How to Make Money in Retirement: A Guide to Turning a Hobby Into a Side Business
By Business.com Editorial Staff
September 24, 2018
“The number of senior Americans who call themselves boss is growing steadily. In 2015, the U.S. Bureau of Labor Statistics found the self-employment rate among workers aged 65 years and older was higher (15.5 percent) than any other age group. Retired seniors are still working, and many are working for themselves.
Seniors certainly have the same drive and entrepreneurial skills as any other age group. Many who want to learn how to make money in retirement turn to their hobbies as jumping off spots for launching a small business. If you match the right hobby with the right business plan, you can make it work. Here are some ways to make money in retirement by turning your hobby into a successful business.
What is a side business for seniors?
Older retirees often confront obstacles they may not have encountered as younger entrepreneurs, whether it’s a tighter monthly budget or age-related physical limitations. But they have an advantage when it comes to their hobby – they’ve already invested in equipment and training.
Making your hobby the seed for your business has other advantages too:”