The temptation to turn a successful hobby into an income is strong. After trying to make money all my life, and being surrounded by a society that sees worth in the amount of money you can make, it seems like a natural path to take in retirement. Why wouldn’t I want to make some extra cash or start my own business?
Good Reasons For Retirees To Start A Business
Forbes magazine states, “After a lifetime of work in your chosen career, retirement is the perfect time to revisit your passions and turn them into a business.” They list reasons why retirees make great small business owners and are likely to be more successful than younger owners because of their knowledge, financial stability and people skills.* Starting a business can provide retirees with the emotional boost of engaging in purposeful work again. Those are tempting reasons to become your own boss. Extra cash sounds pretty good too.
Things To Consider
I’m not totally abandoning the idea of making money. I just don’t think I’m at a point where it’s right for me. Believe me, I’ve considered opening an online store (Etsy), taking commissions from friends, and selling things at local craft fairs. But I’ve also considered how it would feel to be required to get things completed by a deadline and how it might turn a much-loved hobby into work. Everyone knows that it’s also a huge time commitment to get your own business up and running.
The Joys of Creating
Part of being creative is taking time to try new approaches and be willing to fail, adjust and maybe succeed. The pressure to perform is something I’m glad that I left behind when I retired. Making money from my hobby would deprive me of one of my favourite ways to de-stress! I’m not ready to give that up right now.
A Variety of Business Ideas
However, I am inspired by Ryan Reynolds’ diverse business ventures. Even though I don’t have his money and influence, like most people, I don’t just have just one area of interest. I may be able to choose one interest to monetize and save some beloved hobbies just for me. It’s something I’ll be assessing as my retirement journey continues.
Did you start a business from one of your passions? How is it working out for you?
*https://www.forbes.com/sites/nextavenue/2019/10/18/5-reasons-to-start-a-business-in-retirement/?sh=d2a433445de5 Click here to read the article.
Retired, and now what? 