202 things you can buy and sell for big profits james stephenson

Làm thế nào để tối đa hóa lợi nhuận? Kinh doanh online, Hình thức Marketing, lợi thế hàng hóa...Hãy tận dụng cuốn sách, bạn sẽ tìm thấy ý tưởng cần thiết cho mình để phát triển kinh doanh!

Other titles by James Stephenson • 202 Things to Make and Sell for Big Profits • 202 Things You Can Buy and Sell for Big Profits • 202 Services You Can Sell for Big Profits • Ultimate Homebased Business Handbook: How to Start, Run, and Grow Your Own Profitable Business • Ultimate Small Business Marketing Guide: 1,500 Great Marketing Tricks That Will Drive Your Business Through the Roof • Ultimate Start-Up Directory Managing editor: Jere L Calmes Cover design: Beth Hansen-Winter Composition and production: Eliot House Productions © 2005 by Entrepreneur Media, Inc All rights reserved Reproduction or translation of any part of this work beyond that permitted by Section 107 or 108 of the 1976 United States Copyright Act without permission of the copyright owner is unlawful Requests for permission or further information should be addressed to the Business Products Division, Entrepreneur Media Inc This publication is designed to provide accurate and authoritative information in regard to the subject matter covered It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional services If legal advice or other expert assistance is required, the services of a competent professional person should be sought Library of Congress Cataloging-in-Publication Data Stephenson, James, 1966– 202 ways to supplement your retirement income/by James Stephenson p cm Includes index ISBN 1-932531-66-1 (alk paper) Retirement income Retirees—Finance, Personal I Title: Two hundred two ways to supplement your retirement income II Title: Two hundred two ways to supplement your retirement income III Title HG179.S8347 2005 332.024'014—dc22 2005013406 Printed in Canada 11 10 09 08 07 06 05 10 CONTENTS Preface _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ xvii CHAPTER Getting Started _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Reasons to Supplement Your Retirement Income _ _ _ _ _ _ _ _ _ _ _ _ _ What Can You Do to Supplement Your Retirement Income? _ _ _ _ _ _ Provide a Service _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Sell Products_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Manufacture Products _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Advantages of Starting and Operating Your Own Business _ _ _ _ _ _ _ Minimal Investment _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Work from Home _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Tax Advantages _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ The Amount of Extra Income You Can Earn _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Income Needs and Wants _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Internet Profits _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Picking a Time Commitment _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Part-Time Commitment _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Full-Time Commitment _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Seasonal Commitment _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Finding a Good Match _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 10 Do What You Love _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 10 Capitalize on Your Skills and Knowledge _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 11 v vi s Contents Investment Capital _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 11 Health_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 12 Invest in You _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 12 Your Business Options _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 13 Starting a Business _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 13 Buying a Business _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 13 Buying a Franchise _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 14 CHAPTER Ways to Supplement Your Retirement Income Legal and Financial Issues _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 17 202 Legal Business Structure Options_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 18 Business Name Registration _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 18 Sole Proprietorship _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 19 Partnership _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 19 Limited Liability Corporation _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 20 Corporation _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 20 Licensing and Permits _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 21 Business License _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 21 Permits _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 22 Insurance Coverage _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 22 Property Insurance _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 23 Liability Insurance_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 23 Workers’ Compensation Insurance _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 24 Disability Insurance _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 25 Financing Your New Business_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 25 Personal Savings_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 26 Love Loans _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 26 Bank Loans _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 26 Government Business Loans _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 28 Private Investors_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 28 Bootstrapping Techniques _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 29 Money Management _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 30 Opening a Bank Account _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 