The transition from full-time work to retirement can often be overwhelming. For some, it’s the prospect of leaving the career world; and for others, it’s fears about no longer receiving a regular income. This life transition can often instil feelings of anxiety – but it certainly doesn’t have to be this way.

Retirement, of course, comes with the absence of a full-time job. It doesn’t mean, though, that you have to stop working or earning money. This time of life can often present the ideal opportunity for entrepreneurialism. Having gained a lifetime’s supply of skills and experience, you can combine this with your passion for a particular interest/hobby to create your own small business.

So, what exactly are the benefits of starting up your own small business?

You can make money from your passion

If you’ve always had a passion for handcrafting your own gifts – whether that’s toiletries or ornaments – there’s every reason to start trading. Handmade items are uniquely rustic, and their invaluable artisan feel instantly attracts customers who are looking for something a little different. Whether you decide to set up a small home business, or supply your items to local charities and events, you’ll soon start to feel a true sense of accomplishment for your passion – and, maybe, a little extra money each month.

Keep your brain active

Starting your own business will, if nothing else, help to keep your brain active, whilst also continue to work on your fine motor skills. As we age, it’s particularly important to remain focused on brain health, since we become more at risk of cognitive impairments. You’ll have the opportunity to think of unique business ideas to develop your sales, as well as marketing tools to get yourself heard. You can, of course, seek help for these, but on top of engaging in your business activity, this will help to maximise the cognitive benefits it offers.

Maintain social connections

For many of us, the workplace provides an opportunity to make new friends, and fulfil our natural desire for daily social interaction. When entering retirement, it can often take more effort to stay in touch with people. However, by starting your own business – such as childcare or tutoring – you’ll enjoy regular interactions with others, with the opportunities to make new friends.

Use your skills and knowledge

During your working life, you’re likely to have gained a wealth of business and life skills. Why not put these into practise with your own business? Or, if you’re particularly knowledgeable on a specific subject, you could consider tutoring – you’ll be putting your knowledge to good use, whilst helping someone else better their skills.

Flexibility

This benefit really relates to anyone who’s thinking of setting up their own business. By being your own boss, you can decide your hours – meaning that you can work as little or as much as you like. You can also sell whatever it is you’d like – and ensure you’re attracting your desired audience.

By starting up your own business, you’ll not only gain a sense of accomplishment by making money from your hobbies, but you’ll also likely help someone else who needs it – a truly invaluable achievement. Ultimately keeping your brain active and reducing feelings of financial anxiety, you’ll likely lead a more independent, healthy life.