Are you someone who just retired or currently preparing for retirement and is interested in finding ways to still make money? Here is a piece of wonderful news for you — there are tons of retirement hobbies that make money, which you can definitely enjoy during your spare time.
Retirement is defined as the withdrawal from one's work position or role, which is often done when people are in their elderly period or incapable of attending to their job duties due to some reasons such as health.
Some may think of retirement as the most anticipated time to let go of your nine-to-five schedule for a life full of relaxation, trips, and leisure. However, many retirees hope to earn extra income in order to help with their finances or simply add value to their cash flow.
Approximately 48.59 million retired workers received Social Security benefits in 2022, which massively increased compared to 34.59 million in 2010. This number has increased yearly over the past decade and is expected to continue into the future.
One of the greatest ways to feel excited during retirement is to know that you will be earning extra money from your hobbies. In this article, we will let you know the reasons why you should start a business after retirement, tips on how to begin, and examples of profitable hobbies to look out for.
- Reasons To Pursue Business After Retirement
- Tips For Starting A Business After Retirement
- 5 Retirement Hobbies That Make Money
Reasons To Pursue Business After Retirement
You can actually convert almost all hobbies into a side gig with commitment and research. But, why should you? After retiring, you can just plan vacation trips with your family, go out with long-time friends and attend community events with other retirees.
Well, you can still do all those things while making extra income. The total amount of money you can earn solely depends on how much time you are willing to invest in running your business. Below are reasons why you have to pursue business after retirement — from adding it to your savings to chasing your dream through the most enjoyable process possible.
Add to your pension or income.
After retirement, the only thing you might be relying upon is your pension income. Pension is the regular monthly income or payment given to a person who retired, which is often funded by an employer. It will help you to maintain your standard cost of living and even those unforeseen expenses.
According to the 2023 National Retirement Risk Index (NRRI), published by the Boston College Center for Retirement Research, the total percentage of retirees who are at risk of not having enough for expenditures is about 50%. This is why it is better to plan ahead in order to cure or prevent things like this.
You can generate extra income by starting a small business, which could assist and support you with your bills, debt, and unexpected payments. You don't have to start by using the things you already know to successfully come up with ideas for your business.
Remain physically active.
The good thing about working is that it helps us become active physically, from walking to the office to engaging in different activities prepared by employers. Those things might seem small but it relatively affects how one's body performs daily and under pressure.
There are several health risks caused by being inactive. Being exposed to a sedentary lifestyle significantly affects a person's well-being. Those people who currently have an inactive lifestyle but sustain a good metabolism might not think of the importance of being active, but being healthy is more than that.
You can just eat healthily and drink products good for your health, but, again, it requires much more than that. Being inactive may be due to one's inability to allot time to get active due to their busy schedule, which makes having a business a positive thing.
When you have your business, you get busy preparing the things you need. The tendency is you will move around more compared to when you are just watching television or talking with friends. Among the most common health challenges of having an inactive lifestyle includes heart disease, stroke, and arthritis.
Stay mentally awake.
Starting a business doesn't just help you keep your physical health on the good side, but it also provides the exercise your brain needs. To improve your mind, you must continue learning, no matter what topic or ideas interest you the most.
Having a business, for example, is a really good chance to acquire new knowledge to use in everyday activities. As people say, the day you stop learning is the same exact day you begin becoming old. Regardless of age, your mind needs to have its own hustle to function well and properly.
Plus, being mentally active can reduce the risk of having dementia and Alzheimer's disease. It also helps in improving your memory and your ability to focus and concentrate on important things.
Learning how to manage a business, which includes knowing how to plan marketing promotions and campaigns, talk with customers and even budget your income will keep your brain active.
Life starts the moment you discover the happiness and enjoyment you are longing for. Most people tend to go after the highest profitable jobs possible in order to sustain all their needs in life. This specific reason makes them forget about their hobbies due to the massive challenges that are interconnected with the idea of having their own businesses with the hobbies they grew up with.