30 Bookkeeping _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 31 Accepting Cash, Checks, and Debit Cards _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 31 Opening a Credit Card Merchant Account _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 33 Online Payment Services _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 33 Debt Collection _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 34 202 CHAPTER Business Planning _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 37 Company _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 38 Business Description _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 38 Management Team _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 39 Legal Issues _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 41 Risks and Contingencies _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 43 Marketing _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 43 Marketplace _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 43 Target Customer _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 44 Competition _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 46 Sales Goals _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 47 Product, Price, Place (Distribution), and Promotion _ _ _ _ _ _ _ _ _ 48 Marketing Budget _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 51 Action Plan _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 52 Financials _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 53 Funding Requirements _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 53 Funding Sources _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 54 Balance Sheet_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 55 Capital Equipment and Inventory Lists _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 56 Break-Even Analysis _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 57 Start-Up Costs Worksheet _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 58 Monthly Overhead Costs Worksheet _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 61 Appendices _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 64 Personal Documents _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 65 Legal and Financial Documents _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 65 Marketing Documents _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 65 Ways to Supplement Your Retirement Income Small Business Taxation _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 34 CHAPTER Setting Up Shop_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 67 Business Location_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 68 Homebased_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 68 Office _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 69 Storefront _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 70 Business Equipment _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 71 Furniture _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 72 Contents s vii Ways to Supplement Your Retirement Income viii s Contents 202 Technology _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 73 Communications _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 74 Tools_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 75 Building a Business Team _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 75 Family_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 75 Employees _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 76 Sales Agents _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 77 Subcontractors _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 77 Suppliers _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 78 Business, Industry, and Professional Associations _ _ _ _ _ _ _ _ _ _ 78 Cross-Promotional Partners _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 79 Professional Service Providers _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 79 Lawyer _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 79 Banker _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 80 Accountant _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 80 Consultants_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 80 Developing a Business Image _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 80 Logos and Slogans_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 81 Print Identity Package _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 81 Uniforms _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 82 Taking Your Business Online _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 82 Building a Web Site _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 82 Choosing a Domain Name _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 83 Search Engine Registration _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 84 CHAPTER Sales and Marketing _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 85 Personal Contact Selling _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 86 Getting Ready to Sell _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 86 Qualifying Buyers _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 87 Become a Power Negotiator _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 87 Asking for the Sale _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 88 Asking for Referrals _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 88 Selling Products and Services from Home _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 89 Interior Showrooms _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 90 Exterior Display _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 90 In-Home Sales Parties_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 91 Selling Products and Services from a Retail Location _ _ _ _ _ _ _ _ _ _ 92 202 Ways to Supplement Your Retirement Income Storefront _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 92 Kiosks and Carts_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 93 Selling Products Wholesale _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 94 Grassroots Wholesaling _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 94 Established Wholesalers _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 94 Business-to-Business Trade Shows _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 95 Consignment Sales _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 95 Picking Retailers _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 95 Consignment Agreement _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 96 Merchandising and Pricing_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 96 Inventory Management and Product Delivery_ _ _ _ _ _ _ _ _ _ _ _ _ 97 Selling Products and Services Online _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 97 eBay _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 97 Additional e-Auctions _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 99 Internet Malls _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 99 Selling Products and Services at Events _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 100 Consumer Shows _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 100 Arts and Crafts Shows _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 101 Flea Markets _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 102 Community Events _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 103 Advertising Basics_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 104 Creating Great Advertising _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 104 Newspaper Advertising _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 105 Magazine Advertising _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 106 Yellow Pages Advertising _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 107 Radio Advertising _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 108 Promotional Fliers _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 108 Signs _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 109 Advertising Online_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 110 Public Relations _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 111 Press Releases_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 112 Articles _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 112 Talk Radio _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 112 Community Publicity _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 113 CHAPTER Everything Else You Need to Know _ _ _ _ _ _ _ _ _ _ _ 115 Providing Great Customer Service _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 116 Contents s ix Ways to Supplement Your Retirement Income x s Contents 202 Overcome Mismatched Expectations _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 116 Reliability _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 117 Flexibility _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 117 Customer Appreciation _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 117 Standing Behind Your Products and Services _ _ _ _ _ _ _ _ _ _ _ _ _ _ 118 Service Guarantees _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 118 Product Warranties_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 119 Returns and Refunds _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 119 Picking a Pricing Strategy _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 120 Low Pricing Strategy _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 120 Moderate Pricing Strategy _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 121 Prestige Pricing Strategy _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 121 Pricing Products and Services _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 121 Competitive Pricing _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 122 Cost Plus Pricing _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 122 Pricing Antiques and Collectibles _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 124 Establishing Payment Terms _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 124 Securing Deposits _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 124 Progress Payments _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 125 Extending Credit _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 125 Product Packaging, Delivery, and Inventory Management _ _ _ _ _ _ 126 Product Packaging _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 126 Product Delivery _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 126 Inventory Management _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 127 CHAPTER 202 Ways to Supplement Your Retirement Income_ _ 129 At a Glance_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 130 202 Ways to Supplement Your Retirement Income _ _ _ _ _ _ _ _ _ _ _ 132 RV Traveling Handyperson _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 132 Cruise Ship Travel Agent _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 133 Tour Guide _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 134 Kayak Tour Operator _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 135 Bed and Breakfast Host _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 136 Party Planner _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 137 Vacation Property Rental Agent _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 138 Film Extra _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 139 Disc Jockey Service _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 140 308 s CHAPTER 7: 202 Ways to Supplement Your Retirement Income to ensure the building does not have major structural or mechanical problems Doing so is a safeguard for the investment Home and property inspection rates range from $150 for a small residential home to as much as $10,000 for large