How to Turn Your Passion into a Successful Retirement Business

Most retirees have many productive and active years to look forward to. It's no wonder more and more are becoming so-called “oldtrepreneurs”. Here, we explain how you can capitalize on your interests or hobbies by starting a passion business in retirement.

Whatever it is you love to do – be it writing, cooking, quilting or sailing – the idea of making extra income from your passion or hobby during retirement is undeniably very appealing. After all, the great majority of us want to stay active and busy for as long as possible during our “golden years”.

And after decades of being employed by others, being your own boss is an enticing prospect. It's little wonder then, that numbers of “oldtrepreneurs” (those aged 50+) are increasing nationwide. Taking the plunge and actually joining their ranks however, can feel a little scary or unsettling. Perhaps you feel you don't have all the skills you need to be successful as a small business owner. Or you're worried it'll simply be too much stress. Or too risky. Don't let these fears dissuade you. Explore the business potential of your passion. Read on for some great tips on starting your passion business in retirement. Get inspired!

Know your passion
Your business is going to be based around your passion, so make sure you're clear on what it is you want to focus on and be positive that you ARE truly passionate about it. This may sound obvious, but some people have lots of different interests. Or they change hobbies like they change their socks. Make sure you're committed to your passion concept. Having that passion is key to ensuring you don't resent the hours you'll spend developing the business.

Be clear on objectives
Be sure of what you want to get out of your retirement money-maker. Perhaps it's really just a hobby and you don't expect to make serious cash. Or perhaps you've been impatiently waiting to reach retirement age to kickstart what you hope will become your very own global empire! Your expectations need to be managed. Ask yourself key questions like, “How much time do I want to spend working?” and “What kind of flexibility do I require?” as well as “Who will my customers be”? Knowing the answers to these questions is crucial.

Do your homework
If you're serious about making a profit, make sure you undertake a little market research before taking the plunge. Unless you don't mind if you make no money, you'll want to make sure your business idea is actually feasible. Investigate and try to decide whether there is a need out there for whatever it is you're going to provide. Also consider what you can do to stand out from the competition, and whether you have the necessary skills to run the business. Do more than simply poll family and friends. If you're at all serious about your retirement business, then find real life examples of your target customers. Pick their brains and get their feedback on your ideas.

Be sensible
Evaluate your tolerance for risk. Perhaps your business will cost next to nothing to launch and that's great, but if there are startup costs involved, be careful. General advice is not to use your retirement savings, and only to invest what you can afford to lose. In addition, when you do launch your business, don't push yourself too hard, too fast, or bite off more than you can chew. You don't want to get yourself into something so time consuming and/or stressful that it makes you want to retire – again! Remember to consider all legal issues carefully, such as tax requirements and insurance.

Get serious about branding
Finally, remember that even if you bake the best cookies in the world, or create the most exquisite patchwork quilts, nobody's going to buy them if they don't know they exist. Educate yourself on basic marketing and branding strategies. There's plenty of information out there on the web. Ensure you come up with a catchy name for your business, (websites like Squadhelp.com can help with this) as your name is where your branding and marketing starts. Create a Facebook page, as well as Instagram and/or LinkedIN too, if appropriate. Even if this is really just a hobby to you, it's worth remembering the power of branding and the huge effect it has on sales.