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Old 03-14-2014, 05:07 PM   #21
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I gave some thought to trying photography as a hobby/job and thankfully had the foresight to buy some books on the subject. This heavy tome, Best Business Practices for Photographers, gave me a reality check of what it would be like. While it's aimed at photographers it would be good reading for anyone contemplating starting and running a small business.

I like photography, and most people, and capturing a unique moment in time. I do not like the idea of running a business. So I'll just stick to family and friends.

I heard the call to do nothing. So I answered it.
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Old 03-14-2014, 05:10 PM   #22
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You may want to consider something in the intellectual property area. With services you are limited to your personal time and you have to be on someone else's schedule, and with selling tangible items you can only sell them once and they are gone. You have to acquire more products to sell more. But with IP I am still making money off work I did in the nineties.

For example, instead of teaching a class in person you might consider developing an online class.

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Old 03-14-2014, 08:30 PM   #23
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At various times I've toyed with buying a small business. Fortunately sanity prevails and I've found it more interesting to invest in other people small business.
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Old 03-14-2014, 08:52 PM   #24
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+1 on being VERY careful financially in taking on any small business. All too easy for business liabilities to grow large enough to threaten overall FI.
From what I've seen, most folks happy in 'part-time' running of a small business are those who built the business over many years then eased back into semi-retirement. Successfully running a start up is more likely to be 24/7/365 type effort.
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Old 03-15-2014, 09:57 AM   #25
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I continue to scratch my head over the whole idea of needing to start a business or do some kind of 'work' to 'keep busy' in retirement.

So those people are saying that they would rather have others dictate how they use their time (bosses, customers, their tax and liability lawyers, myriad govt regulations, etc), than deciding for themselves how to use their time?

I'm never at a loss for something to do. I'm amazed at all the things I don't get to (practice keyboards, guitar, get my music collection digitized, brew more beer, endless projects around the house).

Some of those are already 'dictated' to me (house maintenance/repair, etc) - why would I want to give up even a moment of freedom to choose what I want to do?

NOTE: This does not apply to those who feel that their part-time work is more of a hobby. I can see where staying involved in a hobby through some commercial enterprise could actually help fulfill the hobby itself. I might even do that someday, have thought about it.

And if one gets some enjoyment/fulfillment out of some part time work, that's fine too. But that's the key - do what you want. But to think that w/o employment you can't find things to do - well, that's just crazy talk to me.

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Old 03-15-2014, 04:25 PM   #26
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I do have a current small side home-based business I run. It is mostly for tax benefits and is not more than approx $3K/year net. It is very related to my hobby (old cars and hot rods) and so it gives me a chance to do something that is fun and does not seem the same as work to me. It does take time, and I plan to keep doing it in retirement. Maybe do more work to expand it some, once I have additional time.

If OP wants to do work, just stick with consulting/teaching as part-time, and use your home as home office for some tax benefits. Do not buy a business unlss you want to stop being retired and go back to full time working.
After Monday & Tuesday even the calendar says, W-T-F...

Semi-Retired 7/1/16: working part-time (60%) for now [4/24/17 changed to 80%]
Retired Aug 2, 2017; age 53
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Old 03-16-2014, 06:37 PM   #27
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I have an internet based business that DW and I have fun working on together. We each spend about 8 hours a week on it.

Having ERed from a successful software services business that I founded and then sold in 2011, I would caution you to carefully consider any business that requires a large investment upfront or that requires you to keep regular business hours. Either one could put a cramp in your ER lifestyle.
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Old 03-16-2014, 06:43 PM   #28
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Originally Posted by RetireAge50 View Post
Cool if you start a business selling Bon Bons out in the woods where I ride my motorcycle that would be great!
If you start that business please let me know. Bon bons are one of the things I miss about working. Used to stock up big time when ever I was in Europe.

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