commercial buildings Training and certification is required in most areas of the United States and Canada to be recognized as a professional home and property inspector You can contact the associations listed below to find out about available training classes and certification requirements in your area Be sure to build alliances with real estate companies, mortgage brokers, property appraisers, lawyers, notary publics, and insurance agents, all of whom can refer their clients to you AT A GLANCE s INVESTMENT: Under $10K $ INCOME: $25+ U SKILL LEVEL: Ways to Supplement Your Retirement Income d RESOURCES 202 A Amerispec Home Inspection Services, Ô (800) 426-2270, www amerispecfranchise.com —Canadian Association of Home and Property Inspectors, www.ca hi.ca —National Association of Home Inspectors, www.nahi.org —A Start Your Own Home Inspection Service, Claire Ginther (Entrepreneur Press, 2003) Rental Accommodations Finder Service Face it, finding a new home or apartment to rent can be time consuming and frustrating: scanning countless rental ads, booking appointments, viewing properties, and completing applications That’s why many people needing to rent a home enlist the services of a professional apartment and house finder service This is a great opportunity for the recently retired to tackle because the service can easily be operated from home with the aid of a web site and requires no previous experience There are basically two ways to earn money First, charge clients a fee to find the right rental accommodation, or second, charge landlords a fee to list their rental accommodations with your service The “home finder” industry is competitive, especially in large urban centers Consequently, specialization in one or two types of rental accommodations will enable you to serve a specific target audience very 202 AT A GLANCE s INVESTMENT: Under $10K $ INCOME: $15+ U SKILL LEVEL: d RESOURCES —American Association of Small Property Owners, www.aaspo.org —Building Owners and Managers Association of Canada, www.boma canada.org —National Apartment Association, www.naahq.org —National Property Managers Association, www.npma.org Ways to Supplement Your Retirement Income well You could specialize in roommate listings, short- or long-term furnished and unfurnished accommodations, executive accommodations, “pets allowed,” and any other logical category Real Estate Appraiser Real estate appraisers specialize in estimating the value of land and the structures inhabiting the land Real estate appraisals are commonly required when people buy a home, sell a home, or apply for/or renew a mortgage, for insurance purposes, to settle estates and divorce cases, and for all other situations when the value of a property is needed The job of the real estate appraiser is to prepare a written description and diagram of the property noting structures, verifying legal descriptions of the property with county or city records, and preparing an estimated market value for the property Calculating fair market value is based on factors such as property condition, values of homes in close proximity, and building replacement costs using building valuation manuals and professional cost estimators The key to success in real estate appraisal is alliances You need to build working relationships with other professionals that commonly need real estate appraisal services for themselves or their clients These professionals include mortgage brokers, bankers, real estate brokers, real estate agents, and real estate lawyers Providing real estate appraisal services is an excellent way to supplement a retirement income because the opportunity provides great flexibility—work part-time, full-time, or only seasonally Contact the real estate appraisal associations listed that follow to find out about training and certification requirements in your area CHAPTER 7: 202 Ways to Supplement Your Retirement Income s 309 310 s CHAPTER 7: 202 Ways to Supplement Your Retirement Income AT A GLANCE s INVESTMENT: Under $25K $ INCOME: $50+ U SKILL LEVEL: d RESOURCES Appraisal Institute of Canada, Ô (613) 234-6533, www.ai canada.ca National Association of Real Estate Appraisers, Ô (320) 763-7626, www.iami.org The American Society of Appraisers, Ô (703) 478-2228, www appraisers.org Ways to Supplement Your Retirement Income Real Estate Investor 202 There are two ways to earn big profits in real estate investing The first is to buy properties at less than market value and resell for a profit; the second is to purchase income-producing properties and hold on for long-term equity gain Many savvy entrepreneurs earn seven figure incomes buying and selling real estate As a rule, they look for three types of buying opportunities: foreclosures, motivated sellers, or paint, putter, and profit opportunities The best real estate buys occur when you can purchase a foreclosed property for far less than market value You negotiate an incredibly low price because the seller is very motivated by health, finances, or another reasons Or, you buy the worse house on the best street, well undervalued, and carry out minor repairs and cosmetic fix-ups so you can flip the property for a profit There are also things these same savvy entrepreneurs not They never buy vacant land because it cannot generate income (rent) until resold or held for long-term equity gain They use everyone’s money but their own through mortgage takeovers, vendor financing options, equity leverage, and 100 percent lending options And they never sell for less than they have invested because they the required homework before buying, negotiate the lowest price, and prepare the house to be resold for top dollar before listing, or fix up the property to acquire top rents There are literally hundreds of real estate buying books, programs, and seminars available to show you how to buy and sell for a profit, or hold and rent for a profit It should be noted that real estate investing is not for the