So, your now at the age when you are beginning to consider what your retirement years are going to look like. You have come to the conclusion that that retirement account along with Social Security just might not be enough. You want to stay active and believe that you have something special to offer both to your community as well as to a business that fits into your life.
Where do you start? What could you do? Is there something you could study, plan, and even begin on a part-time basis that could be that awesome second career after you leave your current job, profession, or business?
One place to start looking is at those things you do now at a hobby level. Things you love to do, get excited about, and that could be expanded into something fun and profitable.
You may be a gardener who could turn your love of gardening into a “farmers market” styled business. You may create jewelry or create wooden masterpieces that could be sold online or at craft fairs. You might love golf and could parlay that love into a custom fitting and repair business.
The possibilities are endless, but before you launch you need to ask yourself five very specific questions:
1. Is this something that I will enjoy doing/will be able to do for the rest of my productive years?
2. Is this something that I am willing to research and prepare for as I am ending my primary career?
3. How much am I willing to spend in time, energy, and resources to get this new venture off the ground?
4. How quickly do I have to make a profit once I begin?
5. How does a business like this fit into my retirement plans?
Turning a hobby into a business can take one of two tacks. It can either be an incredibly fulfilling second career or it can damage/destroy your love for a hobby. I have many retire friends who have considered carefully the value their hobby had in the community and in doing so created very successful second careers. I believe you can too! If you take your time and understand how success is created and maintained.
What do you think about making you hobby your second career? Can you share a success story with us about you or someone you know who did this? What are some hobbies that seem to be best suited for a second career?