Introduction and learning objectives
Welcome to Module 5 of the Seniors4Change training program! In this module, we will explore the exciting journey of transforming a DIY hobby into a small-scale business that prioritises sustainability and environmental responsibility. Along the way, we will explore entrepreneurship ins and outs, the reasons and benefits of turning what you love into something that can bring you money; we will explore the steps to get there and showcase some successful DIY entrepreneurial ideas. Excited? Let’s begin!
Retirement offers a unique opportunity to rediscover passions and explore new personal and financial growth avenues. As we explore the entrepreneurial world, we will uncover how these ventures can provide personal fulfillment, supplementary income, and a positive environmental impact.
Our goal is to help you create a manageable, fulfilling business venture that enhances your well-being and contributes positively to the environment. We also understand that after a lifetime of work and building a career, you might not be looking to dive into a demanding corporate venture, right? That’s why we focus on small-scale businesses that align with your retirement lifestyle. A venture that can provide a sense of purpose, social connection, and even a little extra income – all while allowing you to set your own pace and priorities.
At the heart of this module lies a fundamental question: How can you turn your DIY hobbies into small-scale, eco-friendly businesses that are enjoyable and not overly demanding? Well, it is a simple question, but the answer could be very demanding! Let’s start with some statistics and research data! According to Age UK, 42% of individuals aged 65 and over participate in volunteering activities, which highlights the desire for continued engagement and contribution during retirement. Another study by the Global Entrepreneurship Monitor (GEM) found that seniors who engage in entrepreneurial activities report higher levels of life satisfaction and well-being compared to those who do not. These findings suggest that starting a business based on your hobby can offer a unique blend of mental stimulation, creativity, and social interaction, all contributing to a happier and healthier retirement.
In this module, we’ll guide you through the process of turning your hobby into a sustainable business. We’ll cover everything from identifying your niche and crafting a business plan to marketing your products or services and managing the financial aspects. We’ll also emphasise the importance of sustainability, showing you how to incorporate eco-friendly practices into your business model.
The following learning objectives are addressed in this module:
- Identify the skills and resources needed to turn your hobby into a small-scale business.
- Assess the market potential for your DIY products or services using the Business Model Canvas.
- Develop a basic business plan tailored to retirement lifestyle and financial goals using the Business Model Canvas.
- Incorporate sustainable practices into the activities of a small business based on hobby or DIY practice.
Before we start, let us take a moment to reflect on the significance of this endeavour. Starting a small-scale business in retirement can be a fulfilling and rewarding experience, allowing you to apply your lifelong skills and passions in new and meaningful ways, ways that are not stressful and too demanding without overwhelming your schedule and allowing plenty of time for relaxation and other personal activities.
On the other hand, we have sustainability. Everyone is talking about it nowadays. If you haven’t done so, be sure to explore Module 1 – Embracing DIYs for Climate Action, where we explain in detail what sustainability is, its core principles, and why it will be so important in our future as humankind developing in harmony with our environment.
So, whether you’re an avid gardener, a skilled woodworker, a talented artist, or a passionate cook, your hobby has the potential to become something more. Let’s discover how you can turn this passion into a thriving and sustainable business that enriches your days after retirement.