faint of heart, and you cannot just simply jump in with both feet and hope for the best You have to acquire the knowledge needed to make smart investments that 202 AT A GLANCE s INVESTMENT: Over $25K $ INCOME: Varies U SKILL LEVEL: d RESOURCES —Foreclosure Free Search, online database listing REO, HUD, VA, Fannie Mae, Bank, and mortgage company real estate foreclosures indexed by state, www.foreclosurefreesearch.com —Real Estate Foreclosures, online database listing REO, HUD, VA, Fannie Mae, Bank, and mortgage company real estate foreclosures indexed by state, www.realestateforeclosures.net —Real Estate Investing, online community serving small real estate investors with industry information, resources, and links, www.real estateinvesting.com —A Flipping Properties: Generate Instant Cash in Real Estate, Robert Dahlstrom and William Bronchick (Dearborn Trade Publishing, 2001) —A Making Big Money Investing in Foreclosures, David Finkel and Peter Conti (Dearborn Trade Publishing, 2003) Ways to Supplement Your Retirement Income can be easily resold or rented to return your investment and show a profit This takes time, research, and education to accomplish, but is well worth the investment of time and money Mortgage Broker Working as an independent mortgage broker, you can help people fulfill their dreams of home ownership and earn an excellent income in the process The primary function of a mortgage broker is to bring together people who want to borrow money to buy real estate with lending institutions that advance funds for the purpose of real estate purchases The rules and policies for obtaining a mortgage broker’s license differ among states and provinces, but you can contact the National Association of Mortgage Brokers in the United States and the Canadian Institute of Mortgage Brokers and Lenders via the contact information listed as follows to find out about training and licensing requirements in your area Once a mortgage broker has received an application from a client and checked credit and work references, the next step is to send the application to one or more lending CHAPTER 7: 202 Ways to Supplement Your Retirement Income s 311 312 s CHAPTER 7: 202 Ways to Supplement Your Retirement Income institutions for acceptance or rejection Mortgage brokers are typically paid a commission by the lending institution that advances the mortgage funds, ranging from a few hundred dollars to thousands of dollars, depending on the mortgage amount Sometimes, however, in more difficult funding scenarios—second mortgages, third mortgages, or bridge financing, for instance, a mortgage broker will also charge the borrower a fee to cover the extra work involved in securing suitable financing Most mortgage brokers handle finding residential mortgages for their clients, but you can also work with clients who want to refinance their mortgages, increase their mortgage amounts, take out second or third mortgages, use equity for bridge financing, or purchase commercial properties, vacant land, income properties, or vacation properties This is very much a business that thrives on referral and repeat business, so be sure to build working relationships with numerous real estate brokers and agents AT A GLANCE s INVESTMENT: Under $10K $ INCOME: $25+ U SKILL LEVEL: Ways to Supplement Your Retirement Income d RESOURCES 202 —Canadian Institute of Mortgage Brokers and Lenders, Ô (416) 3852333, www.cimbl.ca Loan Officer School, mortgage broker training, www.loanofficer school.com www National Association of Mortgage Brokers, Ô (703) 610-9009, namb.org Property Management Service Starting and operating a property management service is ideal for people with previous experience in real estate, project management, construction management, or property administration However, anyone can start this venture on a small or part-time basis and gain valuable on-the-job experience, which can be leveraged to grow the business Residential and commercial property managers are busy people because they have lots of work to on behalf of their clients These duties often include preparing annual management plans; preparing budgets and monthly financial statements; maintaining good tenant-owner relations; organizing trades to conduct repairs; negotiating, preparing, and executing leases; 202 AT A GLANCE s INVESTMENT: Under $10K $ INCOME: $25+ U SKILL LEVEL: 2–4 Ways to Supplement Your Retirement Income and managing deposit accounts, just for starters! The Building Owners and Managers Association of Canada, and the National Property Managers Association in the United States offer property management training and certification programs Although certification is not mandatory, it is a wise investment, especially for people who want to make a professional postretirement career of property management Property management fees vary depending on the residential or commercial property being managed as well as on the services provided, but you can expect to earn in the range of $25 to $40 per hour d RESOURCES —Building Owners and Managers Association of Canada, www.boma canada.org —National Property Managers Association, www.npma.org —Professional Career Development Institute, property manager training, www.pcdi.com Relief Apartment Building Caretaker Working as a relief apartment building caretaker is a wonderful way to supplement your retirement income Building managers and caretakers may need time off for any number of reasons, from vacations to family emergencies, and when they are away, someone is needed to take their places Building managers and caretakers perform a number of duties, from rent collection, to preparing apartments for rent, to light housekeeping and exterior maintenance Depending on the length of the relief duty, you may not even be needed on-site, just on-call in case of emergencies Therefore, you will need to develop a fee scale covering on-call fees, daily fees, and a long-term weekly or monthly fees If