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)
1. Retirement income. 2. 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 9 8 7 6 5 4 3 2 1
CONTENTS
Preface _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ xvii
CHAPTER 1
Getting Started _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 1
Reasons to Supplement Your Retirement Income _ _ _ _ _ _ _ _ _ _ _ _ _ 1
What Can You Do to Supplement Your Retirement Income? _ _ _ _ _ _ 4
Provide a Service _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 4
Sell Products_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 5
Manufacture Products _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 5
Advantages of Starting and Operating Your Own Business _ _ _ _ _ _ _ 6
Minimal Investment _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 6
Work from Home _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 6
Tax Advantages _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 7
The Amount of Extra Income You Can Earn _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 7
Income Needs and Wants _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 7
Internet Profits _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 8
Picking a Time Commitment _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 8
Part-Time Commitment _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 9
Full-Time Commitment _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 9
Seasonal Commitment _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 9
Finding a Good Match _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 10
Do What You Love _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 10
Capitalize on Your Skills and Knowledge _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 11
v
vi ■ 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 2
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 3
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 4
Setting Up Shop_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 67
Business Location_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 68
Homebased_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 68
Office _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 69
Storefront _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 70
Business Equipment _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 71
Furniture _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 72
Contents ■ vii
Ways to Supplement Your Retirement Income
viii ■ 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 5
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 6
Everything Else You Need to Know _ _ _ _ _ _ _ _ _ _ _ 115
Providing Great Customer Service _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 116
Contents ■ ix
Ways to Supplement Your Retirement Income
x ■ 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 7
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
202
Ways to Supplement Your Retirement Income
Freelance Writer _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 141
Freelance Photographer _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 142
Children’s Party Organizer _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 142
Boardinghouse Operator _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 143
House Sitter _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 144
Pet Sitter _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 145
Singles-Only Event Promoter _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 146
Personal Shopper _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 147
Backcountry Hiking Tour Guide _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 148
Adventure Travel Agent _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 149
Arcade Games Business _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 150
Mobile Makeup Artist _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 150
Public Relations Specialist _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 151
Image Consultant _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 152
Laundry Service _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 153
Professional Organizer _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 154
Calligrapher _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 155
Dog Groomer _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 156
Dog-Walking Service _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 157
Pooper-Scooper Service _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 158
Appliance Repair _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 158
Painting Service _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 159
Community Handyperson Service _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 160
Yard Maintenance Service _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 161
Gardening Consultant _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 162
Garden Tilling Service _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 163
Wedding Planner _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 163
Errand Service _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 164
Glass Etching Business _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 165
Holiday and Event Decorating Service _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 166
Balloon Service _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 167
Honeymoon Consulting Service _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 168
Product Assembly Service _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 169
Floral Designer _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 169
Entertainment Booking Service _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 170
Fabric Restoration _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 171
Cleaning Service _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 172
Power-Washing Service _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 173
Contents ■ xi
Ways to Supplement Your Retirement Income
xii ■ Contents
202
Patio Landscaping Service _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 174
Bicycle Repair _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 175
Dry-Cleaning Delivery _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 176
Seniors’ Employment Agency _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 177
Association Management Services _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 178
Executive Recruiter _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 178
Copywriting Service _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 179
Business Plan Writer _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 180
Venture Capitalist _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 181
Small Business Support Service _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 182
Homebased Promotional Products Printing _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 183
Mystery Shopper _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 184
ATM Business _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 185
Liquidated Inventory Sales _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 186
Career Guide Writer _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 187
Seniors’ Business Opportunity Finder _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 188
Seniors’ Support Services _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 189
Community Advertising Newsletter _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 189
Small Business Bookkeeper _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 190
Marketing Consultant _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 191
Flier Delivery Service _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 192
Bulletin Board Service _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 193
Greeting Card Service_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 194
Litter Pickup Service _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 195
Aerial Photography _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 195
Small Sign Installation _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 196
Coin and Stamp Dealer _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 197
Expert Witness _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 198
Professional Greeter _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 199
Resume Service _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 200
Freelance Sales Consultant _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 201
Engraving Service and Product Sales _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 202
Cartridge Refill Business _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 203
Homebased Carpentry Shop _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 203
Picture Framing and Matting _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 204
Furniture Maker _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 205
Furniture Repairs and Refinishing _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 206
Patio Furniture Manufacturing _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 207
202
Ways to Supplement Your Retirement Income
Pet Products Manufacturing _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 208
Fashion Designer _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 208
Fashion Accessories Designer _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 209
Homebased Alteration Service _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 210
Building Custom-Fitted Golf Clubs _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 211
Toy Maker _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 212
Specialty Tree and Shrub Grower _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 213
Lawn and Garden Products Manufacturing _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 214
Birdhouse Builder _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 215
Garden Curbing Business _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 215
Window Screen Repairs and Replacements _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 216
Garden Stepping-Stone Business _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 217
Mosaic Tile Art_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 218
Sign Business _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 219
Manufacturing Essential Oils _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 220
Soap Making _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 221
