Retired and Want Extra Cash? How To Become a ‘Seniorpreneur’

In recent years, there’s been a growing trend of seniors starting their own businesses. Retirement no longer seems to be about completely stopping work, but rather fostering passions and creating businesses out of them in your golden years, as explained by FasterCapital.

Check Out: 7 Things You’ll Regret Downsizing in Retirement
Read More: 5 Genius Things All Wealthy People Do With Their Money

The rise in ‘seniorpreneurs’ is no surprise as more people enter retirement and take on a part-time job to increase their finances and follow their passions.

What Is A ‘Seniorpreneur?’

Wise Entrepreneur defines ‘seniorpreneur’ as anyone over the age of 50 who starts a business. Simply, someone who identifies as a ‘seniorpreneur’ is a senior entrepreneur.

In many cases, ‘seniorpreneurs’ are financially sound and don’t need financial assistance to start their own venture. They’ve already had a long working career and can invest some of their money toward building small businesses centered around something that matters to them.

At the same time, some people create small business ventures around the expertise they’ve developed throughout their career. For example, if your career was in marketing and it’s an area you’re still passionate about, you could start a marketing consulting firm and take on clients part-time on a contract basis.

Here are some tips if you want to become a ‘seniorpreneur’ and add some extra cash in your wallet during your later years:

1. Start A Side Hustle

One of the best parts about a side hustle is that it can be on your own terms and it can be part-time. These can range from creating an online business, building on your existing skill sets, or finding a niche in your community that fills a need and meets a demand.

2. Create A Business Around Your Passion

If you didn’t love your 9-to-5 job, retirement can be the perfect time to start a venture centered around your passion. Perhaps you’re an avid crocheter. You can crocheter scarves and hats and sell them on an online platform like Etsy. Or, maybe you love to bake. You can create a cake business and sell your baked goods via local Facebook groups.

3. Network With Others

Learn More: I Retired at 65: Here’s My Monthly Budget

If you’re looking to become a ‘seniorpreneur’, leaning on family, friends, old colleagues, and others to build your venture is always a smart idea. You might already have someone in your life who has similar passions or someone who’s a business expert and can help you navigate the ins and outs of creating a business entity like an LLC.

More From GOBankingRates

This article originally appeared on Retired and Want Extra Cash? How To Become a ‘Seniorpreneur’

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

More Related Articles

Info icon

This data feed is not available at this time.

Sign up for the TradeTalks newsletter to receive your weekly dose of trading news, trends and education. Delivered Wednesdays.