Are you looking for a fun and rewarding way to earn extra money in retirement? Many people are discovering the joy of turning their hobbies into profitable retirement side hustles. Here are eight tips to help you get started.
Get creative.
Think outside the box to discover part-time retirement jobs that will bring you joy.
- If you’re a writer, you could submit your novel to a traditional publisher; however, self-publishing could offer more control and potentially reach a wider audience.
- If cycling is your passion, you might start a bike repair business, but creating an online community where fellow cyclists can learn, share tips, and pay for exclusive tutorials might be more interesting and profitable.
Know the legal basics.
Find out the licenses, permits, and certifications you may need to operate legally—which may vary depending on your location and the type of business you are starting.
- If you’re an aspiring chef planning to sell homecooked meals, you need to adhere to local health regulations and get a food handling license.
- If you want to be a personal trainer, you’ll likely need specialized certifications and liability insurance to protect both you and your clients.
Start small.
Begin by testing the waters to see what resonates with customers and gather feedback before scaling up.
- If you love painting, begin by offering your art for sale at local craft fairs or farmers’ markets to find out what people will buy.
- If you’re a musician, perform at community events or local venues to gauge interest.
Market through word of mouth.
Get recommendations to build credibility with potential clients.
- If you’re a tailor, make clothes for friends at a discounted rate in exchange for referrals and reviews.
- If you design websites, offer your services to local businesses to build your portfolio and your reputation.
Sell your products and services online.
Use social media, online marketplaces, and freelance websites to expand your customer base.
- If you love to shop, try “thrift flipping”—buying quality items from thrift stores and reselling them at a profit on peer-to-peer selling platforms.
- If you’re into graphic design, you can work for clients from all over the world by using a freelance platform.
Develop a strong digital footprint.
Establish a compelling online presence to highlight your work and interact with your followers.
- If you restore classic cars, create a website to showcase your portfolio, and use social media platforms to engage with potential clients by sharing behind-the-scenes content and tips.
- If you make candy, use your social media accounts to post mouth-watering photos, interact with followers, and promote special offers.
Collaborate with others.
Partner with other businesses who share your interests in order to build valuable relationships and open new opportunities.
- If you’re a gardener, consider teaming up with a local landscaping company to offer specialized consultations or workshops.
- If you make jewelry, collaborate with a local boutique to display and sell your pieces.
Stay flexible and open to feedback.
Pay attention to customer needs and market trends, so you can stay relevant.
- If baking cupcakes is your specialty and you notice increasing demand for healthier options, you could start offering gluten-free, vegan, or low-sugar treats.
- If you’re a portrait photographer and you see a rising interest in pet photography, consider expanding your services to tap into this growing niche market.
Bonus Tip: Make sure you’re financially prepared for retirement.
While there are plenty of ways to make money from hobbies in retirement, any earnings should complement your long-term financial plans.
Are you doing everything you can to prepare for your retirement years? Explore the Individual Retirement Account (IRA) options at Coast Central Credit Union. The retirement you’ve dreamed of is just one account away. With strategic planning—and the opportunity to do what you love—the best is yet to come.
Coast Central—Where YOU are central.