Candle Business _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 222
Stained Glass _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 223
Pottery Business _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 224
Woodcrafts Manufacturing _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 225
Quilting _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 225
Basket Making _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 226
Seashell Crafts _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 227
Putting Green Installations _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 228
Solar-Powered Products _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 229
Religious Products _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 230
Home Tutoring _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 231
Customer Service Trainer _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 231
Sales Trainer _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 232
Dog Obedience Instructor _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 233
Personal Fitness Trainer _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 234
Dance Instructor _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 235
Music Teacher _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 236
Arts and Crafts Instructor _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 237
Mobile Computer Trainer _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 238
Homebased Sewing Classes _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 238
Public Speaking Coach _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 239
Management Trainer _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 240
Contents ■ xiii
Ways to Supplement Your Retirement Income
xiv ■ Contents
202
Small Business Coach _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 241
Sports Coach _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 242
Desktop Publishing Service _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 243
Web Designer _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 244
eBay Consultant _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 245
E-Commerce Consultant _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 246
E-Zine Publisher _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 247
Online Researcher _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 248
Computer Repair Service_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 249
Computer Sales _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 250
Community Web Site Host _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 251
eBay Business _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 251
eBay Drop-Off Store _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 252
Art Dealer _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 253
Homebased Rental Business _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 254
Antique Dealer _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 255
Gift Basket Business _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 256
Flag Business _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 257
Coin Laundry _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 258
Flower Kiosk _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 259
Flea Market Vendor _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 260
Vending Cart Business _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 261
Garage Sale Business _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 262
Party-in-a-Box Business_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 263
Collectibles Dealer _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 264
Vintage Clothing Dealer _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 265
Used Sporting Goods Sales_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 266
Fishing Tackle and Bait Sales _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 267
Golf Ball Printing Business _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 268
Jewelry Dealer _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 269
Secondhand Furniture Sales _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 270
Used Building Products Sales _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 271
New and Used Book Sales _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 272
Home Medical Equipment Sales _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 273
Grocery Shopping Service _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 274
Catering _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 275
Personal Chef _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 276
Mobile Cooking Classes _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 277
202
Ways to Supplement Your Retirement Income
Snack Vending Business _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 278
Restaurateur _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 279
Mobile Food Business _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 280
Cake Baking and Decorating _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 280
Herb Grower _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 281
Used Restaurant Equipment Sales _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 282
On-Call Bartender _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 283
Restaurant Service Businesses _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 284
Restaurant Consulting _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 284
Take-Out Delivery _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 284
Knife Sharpening _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 284
Washroom Sanitizing _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 285
Exhaust Hood Cleaning _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 285
Kitchen Cleaning _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 285
Vegetable Stand _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 286
Tropical Fish Sales _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 287
Security Product Sales _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 288
Security Mirror Business _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 288
Shuttle Service _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 289
Car Wash Business _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 290
Used Vehicle Sales _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 291
Boat Broker _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 292
Valet Parking Service _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 293
Limousine Service _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 294
Mobile RV and Boat Detailing _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 295
Small Engine Repair _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 296
Town Delivery Service _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 297
Rubbish Removal Service _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 297
Snowplowing _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 298
Driveway Sealing _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 299
Waiting Service _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 300
Auctioneer _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 301
Residential Safety Consultant _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 302
On-Call Notary Public _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 303
Business Broker _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 304
Nonmedical Home Care _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 305
Renovation Project Manager _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 306
Decorating Service _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 306
Contents ■ xv
xvi ■ Contents
Home Inspector _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 307
Rental Accommodations Finder Service _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 308
Real Estate Appraiser _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 309
Real Estate Investor _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 310
Mortgage Broker _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 311
Property Management Service _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 312
Relief Apartment Building Caretaker _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 313
House Refitting for Seniors and the Disabled _ _ _ _ _ _ _ _ _ _ _ _ _ _ 314
Dog Biscuit Bakery _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 315
Ways to Supplement Your Retirement Income
Index _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 317
202
PREFACE
T
ruth is, at time of writing I am 39 years old. You’re probably
thinking, and rightly so, how can this young punk possibly know
anything about the financial and income issues and challenges
facing people aged 50 and over? Obviously, you’re not completely
off base. I am not yet aged 50-plus, but I do have many years of
small business, sales, and marketing experience under my belt
and have written numerous books on small business, sales, and
marketing topics. Combine these experiences with my many
hours of research on the challenges facing people aged 50 and
older, and I can say without any hesitation that you are reading
one of the most comprehensive and authoritative books available
today about the best ways to supplement your retirement income.
My objectives in creating this book are to identify the best ways
that you can supplement your preretirement or postretirement
xvii
xviii ■ Preface
income and to give you the information and tools that you need to get started in
a simple-to-use, step-by-step format. Let’s face it, there’s no shortage of books
available about how to save or invest for your retirement, and most are very helpful, that is, if you are 20, 30, or 40 years old. Why? Because all of the investment
and savings strategies require 10, 20, 30, or more years of consistent saving and
investing to realize the full financial benefits. But what do you do if you are one
of the millions of people over the age of 50 who need or want to supplement their
retirement income right now, not years or even decades from now? 202 Ways to
Supplement Your Retirement Income is one of the few books available that is solely
focused on what you can do to start generating income right now; it is also the
most up-to-date and resource-packed. The information and ideas featured here
have been specifically developed to walk you through every step that is required
to start and run a business for maximum success and profit.