you not have previous apartment building management or caretaking experience, there are training programs available, or you may even elect to become a Certified Apartment Manager (CAM) via a program offered by the National Apartment Association This program teaches fundamental and advanced techniques in modern apartment management, all presented with the goal of developing the knowledge and CHAPTER 7: 202 Ways to Supplement Your Retirement Income s 313 314 s CHAPTER 7: 202 Ways to Supplement Your Retirement Income skills to manage a successful, quality apartment community in a professional manner However, if you have some previous building management and maintenance experience, this type of training is not required To get the word out about your service, contact property management firms and landlord associations AT A GLANCE s INVESTMENT: Under $2K $ INCOME: $15+ U SKILL LEVEL: 2–3 d RESOURCES —Building Owners and Managers Association of Canada, www.boma canada.org —National Apartment Association, www.naahq.org —National Property Managers Association, www.npma.org —Resident Managers’ Training Institute, www.rmti.ca —The Caretaker Gazette, industry information portal, www.care taker.org Ways to Supplement Your Retirement Income House Refitting for Seniors and the Disabled 202 Many seniors and people living with physical disabilities often find life’s simplest tasks, such as cooking dinner or doing laundry, stressful and daunting The housing requirements for many seniors and disabled people are much different from those for people without disabilities Doorways must be wide enough to accommodate wheelchairs, light switches must be lowered, and electrical sockets raised, for example Likewise, kitchens and bathrooms generally must be customized to suit each person’s specific needs Changes such as the installation of ramps, chair lifts, and safety handrails are common refits Starting a business that specializes in refitting homes for seniors and disabled persons can be a rewarding enterprise If you have basic carpentry skills and tools, you can much of the work yourself and hire out alterations requiring certified trades such as plumbing and electrical House refitting is much more involved than providing simple handyman or even renovation services because much consultation must take place with the senior or disabled homeowner to assess his or her individual needs to ensure the changes are beneficial and improve his or her quality of life Traditional advertising combined with building alliances with medical care and service providers as well as retailers of 202 AT A GLANCE s INVESTMENT: Under $25K $ INCOME: $50+ U SKILL LEVEL: d RESOURCES —American Association of Retired Persons (AARP), www.aarp.org —Canadian Association of Retired Persons (CARP), www.50 plus.com —Home Mods, industry information and resources, www.home mods.org —National Resources Center on Supportive Housing and Home Modification, www.usc.edu/dept/gero/nrcshhm/index.htm —A 2005 National Repair and Remodeling Estimator, Albert S Paxton (Craftsman Book Company, 2004) Ways to Supplement Your Retirement Income home medical equipment is the best way to get started With 78 million baby boomers in the United States, the future for this business opportunity is bright Dog Biscuit Bakery One of the best ways to supplement your retirement income was saved for last The fastest growing, and arguably most profitable, segment of the pet food industry is gourmet dog treats There is a lot of money to be made in this business because the profit margin is very high and people are willing to pay for the best dog treats money can buy You may well be one of them As people become more health conscious with their own diets, they begin to scrutinize their pets’ diets as well Many are turning to naturally made biscuits for their dogs, even though allnatural handmade biscuits cost as much as ten times more than commercially produced dog ones Making dog biscuits at home is easy; all you need to get started are dog biscuit recipes, healthy ingredients, biscuit molds (bones and cats are dog favorites), a catchy name, and packaging materials Baking and selling specialty dog biscuits is a fantastic opportunity for pet-loving entrepreneurs who want to work from home and have a lot of fun, and selling options are plentiful Sell to independent and chain pet food retailers on a wholesale basis or directly to consumers via online pet products marketplaces, at pet fairs, and from your home supported by word of mouth advertising, which is very easy to get if dogs love your treats CHAPTER 7: 202 Ways to Supplement Your Retirement Income s 315 316 s CHAPTER 7: 202 Ways to Supplement Your Retirement Income AT A GLANCE s INVESTMENT: Under $2K $ INCOME: $15+ U SKILL LEVEL: d RESOURCES Ways to Supplement Your Retirement Income —American Dog Owners Association, www.adoa.org —American Pet Products Manufacturers Association, www.app ma.org —Gourmet Sleuth Recipes, www.gourmetsleuth.com/recipe_dog biscuit.htm 202 INDEX A Action plan worksheet, 52–53 Advantages of starting and operating your own business, 6–7 Adventure travel agent, 149 Advertising, 104–110 creating great, 104–105 magazine, 106–107 newspaper, 105–106 online, 110–111 promotional fliers, 108–109 radio, 108 signs, 109–110 Yellow Pages, 107 Aerial photography, 195–196 Antique dealer, 255–256 Antiques and collectibles pricing strategy, 124 Appliance repair, 158–159 Arcade games business, 150 Art dealer, 253–254 Article writing as public relations vehicle, 112 Arts and crafts shows, 101–102 Arts and crafts instructor, 237 Association management services, 178 Associations, joining industry and business, 78 ATM business, 185 Auctioneer, 301–302 B Backcountry hiking tour guide, 148 Balance sheet worksheet, 55–56 Balloon service, 167–168 Bank accounts, 30–31 Bank loans, 26–28 Banker, your, 80 Bartender, on-call, 283–284 Bartering, 29–30 Basket making, 226–227 Bed and breakfast host, 136–137 