Retirees who started their own business out of enjoyment

[gladiator280]

Did anyone out of interest start a business in their retirement because they really enjoyed doing something or simply because the were very good at it

 

[FUEGO]

Seems pretty common. I started a blog that makes five figures and branched out to a bit of consulting a few hours per month.

Attended a neighbor's 50th b-day party today and overheard several similar small business startups during retirement. One bought a hot dog cart after he entered retirement from the military in his 40's. I think he sold it after a couple of years.

Another retired then turned his love of cooking pigs into a business. He bought a trailer pig roaster and started roasting whole pigs for catered events. 20 years later he's trimmed his efforts to only doing fun gigs for family, friends, churches, charities, etc. He gets a "fat UPS pension check" and does this for fun. I think I've seen the same guy doing some construction work at my neighbor's house so he might be working quite a bit in retirement (and probably not for money because it does sound like he's pulling in a nice sized union pension).

 

[steveark]

I retired at sixty with more than enough investments to support my lifestyle. However having worked very mentally demanding jobs for 38 years I felt I needed the challenge of some complex work so I took on three side gigs immediately. I pitched myself to two trade associations my company had belonged to and became the executive director of both. I also agreed to do some contract lobbying for my former employer and then a few months later I began to do some expert witness work. I'm in my second year of retirement now, making six figures doing work I enjoy, traveling just enough for it to be fun. I work about twenty hours most weeks. The rest of my time is filled with running, tennis, fishing, hiking, travel and several volunteer gigs. My career was great fun but my retirement is even better. My wife seems pretty happy as well. I intend to keep working part time like this until at least seventy, maybe longer.

 

[Moemg]

I started an ebay business selling mainly dresses to women in their 30& 40's . I was a top seller and really enjoyed it for eight years but then I lost interest and closed the business .

 

[street]

I would think for a lot of retired people it would be something each has pondered. For the reason of achieving and a stay busy thing for them. Then do you really want the problems of a business again or is it to just have fun and not have to think and worry about a business.

I have a side line business but I do it when I want to. I carve human faces (native and mountain men etc.) and can do them if I want to and sell if I want to. For me I don't want to be tied down with a daily business decisions etc.. I just have way to many other things I enjoy doing.

 

[Totoro]

I tried a new startup the past year. I sort of failed, two other guys are continuing it. This Tuesday I'll dive into A.I., see if I can (with an established company) get a thing going there.

Both I'm doing because I want to. There are other options to make money (and much faster), but this is where my heart goes to right now. Well, unless I had 2M more, then it would be snow birding New Zealand. Alas, that may never happen with the path I have chosen now.

Anyway, the beauty of being FI, or even somewhat FI is that there is more freedom and choice in these matters. Without too much survival stress.

 

[Lsbcal]

Did anyone out of interest start a business in their retirement because they really enjoyed doing something or simply because the were very good at it

I will be interested in the answers here.

For me, most things I want to do that are fun do not make any money. Like reading about astronomy, taking a hike, doing a run, gardening. I would have to satisfy some customer and alter my direction to make money. For instance, I've done some oil paintings and could try to sell some. I did sell a few. But I had to consider what others would want to see and buy. And it's not very enticing money either. The harder stuff like being an EE means more stress and fears.

Sometimes just thinking about the issues in the work world puts me on edge. I have to remind myself not to take that stuff personally. It's a nice choice for others. I can be an observer and relax.

Just writing this response is enough work for today.

 

[razztazz]

I will be interested in the answers here.

For me, most things I want to do that are fun do not make any money. Like reading about astronomy, taking a hike, doing a run, gardening. I would have to satisfy some customer and alter my direction to make money. For instance, I've done some oil paintings and could try to sell some. I did sell a few. But I had to consider what others would want to see and buy. And it's not very enticing money either. The harder stuff like being an EE means more stress and fears.

