I’ve seen it many times; Small Business owners sell their businesses, couples or singles sell…
At Your Age? Retirement or Winding Down Beckoned and Now You Are Bored!
Retirement or winding down; we look forward to it for so long. It’s what we’ve worked our whole life to achieve and now that we are here, it’s not how you expected it to be.
I get it, you’ve grown your business to a point where you’ve been able to hand over the day to day management to other family or team members, and it’s freed up your time to do the things you really enjoy while keeping your hand in when needed.
Yet still, there are times when you feel at a loose end, and it’s making you feel redundant.
Does this sound like you? Are you looking for something to keep you occupied, in those little pockets, that is flexible, affordable, enjoyable, rewarding and perhaps even self-funding?
Have you thought about turning your hobby or interests into self-funded pastime to fill those pockets of time?
Even the Australian Taxation Office (ATO) allows you to do it. Check out the information on the Australian government business.gov.au website explaining the difference between a business and a hobby. In short, if your main intention is to ‘pass the time’ and not to ‘make money’ then the income generated could be classed as hobby income and not be declarable but check with your own accountant/financial advisor to be sure.
What type of thing could you do?
It truly is a matter of doing what you love. I like sewing. I hadn’t done much sewing for many years, but recently one of my sisters decided to plan a Christmas in July family get together, and our ‘Secret Santa’ gift must be something we make ourselves. So, I dragged out the sewing machine and made a couple of bags. They took two to three hours each to make, so if I were doing it ‘for the money’ it wouldn’t be a viable ‘business’, however, as a self-funding hobby, it fit the bill nicely. It filled some spare time, kept me occupied and got my brain into gear. The second one was better than the first, so I even upskilled!
I could definitely sell my bags for more than the cost of materials, replenishing my kitty to go make some more. I’ve also got a cupboard full of Moccona coffee jars that are too good to throw out, so I started googling to get ideas on how to use them. You wouldn’t believe the number of things you can make with a Moccona coffee jar. I’ve decided I’m going to make mini African violet terrariums with them. Again, I’m sure I won’t be able to sell them for a lot more than what they will cost me for the materials (rocks, sand, soil, plants etc.) but as a self-funding hobby, it’s pretty damn good.
What creative thing do you enjoy doing? Why not google ‘ways to make money doing (insert your favourite hobby)’ and see what comes up? Or if you are stuck for ideas then simply google ‘hobbies that make money’. You might be surprised.
The secret is to find something you can put down, something you can literally stop and start in those little pockets of spare time you now have on your hands.
Remain detached from a result, so your self-funding hobby stays rewarding and fulfilling, a pleasure that doesn’t become a burden, or ties you down when what you want are freedom and flexibility.
Retirement or winding down is about relaxing and enjoying yourself at a slower pace, not sitting around feeling like it’s too late. Enjoy being one of the lucky ones who get to this point in their life where you realise there is more to life than striving all the time.
Live it, love it, laugh at yourself. Truly enjoy the freedom and flexibility you’ve earned.
“The opinions expressed by Smallville Contributors are their own, not those of www.smallville.com.au"
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