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Thread: Working After Retirement - Thinking out loud

  1. #31
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    Mar 2003
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    Perry, I have to somewhat disagree with you. Business organization is very critical relative to tax advantages and it absolutely can help shield personal assets from business liability if done...correctly. The recent tax laws have really hurt "sole proprietorship" when it comes to taxes. All many of us are saying is to get qualified advise from a small business professional up-front to insure that there is clear understanding of what each organizational scenario brings to the table for both taxation and for liability mitigation.

    I will agree with you that some accountants will push for more complex arrangement than may be necessary, but that's a risk with any professional resource. They are in business, too. The same thing happens in your own profession as well as many others. Nature of the beast...and "buyer beware"...
    --

    The most expensive tool is the one you buy "cheaply" and often...

  2. #32
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    Feb 2003
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    Conway, Arkansas
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    All very good info here and Thank You!!
    I've done a good bit of woodworking here where I live and the strange thing is that people want stuff for WalMart prices and I simply cannot do that! Custom turned pens, customer said "I'll pay you $5 for that pen and no more". I said....I can't sell you the pen for $5 as I have more than that in the supplies for that pen. Lost sale. Custom turned bowls....People simply won't pay more than about $35 for a bowl. Custom designed furniture...people simply don't want to pay the money for well designed and made furniture but they'll go to the local BB stores and pay for the particleboard junk for a few hundred dollars and then complain about how crappy it is and how it fell apart on them in the first 6 months they had the piece.
    I made an L-shaped computer desk for a guy at work. He complained about spending $600 for a desk from the local office supply store and how it fell apart on him in less than a year. I told him that I could build him a custom desk like he wants for $600. 8 Years later, he still has the desk.

    I've gone over how much money I've made doing ww'ing around here and over the past 19 years, I've not made enough to cover 2 months of what I'm looking for per month after retirement. It's frustrating trying to talk to people about starting and running a small business. I live outside city limits, out in the country. Asking around and trying to talk to people about this topic seems like I'm asking them for all their personal financials! There's a lot of businesses around here that I do not trust. Their reputation follows them closely. So I'm asking online to try and get better advice, learn more, and research a bit more while I'm trying to find reputable resources to talk to about my ideas and thinking. The quest continues.
    Thanks & Happy Wood Chips,
    Dennis -
    Get the Benefits of Being an SMC Contributor..!
    ....DEBT is nothing more than yesterday's spending taken from tomorrow's income.

  3. #33
    Join Date
    Sep 2006
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    Las Cruces, NM
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    Quote Originally Posted by Dennis Peacock View Post
    I live outside city limits, out in the country.
    These days, it would be rare to find a business in the country that could survive without selling its products online. Do you have a plan to manage the aspects of online sales? - or open a shop in metropolis?

  4. #34
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    Dennis, much of what you just wrote in post #32 is why I (and others like Keith) have suggested that B2B is really where you want to play. Direct to consumer is tough because of the reasons you mentioned around expectations vs cost. I will not say that businesses don't have sensitivity to cost...they do. But they have stronger sensitivities to quality and many also appreciate what it actually takes to make things. So subcontract work is going to be a stronger play, IMHO. I focus a bunch of my "marketing time" on that at this point. The things I make for direct to consumer are more about either keeping my machine(s) and myself working in between doing more profitable work for other businesses and makers.
    --

    The most expensive tool is the one you buy "cheaply" and often...

  5. #35
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    Sep 2007
    Location
    Upstate NY
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    Quote Originally Posted by Dennis Peacock View Post
    I've done a good bit of woodworking here where I live and the strange thing is that people want stuff for WalMart prices and I simply cannot do that!
    I tried doing woodworking commercially and quit for exactly that reason. I found I was working for $5/hour. I suppose once you develop a reputation you can charge what its worth, but until then...
    Other thing that annoyed me was that people couldn't even see the difference between what I made and junk.

  6. #36
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    Feb 2003
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    Conway, Arkansas
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    Quote Originally Posted by Wade Lippman View Post
    Other thing that annoyed me was that people couldn't even see the difference between what I made and junk.
    Oh I know that feeling all too well..!!!!!
    Thanks & Happy Wood Chips,
    Dennis -
    Get the Benefits of Being an SMC Contributor..!
    ....DEBT is nothing more than yesterday's spending taken from tomorrow's income.

  7. #37
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    SE PA - Central Bucks County
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    Quote Originally Posted by Wade Lippman View Post
    Other thing that annoyed me was that people couldn't even see the difference between what I made and junk.
    This is the primary challenge with direct-to-consumer for woodworkers, especially these days. A long time ago, folks appreciated workmanship and what goes into making things. Now...not so much because too many of the current consumers have never made anything themselves. They have no clue. And further to your statement, they don't get it even when you explain it! Now combine that with the dreck that so many folks are selling for next to nothing, it makes for a difficult business opportunity...
    --

    The most expensive tool is the one you buy "cheaply" and often...

  8. #38
    If all you need is 2K a month ($500 a week) I would rethink starting a business. A business consumes time and money, even when you're not making any profit. If it was me, I would get a part-time job, maybe at Home Depot or Ace Hardware and then also have a handyman business on the side. A friend of mine left a great sales job over a decade ago when the owner retired and left the business to his sons. He couldn't work with new bosses so he quit. As a favor to a friend, he worked part time at an Ace Hardware during the Christmas season. Customers keep asking him for referrals for local handymen. Everyone they could find was booked out a month or more in advance. We are not talking major home renovations here, just simple things like leaking toilets, bad light switches, fixing lamps and installing mailboxes. Since they couldn't find a guy, he was nice and would stop by their house after work and take of these simple jobs. Word spread around and within two to three months he had a busy part-time handyman business on the side. It now pays much more than the hardware job but he still works at the store because that's were he gets the leads. The owner knows and it's fine with him.

  9. #39
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    Nov 2007
    Location
    Crown Point, Indiana
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    Being a handyman sounds good but I would think that you need to form a business with proper license and liability insurance.

  10. #40
    Yes, I would. Start as a sole proprietor and get liability insurance for sure. The insurance wouldn't cost that much.

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