Sometimes just thinking about the issues in the work world puts me on edge. I have to remind myself not to take that stuff personally. It's a nice choice for others. I can be an observer and relax.

Just writing this response is enough work for today.

Ya know what's stomped my ambitions and the ambitions / intentions of many others I have known? Trying to acquire all the knowledge of all the odds and ends of legalities before one even begins. There is no "One stop shopping" if you will, that has any reliable data. ( doesnt really have to be ONE Stop) Specifically liabilities.

I'm sure the pig roasting guy mentioned above had o have had a ton of insurance and perhaps other legal cover. And FRONT MONEY just to get the ball going. But how about the Blog guy mentioned above? Somebody reads your blog does something stupid...blames you.... Even a street mime. Getting the appearance licence is probably the easy part. And no business person or SCORE seminars will ever be honest and complete telling you what you need to know. Always vague and irrelavent. Even lawyers. Won't give you everything you need to know at least in any manner the'l swear too. Always open ended with a shoulder shrug. I doubt many people are running businesses with their butts hanging out like that. Or are they?

 

[kcowan]

When we first retired, I was concerned that our portfolio was not enough to support our lifestyle (it was after the tech meltdown) so I developed an aggressive trading strategy. Many people asked if I would manage their portfolios. I said no I am retired. After 3 years I had made enough to relax and take a more passive approach. That was 11 years ago. Now I am buy and hold, just selling the losers each year (losers being the lowest among the winners) to fund new purchases. I do not rebalance. 68/32.

 

[Fedup]

Trading is my side job. Whenever my brother said I should get a part time, I don't think I could get one pay as well. The downside is I have to pay tax for my winnings, but so is any job.

 

[RunningBum]

Nope, never even considered it. I hung on a couple extra years, part-time, so that I wouldn't feel the need to put away any extra money. Now I really don't want any extra income because it'd throw my off the ACA cliff, so if I was just working for a little beer money I'd have to work twice as much: first to make up for the loss of subsidy, then to make the money I was looking for.

 

[Lsbcal]

I do some trading but it is about 1 trade per year on average for each of 5 broad positions. That is based on some analytical work that is my only continuing "business".

I have one customer and she is easy to please.

 

[COcheesehead]

Ya know what's stomped my ambitions and the ambitions / intentions of many others I have known? Trying to acquire all the knowledge of all the odds and ends of legalities before one even begins. There is no "One stop shopping" if you will, that has any reliable data. ( doesnt really have to be ONE Stop) Specifically liabilities.

I'm sure the pig roasting guy mentioned above had o have had a ton of insurance and perhaps other legal cover. And FRONT MONEY just to get the ball going. But how about the Blog guy mentioned above? Somebody reads your blog does something stupid...blames you.... Even a street mime. Getting the appearance licence is probably the easy part. And no business person or SCORE seminars will ever be honest and complete telling you what you need to know. Always vague and irrelavent. Even lawyers. Won't give you everything you need to know at least in any manner the'l swear too. Always open ended with a shoulder shrug. I doubt many people are running businesses with their butts hanging out like that. Or are they?

Data is never perfect. I started a business over 21 years ago. Learned many lessons along the way, but it has been very successful. If you wait for perfect, you'll wait forever.

 

[brucethebroker]

Love to hit yard sales and thrifts. Sell many things I buy, online. Nice income from just a little w*rk. I would shop just for the fun of it, but this gig makes it more interesting.

No need to worry about making too much money to effect ACA, RunningBum, as the numerous business deductions shelter much of the profit.

I seem happier when I spend 2-3 hours of the day on the business. And don't even have to do that if better things pop up. We still vacation, and snow bird down south (lots of garage sales in Jan/Feb. down there!), just put the business on hold until we return.

Same old story, I don't HAVE to work. I just enjoy it......

 

[Aerides]

I turned started making jewelry a few years before I retired, knowing we'd be RE before 50 and thinking I'd want to try something entrepreneurial after always being in a MC.

