If you're looking for a little extra income in retirement but you don't really want to work in a traditional job, the most obvious option is working a gig. The "gig economy" is thriving, with such opportunities as car driving services, home rentals, and freelance jobs. But there is another interesting possibility: Turning that hobby of yours into a money-maker. One recent study indicates that over one-quarter of American entrepreneurs launched startup businesses from a hobby.
If this sounds intriguing, be sure to read "A Beginner's Guide to Monetizing a Hobby" at MagnifyMoney.com. This comprehensive article covers many of the issues related to turning a hobby into a money-making venture, including:
- Assessing goals
- Testing your hobby as a business
- Finding clients
- Common mistakes
- Tax implications
The article also includes stories of hobbyists-turned-entrepreneurs.
The area in which I live is flush with artists and craftspeople. While the competition is stiff, I personally know two Boomers who retired from traditional jobs and pursued artistic money-making hobbies. One of them, a former business executive, had a passion for working with wood. He learned the craft and started to make small objects, such as pens and Christmas tree ornaments, as a hobby. He turned that into a part-time business. Another person, a former floral designer, had a talent for watercolor painting. She concentrated on painting birds and began to sell her work at craft fairs. People liked the bird paintings so much that she opened a small studio and has become locally recognized for her unique style. She is even being asked to do custom paintings.
Maybe becoming a money-making hobbyist is something you could consider to spark life's second half.