Being retired often means that your parents have more time than income, so turning a joint hobby into a business will not only help to boost their income, but yours, too.

And the great thing is that because they are retired, they will have more time available than you – if you are juggling work and the children – so they can keep things ticking over while you are not available.

If your parents are not computer savvy, then get them on a course – there a free computer courses for silver surfers these days – speak to their local library or college for IT courses for over 65s!

Apart from enjoying what you do, the start up costs of a hobby-centered business can be quite low, because you will already have most of the materials already.

But there are also other reasons that a person may want to turn a hobby into cash.  Some retirees are former business owners, and the thought of generating cash continue is something that they probably think about all the time.

Some grandparents enjoy the concept of working with their grandchildren, and teaching them the valuable skills of earning money in ways other than working at the local supermarket or fast food outlet. This is a great way to keep your teenagers busy, and will also teach them how to appreciate money, too!

Here are some other tips to get started working on a hobby business with with grandparents:

• List your hobbies – Chances are you have more than one hobby. List all of them, along with things you like to do. Once you both have your list, determine which ones people are likely to pay for – and that you enjoy enough to commit to starting a business with.

Be careful, there is a tendency to undervalue the things we are familiar with. For example, perhaps you make cakes, but you don’t think anyone would buy something you do for fun. Try to be as objective as you can and be open to feedback from others.

• Find a place to sell your efforts – Craft shows, car boot sales, markets, or online. There may be a small expense for selling at any of these places, so be sure to price your wares accordingly.

• Teaching – A clever way many people overlook for earning money with a hobby is teaching. You can teach others privately in small groups, or teach at a local school or college in the evenings and at weekends for a small salary.

• Marketing – You do not need to be a marketing genius to turn your passion into income. Marketing can range from how you describe your business in conversation to running complete advertising campaigns in magazines and online. You probably won’t have to go to the latter extreme, but understanding some marketing basics can have a huge impact on your bottom line. Learn a few tricks of the trade and see what a difference it makes.

• Treat it like a business – But have fun doing it. Keep track of all of your income and expenses, so you can take any tax deductions you qualify for, and the tax breaks you’ll receive just might surprise you if this is your first time working from home on a part-time business. Running your hobby business like a part-time business is the key to generating the most profit from your efforts, and it will reduce the stress for both you and your parents.

Doing something you both enjoy is a wonderful way for your parents to make use of some of the additional time you have in retirement. You can use your hobby as a way to augment a fixed income for all concerned, turn it into a second career that you love, or even just to spend your quality time together.