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Old 02-21-2018, 10:26 PM
 
Location: Silicon Valley
3,618 posts, read 1,631,616 times
Reputation: 6139

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Quote:
Originally Posted by EmilyFoxSeaton View Post
I have always wanted to have my own business. When I retire I want to do that on a part time basis. I will have a pension and won't have to worry about money.

But I am kind of stumped at to what I want to do. I am a lawyer by trade but pretty much hate the law. I would like to get into some sort of real estate thing ... such as property management or flipping homes but I don't know if I have what it takes for that.

Any thoughts?
Bait and fishing license shop out on a seasonal lake. Maybe sell gas for boats and beer for the adults. Host a couple of tournaments.
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Old 02-22-2018, 04:15 AM
 
1,255 posts, read 568,339 times
Reputation: 2324
Quote:
Originally Posted by cebuan View Post
As for volunteering, you might consider teaching English to immigrants. Many communities nave an organization that will give you free basic TEFL training, and it is a very enjoyable way to spend your time doing something that really matters in people's lives.,
Pfft... you really don't know me. No way. I would sooner found an anti immigrant PAC. Hum that is an idea... run for office?

Quote:
I am not trying to be a wet blanket, but I think it is very important to give serious consideration to the fact that your chances of being successful are very, very slim.
I have long wondered why people don't start more businesses but now I know.... naysayers. Wow... they just come out of the woodwork. From where I am sitting you are wrong. In fact, it is stunning to me how many people I know just started businesses relatively easily. I have long suspected that people who do that don't want others to as well because it is a cash cow.. but now I am pretty sure. Most of the "reasons" why my plans won't work here have been easily debunked.
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Old 02-22-2018, 04:54 AM
 
Location: The Ozone Layer, apparently...
1,906 posts, read 675,328 times
Reputation: 3955
I guess it depends on the business but I will say this in general anyway. A job is 9 to 5 or whatever hours and days are agreed upon, and then you go home.

A business, on the other hand, is 24/7. There is always something that needs attention.
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Old 02-22-2018, 05:09 AM
 
4,346 posts, read 6,059,960 times
Reputation: 10443
Whatever business you start, please stick with it and give it your all. Florida (where I am currently) is full of retiree-run businesses with half empty shelves and excusing notes on their doors.
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Old 02-22-2018, 05:10 AM
 
Location: northern New England
2,455 posts, read 1,066,757 times
Reputation: 9580
Quote:
Originally Posted by EmilyFoxSeaton View Post

I don't like volunteering as most opportunities IMHO are meaningless busy work. Though I hope to do some volunteering with animals. But I would want to see if I could run a business.

I would like to disagree with you there, at least from personal experience. I volunteer at a pretty busy food shelf, the volunteers RUN the food shelf. Paid staff checks in a few times a day but we are encouraged to make our own decisions.

Even if you considered it busy work, I bet the animals at a shelter would LOVE to have you there paying attention to them. I would gladly swap one of my food shelf days for work in a shelter, if there was one nearby me.
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Old 02-22-2018, 05:21 AM
 
10,604 posts, read 14,208,493 times
Reputation: 17203
Failure rate of new businesses

https://www.google.com/search?q=fail...obile&ie=UTF-8
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Old 02-22-2018, 08:09 AM
 
Location: Virginia
3,963 posts, read 2,036,019 times
Reputation: 10901
Quote:
Originally Posted by EmilyFoxSeaton View Post
Thank you! I have a mac and it is horrible with the auto correct. I also sustained an injury to my hands this weekend so I am NOT going back to fix things. It is hard to type at all.

But I don't care what you guys want to call it.. I want a 2 to 3 day commitment that is 100% mine. Where I am not going to be told what to do ... and I can quit at any time.

When I was in law school I was the MOST productive in my life. I KILLED it. Because I didn't have classes until 1:00 PM or later. So I was always well rested for them. And I could study all day long. Sometimes i would go home and take a nap and then study at 1 am. The idea of being forced to get up at 5 AM and have to go into work on a schedule is what I don't want. My employer offers a "phased retirement" so I could do that if I wanted. But I don't want because I don't want to be getting up at 5 AM once I am retired.

I am not worried about money. I will have a pension, a 401K, savings and social security. This would be fun money.

I have several years before this happens so if I needed some training I would be happy to do that.
The thing is, running MOST businesses does not involve just a 2-3 day commitment. However, I do have a suggestion for you, if you're open to it (and I'm not being snarky at all).

Do you like and have any knowledge of antiques? If so, get a booth at an antiques mall. You will 100% be responsible for running your own antiques business, and keeping your own books. Since the booth is in a mall, you don't have to be there every day; the management will handle sales any day you aren't there. You can spend 2-3 days a week finding, fixing, and researching your antique stock. Auctions and estate sales are a whole lot of fun and you have a lot of new experiences. Then you price your finds and schlep them to the mall and display them nicely - voila! Your hours are your own! You can quit at any time (you usually have to give a 30 day notice on your booth rent though). The only drawback is that you have to make a profit within 3 years or the IRS will call your business a "hobby".
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Old 02-22-2018, 09:58 AM
 
Location: Scottsdale, AZ
7,673 posts, read 4,712,277 times
Reputation: 28113
Quote:
Originally Posted by ComeCloser View Post
A business, on the other hand, is 24/7. There is always something that needs attention.
Not necessarily.

In businesses that don't require a physical storefront, it's often possible to work as much or as little as you like.
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Old 02-22-2018, 10:22 AM
 
Location: Somewhere in America
12,304 posts, read 10,771,871 times
Reputation: 20540
Quote:
Originally Posted by EmilyFoxSeaton View Post
I have long wondered why people don't start more businesses but now I know.... naysayers. Wow... they just come out of the woodwork. From where I am sitting you are wrong. In fact, it is stunning to me how many people I know just started businesses relatively easily. I have long suspected that people who do that don't want others to as well because it is a cash cow.. but now I am pretty sure. Most of the "reasons" why my plans won't work here have been easily debunked.
I own my own business. Trust me. I don't work part time! I don't work a few hours a day. I don't get up when I feel like it. I work 6-7 days a week. I work over 80 hours a week.

I'm all for others starting their own business, but be realistic. Many people have ZERO idea what it takes to make a business success. They really have no idea how much work is involved. They have no idea how much time is involved. They have no idea how much money is involved. It's really not just as simple as saying ok I'm opening a business....here I am...now I'm making money. If it worked that way, we'd all be rich!

Just because you own a business doesn't mean it's a cash cow....far from it! Most businesses fail within the first 5 years. Very few business owners actually make a profit the first 5 years.
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Old 02-22-2018, 03:14 PM
 
Location: Tampa, FL
27,798 posts, read 26,222,762 times
Reputation: 14611
again, my suggestion is to turn your hobbies (whatever they may be) into a business...




Turn Your Hobby into a Home Business
https://www.thebalance.com/turn-your...siness-1794531
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