After 5 years in, it pays for more than our healthcare, and a couple of trips each year.

 

[youbet]

Did anyone out of interest start a business in their retirement because they really enjoyed doing something or simply because the were very good at it

It's a bit of an oxymoron to have a significant business running and say you're retired. Not that there's anything wrong with running a business. I think it's a very noble endeavor! But running a business isn't being retired, at least not how I think of being retired.

I've gotten into some significant ventures, off and on, since pulling the switch in 2006. But none involved investment or income on my part and were things I could walk away from instantly without little inconvenience to anyone.

I didn't get to FIRE until 58, worked damn hard while I was working, so when I was done, I was done!

To those who can walk away from disliked MegaCorp or other "jobs" early and replace them with more pleasant entrepreneurial endeavors, bravo! You're not really retired yet, but you've sure improved your lot in life!

 

[harley]

After I retired, I started a resale business as a favor to my old boss to help him get equipment we couldn't easily get through regular corporate purchasing channels when I was there. It was a very small gig at first, but over the years it's grown significantly (still only within my old mega) to the point that it sometimes becomes sort of job-like. But in a number of ways it's fun too, especially the part that keeps me in touch with all the cutting edge technology. I don't get to play with it, but I at least see it and learn about it. Like recently they've been ordering smart light bulbs and $6K gaming laptops. Mine is not to question why, mine is but to rack up the DiscoverCard points.

 

[FUEGO]

Ya know what's stomped my ambitions and the ambitions / intentions of many others I have known? Trying to acquire all the knowledge of all the odds and ends of legalities before one even begins. There is no "One stop shopping" if you will, that has any reliable data. ( doesnt really have to be ONE Stop) Specifically liabilities.

I'm sure the pig roasting guy mentioned above had o have had a ton of insurance and perhaps other legal cover. And FRONT MONEY just to get the ball going. But how about the Blog guy mentioned above? Somebody reads your blog does something stupid...blames you.... Even a street mime. Getting the appearance licence is probably the easy part. And no business person or SCORE seminars will ever be honest and complete telling you what you need to know. Always vague and irrelavent. Even lawyers. Won't give you everything you need to know at least in any manner the'l swear too. Always open ended with a shoulder shrug. I doubt many people are running businesses with their butts hanging out like that. Or are they?

I figure I have a big a$s war chest to mount a reasonable defense to a frivolous lawsuit (motion to dismiss won't cost a lot). If my existing liability policies don't cover me, that is.

I approached this with the "fvck it, let's see what happens" attitude. That tends to work well as long as you walk pretty close to the lines and don't openly and knowingly violate the law.

I'm not sure what licensing the pig roaster guy has. Maybe it's some kind of health department inspections and privilege license/tax thing. Though I get the feeling he's just a dude with a truck and a pig roasting trailer, and likes to roast pigs. Maybe he's asset poor (other than his pension) and isn't worried about getting sued for killing half a church full of parishioners with ecoli or trichinosis. All I know is that his barbeque is pretty good. Licensing could be another reason he only roasts pigs pro bono these days. He doesn't need the money but enjoys roasting the piggies and sharing a good time with a bunch of people.

 

[Bir48die]

I did a couple hours of consulting but my goal was to challenge myself but not derive income from it. So, I have done various volunteer give and now deep into doing taxes for AARP Tax Aide which is 15-18 hours a week till the deadline

 

[brucethebroker]

I turned started making jewelry a few years before I retired, knowing we'd be RE before 50 and thinking I'd want to try something entrepreneurial after always being in a MC.

After 5 years in, it pays for more than our healthcare, and a couple of trips each year.

Well done,-I like it. If more people thought that way, there would be fewer posts from people who anguish over when to "retire", can I "retire" yet, etc.

 

[Dd852]

Yes - I started a consulting business. I work only about one week a month at it, but it gets me trips to places I like to go and is stimulating. The money is immaterial, though always nice - the key is giving me an outlet.