How to Make Money in Retirement: A Guide to Turning a Hobby

Retirees can face obstacles they may not have encountered as younger entrepreneurs, such as a tighter monthly budget, but they have an advantage when it comes to their hobby: They’ve already invested in equipment and training. Here are a few other benefits of turning your hobby into a business. Low upfront investment If you have little investment capital, savings or a low credit score, securing funds to start a small business can be challenging. Choose a side gig with low upfront costs, and use the resources, materials and knowledge you already have. Small-scale production Consider starting a business that doesn’t require a substantial investment into purchasing materials, equipment or storage space.


If your business will be manufacturing products, you don’t want your manufacturing capacity to exceed your ability to store unsold inventory. Start small and grow from there. Work from home If you chose early retirement to reduce the risk of becoming Nepal Telemarketing Data ill with the coronavirus, you may want to start a small business from the comfort of your home. An added benefit of starting a home-based company is that you have low overhead costs: no office space leases, extra utilities, parking costs, etc. Flexibility Launching an online retail website can be an inexpensive way to market your goods and services. It can also be a good business route to take if you prefer some flexibility with your schedule; for example, you don’t have to abide by a rigid schedule (8 a.m. to 6 p.m.) as you would with a brick-and-mortar storefront.



Which hobby should I choose? What is your most valuable hobby? It may even be something you wouldn’t even think of as a hobby – a much broader pursuit than making pottery or writing poetry. For example, maybe you enjoy researching your family history, looking at photographs and learning about lost relatives. You could turn that into a home-based genealogy business helping others uncover their family trees or writing the life story of an ancestor. Maybe you love problem-solving and are obsessed with doing crossword puzzles or brainstorming ideas for new products. It may not be a “hobby” in the strictest sense, but problem-solving is a skill many people leverage to start profitable businesses. Linda Nagamine worked as an airline customer service representative for 28 years; after retirement, she turned her problem-solving skills into a way to help people keep track of their keys.