Bicycle repair, 175–176 317 Birdhouse builder, 215 Boardinghouse operator, 143–144 Boat broker, 292–293 Bookkeeping, 31 Books, new and used, 272–273 Bootstrapping techniques, 29–30 Break-even analysis, 57–58 Building a better business team cross-promotional partners, 79 employees, 76–77 family, 75–76 professional associations, 78 sales agents, 77 suppliers, 78 Bulletin board service, 193 Business advantages of starting and operating your own, 6–7 buying an existing, 13–14 Ways to Supplement Your Retirement Income 318 s Index 202 choosing your domain name for Internet, 83–84 description worksheet, 38–39 equipment, 71–75 financing, 25–30 image, developing a, 80–82 licenses, 21 loans, 28 location, 68–70 name, registering your, 18–19 online, 82–84 options, 13–15 plan, 37–66 plan appendices, 64–66 starting a, 13 structure, 18 team, building your, 75–79 Business broker, 304 Business plan writer, 180–181 Business-to-business trade shows, 95 Buying an existing business, 13–14 C Cake baking and decorating, 280–281 Calligrapher, 155–156 Candle business, 222–223 Capital equipment and inventory lists worksheet, 56–57 Car wash business, 290–291 Career guide writer, 187–188 Cart sales, 93 Cartridge refill business, 203 Catering, 275–276 Charitable contributions and community sponsorships, 113 Chef, personal, 276–277 Children’s party organizer, 142–143 Cleaning service, 172–173 Coin and stamp dealer, 197–198 Coin laundry, 258–259 Collectibles dealer, 264–265 Community advertising newsletter, 189–190 events, 103–104 publicity, 113 web site host, 251 Competition worksheet, 46–47 Computer sales, 250 Computer trainer, mobile, 238 Consignment sales, 95–97 agreement, 96 inventory management and product delivery, 97 merchandising and pricing, 96 picking retailers, 95–96 Consultants, hiring, 80 Consumer shows, 100–101 Cooking classes, mobile, 277 Copywriting service, 179–180 Corporation, 20–21 Credit, extending, 125 Credit card merchant account, 33 Cross-promotional partners, 79 Cruise ship travel agent, 133–134 Customer service, 116–118 appreciating your customers, 117–118 flexibility, 117 overcoming mismatched expectations, 116–117 reliability, 117 trainer, 231–232 your target customer, 44–46 D Dance instructor, 235–236 Debt collection, 34 paying off, Decorating service, 306–307 Deposits, securing, 124–125 Desktop publishing service, 243–244 Disability insurance, 25 Disc jockey service, 140 Dog biscuit bakery, 315–316 groomer, 156–157 obedience instructor, 233–234 walking service, 157 Domain name, choosing your, 83–84 Driveway sealing, 299–300 Dry-cleaning delivery, 176–177 E E-commerce consultant, 246–247 E-zine publisher, 247–248 eBay, 97–99 business, 251–252 consultant, 245–246 drop-off store, 252–253 Employees, 76–77 202 F Fabric restoration, 171–172 Family business, 75–76 Fashion accessories designer, 209–210 designer, 208–209 Film extra, 139–140 Financial issues, 17–35 planning software, 53 Financing your new business, 25–30 Fishing tackle and bait sales, 267–268 Fitness trainer, personal, 234–235 Flag business, 257–258 Flea market, 102–103 vendor, 260–261 Flier delivery service, 192–193 Floral designer, 169–170 Flower kiosk, 259–260 Food business, mobile, 280 Franchise, buying a, 14–15 Friends and family financing, 26 Full-time commitment, Funding requirements, 53 requirements worksheet, 54 sources worksheet, 54–55 Furniture maker, 205–206 repairs and refinishing, 206–207 G Garage sale business, 262–263 Garden consultant, 162 curbing business, 215–216 stepping-stone business, 217–218 tilling service, 163 Getting started, 1–15 Gift basket business, 256–257 Glass etching business, 165–166 Golf ball printing business, 268–269 Golf clubs, building customfitted, 211–212 Government business loans, 28 Greeter, professional, 199–200 Greeting card service, 194 Grocery shopping service, 274–275 H Handyperson service, community, 160–161 Health, your, 12 Helping your children and grandchildren, Herb grower, 281–282 Holiday and event decorating service, 166–167 Home inspector, 307–308 Home medical equipment sales, 273–274 Home tutoring, 231 Homebased alteration service, 210–211 business, carpentry shop, 203–204 in-home sales parties, 91–92 interior and exterior showrooms and displays, 90–91 promotional products printing, 183–184 rental business, 254–255 sewing classes, 238–239 Honeymoon consulting service, 168 House refitting for seniors and the disabled, 314–315 House sitter, 144–145 Ways to Supplement Your Retirement Income Engraving service and product sales, 202 Entertainment booking service, 170–171 Equipment, business communications, 74 furniture, 72–73 technology, 73–74 tools, 75 Errand service, 164–165 Essential oils, manufacturing, 220–221 Events, selling at, 100–103 Everything else you need to know, 115–128 Executive recruiter, 178–179 Exhaust hood cleaning, 285 Expert witness, 198–199 Extra income, amount you can earn, I Image, business, 80–82 Image consultant, 152–153 Income needs and wants, 7–8 Inflation, keeping up with, Insurance coverage, 22–25 Internet advertising, 110–111 auctions, 97–99 doing business on the, 82–84 malls, 99–100 Index s 319 320 s Index profits, Inventory management, product, 127–128 Investing in you, 12 Investment capital, 11 minimal, Investors, private, 28–29 J Jewelry dealer, 269–270 Ways to Supplement Your Retirement Income K Kayak tour operator, 135–136 Kiosk sales, 93 Kitchen cleaning, 285 Knife sharpening, 284 202 L Laid off, response to being, Laundry service, 153–154 Lawn and garden products manufacturing, 214 Lawyers, hiring, 79 Legal issues, 17–35 worksheet, 41–42 Liability insurance, 23–24 Licensing and permits, 21, 22 Limited liability corporation, 20 Limousine service, 294–295 Liquidated inventory sales, 186–187 Litter pickup service, 195 Loans, various types of, 25–30 Location homebased, 68–69 office, 69–70 storefront, 70–71 Logos, 81 Love doing what you, 10 loans, 26 M Makeup artist, mobile, 150–151 Management team worksheet, 40–41 trainer, 