Having a clear purpose in life can lead to a longer existence here on Earth. If your goal as a retiree is to still make money, but, this time by doing what interests you the most, then focus on that thing that brings you so much joy.
If you like cooking, then consider selling your recipes online through platforms such as Etsy or building your own website through Shopify, for wider customer access. The tip is to keep going after your passion, for a bit easier approach into the business industry.
Tips For Starting A Business After Retirement
Earn money by doing what you love — a phrase so simple yet seems very difficult to follow. When you hear the words "startup business owner," you might initially think of a 30- to 40-year-old merchant who knows everything a business owner should know. However, one thing you should be aware of is diving into the world of entrepreneurship doesn't have any age limitation or requirement.
The more experience you have in the professional field, the more chances of things working out your way. According to research from the Harvard Business Review, the average age of business owners at the time they established their companies was 42, but, still, it varies depending on the industry they are in.
The older people get, the better they are in judgment. They also tend to be more willing and fearless in investing in something they see as profitable.
If you are aiming to start a passion project during your retirement days for income growth, here are some tips you should note.
Identify your strength.
When starting a business solely based from your hobbies, you must clearly cite what things you are good at. You might know a long list of hobbies that can be transformed into business, however, it is better to choose that hobby your most confident about or that one thing you think will make a boom in the selling field when in the beginning stage.
Write the pros and cons of each hobbies when put into business. You start small, and maybe later on, you can leverage to several business ideas when possible. In business, everything is possible.
Think hard about your talent, skills and experiences, from that look at the bigger picture; can you be committed into this? or is that certain hobby manageable based on your situation? Seek for different opportunities to turn your passion into a growing business.
Ask for help.
Retirement hobbies can be easy and hard at the same time. Well, no business is a piece of cake. You have to learn everything; from choosing the right ingredients and baking the dough up to the packaging and delivery.
Seeking for help is not a sign of weakness, in fact, many see it as a courageous act. Let those experts in the business as well as in your chosen niche assist you. Crave for their stories and advice for inspiration.
This might include finding and hiring a mentor or consulting firm. You might be the experienced in some things, but there are still plenty of other people with different perspectives and expertise who are in the most suitable place of offering assistance as you launch a brand new life venture.
Create a detailed business plan.
Best money making hobbies doesn't come overnight. You have to carefully consider all aspects of starting a business, including the potential challenges and sucesses that are associated with it. Research and establish a comprehensive business plan in order to set things smoothly. We don't want any procrastination in launching a business you desire to turn big.
Ensure to have a solid mission and vision, business structure, marketing strategies, work flow and financial foundation in place before thinking of displaying your products or services in the market. A business plan will be your guide in making your hobby profitable, you follow it so you can easily address any necessary angles that need improvement.
Make stable progress.
There is no shame in starting small, as everyone must overcome that phase of not being sure on what to do. The more important thing is that you make progress, regardless of size, improvement is improvement.
You can even start part-time, maybe you can try and test the waters first in order to see if running a business is a workable for you before totally committing into it. If that certain hobby doesn’t really end up feeling like the best fit for you, then you can put the idea on hold and experiment on something else or give chance to it one more time — all is up to you.
Do the process in the comfort of your home to lessen expenses, then if it shows progress, you can put more investment into it for a more extensive business process. It doesn't matter whether you recruit a small number of people who can help, or make everything on your own. Goal to have visible progress regularly, solve problems that may arise and continue learning your way up.
5 Retirement Hobbies That Make Money
Small businesses often start when you found an interesting idea or hobby you are good at. The kind of hobby that can potentially provide you with some extra income can vary, and depend on your skills and willingness to start something at an older age.
Of course, you have to consider your level of mobility and the available resources you have. Here, we included moneymaking hobbies for the elderly, consider these options if you want to start your own business after retirement.
