Take careful inventory of all your hobbies and don't overlook some just because they don't fit the traditional definition. Just because you decide on a hobby, doesn't mean it's a marketable business idea.
You may have to adjust it a bit to produce a product or service that people want.
The number of senior Americans who call themselves boss is growing steadily. Retired seniors are still working, and many are working for themselves.
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.
Seniors certainly have the same drive and entrepreneurial skills as any other age group.
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Many who want to learn how to make money in retirement turn to their hobbies as jumping off spots for launching a small business.You could turn that love of lore into a home-based genealogy business helping others uncover their family trees.Maybe you love problem solving and are obsessed with doing crossword puzzles or inventing new product ideas.Making your hobby the seed for your business has other advantages too: If you have little investment capital, savings or a bad credit score, securing funds to get started with a small business can be challenging.Choose a side gig with low upfront costs and use the resources, materials and knowledge you already have.Holtzman began his photography hobby when he was still working as a sales manager for an auto dealership, flying on weekends and shooting with his film camera.Eventually, Holtzman's side hustle became his full-time business and led to some award-winning photos displayed in a variety of publications, including Vanity Fair and The Wall Street Journal.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.Nagamine used her own problem of constantly misplacing her keys as inspiration for inventing and developing the Joyful Keyper – a simple device for keeping your keys easily accessible inside your bag or purse."There was nothing in the marketplace that effectively solved my daily problem of searching for my misplaced keys," she explained.