur may not. These obstacles may include physical limitations because of their age or being on a tighter monthly budget. On the other hand, they have the advantage of likely already having the training and equipment needed to make their hobby work for them.
If you are considering making extra income from your hobby, consider the following advantages:
- Lower investment upfront: if you already have the resources needed for your hobby, you will be less likely to need much money to get started with your side business. Be sure to start a business that has low costs upfront and that you already have knowledge and tools for.
- Make your production small-scale: when you start small, you need less storage, equipment, and materials. You never want to create more product than you have space for. Besides, it’s always best to start small and then grow.
- Working from the comfort of home: working from home can save you a lot of money. You will considerably lower your overhead costs and, if you have mobility issues, they will already be accounted for in your own home.
- Creating an online business: creating a business online is a wonderful way for seniors to create an inexpensive way to market their goods and services.
As you can see, there are many advantages to using your hobby to start a small business. It’s a great way to stay active and to provide more income for living your retirement years.