Selling Homemade Crafts Online
If you have a skill and talent for crafting goods such as painting, crochet products, or sustainable bags, then you can dig into the digital world of selling. Nowadays, you can actually earn extra cash by selling your creations.
Aside from craft bazaars, flra markets and physicla shops, people who are more into arts tend to sell handmade products on the internet. You can try selling it through eBay, have your own website or take it into social media such as Facebook and Instagram for wider audience reach. The global sales through social media platforms were about $992 billion in 2022. Online shopping through digital channels is expexted to reach sales at around $2.9 trillion by 2026.
Craftsmen tend to keep on traditions by making handmade or homemade products that express their story and creativity. Yes, a hobby is not just a hobby, it has its own background, which you can share on to the future entrepreneurs.
Customers know than purchasing local goods will support the development of your craft, so with proper execution, it can be easier to market it, at times.
If you like writing and researching, then starting your own freelance writing service is the best option to consider. There are already more than 54,000 writers in the United States in 2022.
Compared to company hired writers, freelance writers are usually paid per deliverable or word count. Some may charge hourly, it all depends on your preference as well as you clients' payment process.
Rates is really different per niche and length. For online blogs, average rates fall between $0.05/word - $0.15/word. According to ZipRecruiter, the average income of freelance writer in the United States is $29.32 an hour.
To begin a freelance writing business, you have to secure the writing tools you need such as SEO improvement apps and grammar checker apps, which might be easier if you have a very limited start up budget. All you have to pay for are the subscriptions to these tools and equipment if you don't have yet.
You can focus on a niche and do more research about it later on in order to build your portfolio. Try giving free services to others to get review about your work ethics and outputs, which can also add up to your credibility.
Suppose you are a teacher or professor before retiring, and let us say you enjoy doing it and want to use it for personal business, then tutoring is the best fit for you. You can start a one on one service both physical or online, or you can just create videos online and post it on your YouTube channel to earn money as a vlogger.
The worldwide tutoring industry is continuously accelerating, with the market value estimated to reach $286.62 billion by the year 2027 while online services believed to grow at a CAGR of 15.7% between 2021 and 2028.
Set up your tutoring business by simply telling your neighbors about it, posting it on your social media sites and handling flyers if possible. By starting this kind of venture, you just don't earn additional income, but you also help other people acquire academic knowledge.
If you are so much into pets, like dogs or cats, you will surely enjoy the petsitting business. There are simple steps to execute this idea. It includes planning, legalities, and marketing.
Of course, if you are planning to establish a massive business, you should start it right. Inquire the needed documents and requirements to be submitted in starting your own business for legitimacy. You can start on your own or hire others that also like sitting other people's pets.
You can even start a pet-sitting business without training. However, you can improve that hobby of your by registering in pet-sitting courses.
You can market for clients through word of mouth or by directly going up to the pets' owners to offer service. You can also check out pet-sitting marketplaces like Pet Sitters International for potential clients.
Flower Arrangement Service
Flower arranging has a great advantage for elderly individuals. Aside from flowers' ability to boost one's mood through its colors and sweet fragrance, it is a great exercise to improve sensory stimulation and reduce stress.
Flower arranging is an activity that can be enjoyed by many. Flowers are pleasing on our eyes and at the same time, arranging flowers helps in joint stiffness, swelling hands, less flexible fingers. Regularly cutting and fixing flowers can give your entire hands the workout it needs.
Flower arranging is often a beneficial activity for individuals with dementia. Plus, creating floral arrangements can be done by sitting or standing, so even those with difficulties in walking or standing can do this as a business.
Starting a business after retirement provides you a lot of benefits extra income, supplement your retirement savings, lessen your income tax bill, and even improve your overall health. Age doesn't matter in business, you can start as early as you want or later on after doing the things you prioritizes more at the moment.
Retirement hobbies that make money are also the best chance for you to pursue your dream of becoming a full-time entrepreneur by mainly focusing on your skills and the thing you truly love. Retirement might be the most ideal time to get the venture you’ve always wanted.