Retirement business

Hello Guys,
Yes retirement business I will most likely just keep repairing and restoring stuff for people like I have since I got into the repair business since the 1980s .


Sincerely Richard

Restore your radios and sell them on EBay if you want to make some extra money, you don't have to start a business to do that.

Only reasons I wanted to start a "business" was to be able to make a little to help with bills and to make sure I protect myself from lawsuits. As far as now its all in planning stages. One thing I am looking at is restoring old radios and such to flip. I still have about 3 plus years to figure it out.

If you really want to enjoy retirement, don't start a business. I was a business owner until I sold it and retired. There's a lot of paperwork to keep up with and expenses. You can do what you want to do without opening a business. Enjoy your retirement, don't start a business.

Thanks for all the replies. I have been looking at all the stuff like insurance taxes,etc. I am not sure what I will do. Mainly I want to make just a little extra to help with bills. I do have retirement I will be able to get but the way things are I still want to make a little extra. We have other things to do like farm items like plants for the garden in the spring. I plan to first fix some of the stuff I have collected to fix and flip it when I am finished. One thing I am looking at other than amps is vintage car radios. Anyway I am just starting on this and have about 4 years to go until I can retire with my work.

A chap I used to work with long ago and far away, after seeing the rules and regs one had to follow doing a business, decided it wasn't worth it. Instead, he fixed a couple for friends, word got around from the friends about it and he got a small, but decent return for his work. A few gave him some amps that had quit and the owners just bought new ones. He repaired those and he made a few bucks from it. He also fixed up the odd home stereo amp as well.

The idea for him was that he did all of this on his own schedule. No business hours, no red tape, etc.. If he didn't want to work today, and go someplace, he did it. He said that it wasn't retirement if he had a business. especially if done from home, since people show up after hours knowing you live there too. He said that if he was gonna have to work like that, he might as well stay working at his regular job that is only 8 hours a day, and he can go home and let the boss take care of after hours stuff.

It seemed to work for him too. His thoughts made sense as well. To me anyway.

Wildcat- Research Ebay fees really carefully and their policies. IIRC they will take about 15% of sale inc .shipping. 
They can get really tricky. PayPal and maybe Google Wallet are musts. PayPal does offer a bit of added insurance on scammers.
 Look into the fine print very carefully. One of my friends got hit really bad by scammers. Not sure if non buyers can leave negative feedback like they used to.
 Also beware that non-payers will leave negative feedback for non delivery.  One seller had a nightmare trying to get the negative feedback removed by a non payer.
 Good luck if you go ahead.

I'm considering starting an ebay store.  I don't have to deal with the crazies, don't have to rent space somewhere.  I have tubes and other electronic items I will never use.  My wife had doodads she has that are excess to her needs.  There are fees associated with ebay and the possibility of scammers, but I don't need insurance or any of that.  I understand they now inform the IRS of any income, but cheating on my taxes is not something I considered a wise move, so there is that.  Between my console stereo forum, the projects I am working on in the shop and the ebay store, that should keep me busy.  I still work in retail three days a week.  I hate absolute retirement.  Too boring.

Check your local state, county, and city laws about a retirement biz. B&O taxes, etc. (B&O tax can kill your business depending on how greedy your local area gov't. can be.)

 My county will tax a person on the air they breathe. On second thought, they actually do with other taxes. No joke.
I would think insurance is a must.

If you consult them remember- If it is not in writing, anything you are told does not exist.

My retirement has been planned, with the goal of not getting any older, what was I saying, I forgot.

A question for those retired. My wife and I have always planned to have a "retirement business" . Basically we have everything paid off, house,auto,etc.  We purchased a portable building for the business and it was delivered this week. I have all the test item I need and a supply of parts to start out. She was planning on sewing and I was planning on repairing guitar amps. We wanted to start on the side and then do it after we retire. Mainly just to have something to keep us busy where we won't sit around and go down. We live close to Nashville so there are lots of musicians.

With that said has anyone done a "retirement" business?  I don't plan to do it full time, maybe 20 hours or so a week, we have other stuff to do. But the one problem I see is this. We have been checking on stuff like getting a LLC, insurance,etc. What I am afraid is the cost of doing this business will cost more than than it makes. If it does that I can do something else. I could restore original car radios and flip them but I really don't want to. I gave away a lot of TV parts to a older fellow about 5 years ago that had been a TV repairman who scrapped this stuff in retirement. I asked him if it made enough to come get this stuff as he was a hour away and he said it did better than TV repair. He said it was well worth it. I really prefer to do repairs but I have thought about that as well.

With that said has anyone retired from your work then did a little repair business in retirement?