Frequently Asked Questions About Senior Side Gigs
Do I need a formal business plan to get started?
For most small-scale hobby hustles, the answer is no. A formal business plan is for when you’re seeking a loan or planning a major expansion. In the beginning, your “plan” can be as simple as: “I’m going to make ten batches of my famous jam and try to sell them at the church bake sale.” Start by doing, and let the plan evolve as you learn what works.
How will this income affect my Social Security benefits?
This is an important question. If you are receiving Social Security benefits before you reach your full retirement age, there is a limit to how much you can earn before your benefits are temporarily reduced. The rules change annually, so it is crucial to visit the official Social Security Administration (SSA) website or contact them directly for the most current information regarding earnings limits.
I’m not very good with technology. Can I still do this?
Absolutely! Many successful side hustles are entirely offline. You can sell your goods at craft fairs and markets, post flyers on community bulletin boards, and rely on good old-fashioned word-of-mouth. Technology is a helpful tool, but it is by no means a requirement for success. Focus on your strengths and your local community.
What’s the best way to price my products or services?
A great starting point is a simple formula: (Cost of Materials) + (Your Desired Hourly Wage x Hours Spent) = Your Price. For example, if materials for a quilt cost $50 and it took you 20 hours to make at a rate of $15/hour, your price would be $50 + ($15 x 20) = $350. It’s also wise to research what similar, handcrafted items sell for to ensure your pricing is competitive yet fair to you.
What if I try and it doesn’t work out?
This is perhaps the most beautiful part of a hobby-based business. The “worst-case scenario” is that you end up with a few extra handmade items or having spent a bit more time on a hobby you already love. There is no failure here. Every step is a learning experience. You might discover that you prefer just making things for family, or you might find a different angle that works better. The journey itself is the reward.
Disclaimer: The advice in this article is based on general experience and is for informational purposes. Please research local opportunities and consult with relevant experts before making significant lifestyle changes or purchases.