240–241 Marketing, 43–53 and sales, 85–113 budget worksheet, 51–52 consultant, 191–192 Marketplace worksheet, 44 Match, finding a good, 10 Mobile computer trainer, 238 cooking classes, 277 food business, 280 makeup artist, 150–151 RV and boat detailing, 295–296 Money management, 30–35 Monthly overhead costs worksheet, 61–64 Mortgage broker, 311–312 Mosaic tile art, 218–219 Music teacher, 236–237 Mystery shopper, 184–185 N Name, registering your business, 18–19 Nonmedical home care, 305 Notary public, on-call, 303 O On-call bartender, 283–284 notary public, 303 Online advertising, 110–111 business, 82–84 payment services, 33–34 researcher, 248–249 sales, 97–99 Organizer, professional, 154–155 Owning your own business, realizing the dream of, P Painting service, 159–160 Part-time commitment, Partnership, 19–20 Party planner, 137–138 Party-in-a-box business, 263–264 Patio furniture manufacturing, 207 landscaping service, 174–175 Payment methods, cash, check and debit cards, 31–33 terms, establishing, 124–125 Permits, 21, 22 Personal savings as startup capital, 26 Personal shopper, 147–148 Pet products manufacturing, 208 sitter, 145–146 Photographer, freelance, 142 Picture framing and matting, 204–205 Plan, business, 37–66 Pooper-scooper service, 158 Pottery business, 224–225 Power-washing service, 173–174 Preretirement lifestyle, maintaining your, Press releases, 112 202 Q Quilting, 225–226 R Real estate appraiser, 309–310 investor, 310–311 Reasons to supplement your retirement income, 1–4 Recreational pursuits, Relief apartment building caretaker, 313–314 Religious products, 230 Renovation project manager, 306 Rental accommodations finder service, 308–309 Residential safety consultant, 302–303 Restaurant consulting, 284 services business, 284–286 Restaurateur, 279 Resume service, 200–201 Returns and refunds, 119–120 Risk and contingencies worksheet, 43 Rubbish removal service, 297–298 RV and boat detailing, mobile, 295–296 traveling handyperson, 132–133 S Sales agents, 77 and marketing, 85–113 consultant, freelance, 201–202 goals worksheet, 47–48 trainer, 232–233 Savings, insufficient, 2–3 Search engine registration, 84 Seashell crafts, 227–228 Seasonal commitment, 9–10 Secondhand furniture sales, 270–271 Security mirror business, 288–289 product sales, 288 Selling asking for the sale, 88 become a power negotiator, 87–88 consignment, 95–97 online, 97–99 personal contact, 86–88 preparation, 86 products, products and services at events, 100–103 products and services from a retail location, 92–93 products and services from home, 89–91 qualifying buyers, 87 wholesale, 94–95 Seniors’ business opportunity finder, 188 employment agency, 177 support services, 189 Service guarantees, 118–119 provide a, 4–5 providers, professional, 79–80 Setting up shop, 67–84 Shuttle service, 289–290 Sign business, 219–220 Singles-only event promoter, 146–147 Ways to Supplement Your Retirement Income Pricing strategy, 120–124 for antiques and collectibles, 124 for products and services, 121–123 low, 120–121 moderate, 121 prestige, 121 Print identity package, 81–82 Product assembly service, 169 delivery, 126–127 inventory management, 127–128 packaging, 126 price, place and promotion worksheet, 48–51 warranties, 119 Products and services competitive pricing of, 122 cost plus pricing of, 122–123 pricing strategy, 121–123 Professional associations, 78 greeter, 199–200 organizer, 154–155 service providers, 79–80 Progress payments, 125 Promissory note, sample of, 27 Property insurance, 23 management service, 312–313 Public relations, 111–113 specialist, 151–152 Public speaking coach, 239–240 Putting green installations, 228–229 Index s 321 Ways to Supplement Your Retirement Income 322 s Index 202 Skills and knowledge, capitalizing on your, 11–12 Slogans, 81 Small business bookkeeper, 190–191 coach, 241–242 support service, 182–183 taxation, 34–35 Small engine repair, 296 Small sign installation, 196–197 Snack vending business, 278 Snowplowing, 298–299 Soap making, 221–222 Solar-powered products, 229–230 Sole proprietorship, 19 Special events, 113 Specialty tree and shrub grower, 213–214 Sports coach, 242–243 Stained glass, 223–224 Start-up costs worksheet, 58–61 Starting a business, 13 Storefront retail, 92–93 Subcontractors, 77–78 Supplementing your retirement income, list of 202 ways, 129–316 Suppliers, 78 T Take-out delivery, 284 Talk radio, 112–113 Target customer worksheet, 45–46 Tax advantages, Taxes, IRS help with, 34–35 Time commitment, 8–10 Tour guide, 134–135 Town delivery service, 297 Toy maker, 212–213 Travel, Tropical fish sales, 287–288 U Uniforms, 82 Used building products sales, 271–272 restaurant equipment sales, 282–283 sporting goods sales, 266–267 vehicle sales, 291–292 V Vacation property rental agent, 138–139 Valet parking service, 293–294 Vegetable stand, 286–287 Vending cart business, 261–262 Venture capital, 28–29 capitalist, 181–182 Vintage clothing dealer, 265–266 W Waiting service, 300–301 Washroom sanitizing, 285 Wealth, building, Web designer, 244–245 Web site building, 82–83 Wedding planner, 163–164 Wholesaling, 94–95 business-to-business trade shows, 95 established, 94–95 grassroots, 94 Window screen repairs and replacements, 216–217 Woodcraft manufacturing, 225 Workers’ compensation insurance, 24–25 Writer, freelance, 141 Y Yard maintenance service, 161–162 ... by James Stephenson • 202 Things to Make and Sell for Big Profits • 202 Things You Can Buy and Sell for Big Profits • 202 Services You Can Sell for Big Profits • Ultimate Homebased Business Handbook:... education, and financial resources If buying and selling products appeals to you and you would like even more ideas than are featured in Chapter 7, pick up a copy of A 202 Things You Can Buy and Sell for. .. birdhouses, and picture frames If manufacturing products appeals to you and you would like more ideas than are featured in Chapter 7, pick up a copy of A 202 Things You Can Make and Sell for Big Profits!