After completing this book, you will have acquired valuable information and
knowledge on all the critical topics, including choosing the right income-producing
opportunity for you, satisfying the legal and financial challenges, planning all
aspects of your business to ensure success, setting up your business, sales and
marketing, and, of course, the best 202 ways to supplement your retirement
income with big profits!
Ways to Supplement Your Retirement Income
Getting Started
202
Inside, I explore reasons why you might need or want to supplement your retirement income—to keep up with inflation, to maintain your preretirement lifestyle,
to fulfill a dream of owning your own business, to escape the impact of downsizing, and many more. You’ll also learn what you can do to supplement your retirement income, including providing services, selling products, or manufacturing
simple products, all for big profits and in many instances from the comfort of your
home.
Of course, the $64,000 question that everyone wants answered is, “How much
money can I earn?” It varies, but I’ll help you to determine your income wants and
needs, and throughout the book, I’ll provide you with the information and tools
you need to meet—and exceed—your income goals. I’ll also help you to find a
good business match, taking into consideration issues such as doing something
that you love, capitalizing on your current skills and knowledge, using the
amount of money you have to get started, and allowing for your health as well as
your short- and long-term business and income goals.
You’ll also learn about business options, such as starting a business from
scratch, buying an operating business, or purchasing a franchise or business
202
Legal and Financial Issues
When starting or buying a business, there are always lots of tough legal and financial issues that need to be demystified and satisfied. So to help, you will learn how
to register a business name and select a legal business structure—sole proprietorship, partnership, limited liability corporation, or corporation—that best meets
your needs. You’ll also find out what licenses and permits are needed to start and
operate your business, and how and where these can be obtained. Do you need
insurance to sell products and services? In most instances, yes. So you will learn
what insurance coverage is needed to best protect your assets and where you can
get it.
It also takes money to start or buy a business, and I’ll show you how to calculate how much money will be needed, what funding sources are available to you,
and how you can get started on a shoestring budget. Money management issues
are discussed. You will learn how to set up your books, work with accountants
and bookkeepers, and open commercial bank accounts. You will also discover
how to establish merchant accounts so you can provide your customers with convenient payment options, including credit cards, debt cards, and electronic money
transfers.
Ways to Supplement Your Retirement Income
opportunity, and the advantages and disadvantages of each. Just think, you will
discover all of this valuable information to put you on the path to successfully
supplementing your retirement income, and that’s just in the first chapter alone!
Business Planning
A business can only be as strong as the research and planning that goes into it
right from the start. To establish a rock-solid business foundation on which to
build, you will find out how to develop a business plan in step-by-step detail, one
that can be used to secure start-up funding, and also act as a road map to guide
your new business and marketing strategies so you can minimize financial risks
while maximizing the potential for success and profitability. Who is your target
customer? In this book, you will learn how to identify your target customers—
who they are, where they live, how many there are, how they make buying decisions, and how to build lifelong selling relationships with all of them.
Depending on your venture, your business and marketing plans do not have
to be highly sophisticated. Even a few well-researched and documented pages
covering the basics are often sufficient to reveal the information you need to
describe your business, identify your customers, reveal your product’s or service’s
advantages, develop your sales goals and marketing strategies, and create your
Preface ■ xix
xx ■ Preface
action plan. To assist in this endeavor, information is provided in a workbook format requiring you to answer critical business and marketing questions. Your
responses can be used to develop a basic business and marketing plan to help
reach your business and income goals.
Setting-Up Shop
Ways to Supplement Your Retirement Income
Every business also needs a base of operations to work from, and in Chapter 4,
you will learn how to select the right operating location for your business; homebased, office, and storefront locations are discussed along with the pros and cons
of each. An operating location can also be on the web, so I’ll show you what you
need to know to get on the internet and start doing business there. Topics such as
building your web site, selecting the right domain name, and registering with
search engines are covered. Once you have chosen your operating location, you
also need to know what type of equipment and technology is needed and how to
organize your workspace so that you can maximize efficiency and productivity;
these topics are discussed in detail.
Setting up shop means building a team to help operate your business for its
greatest success and profit. Your business team can include family members,
employees, professional services, sales agents, suppliers, subcontractors, and
business alliances. I’ll teach you how to build the best business team possible. You
also have to create a business image, one that over time and with consistent use
causes people to visually identify your image with your business and the products and services you sell (referred to as branding).
202
Sales and Marketing
The lifeblood of every business is sales and marketing. Think of it as oxygen; businesses simply cannot survive without it. In fact, sales and marketing is so important that I have dedicated an entire chapter to it, with information that has been
specifically developed for the retirement business owner. You will soon discover
what is required to market and sell your products and services like a seasoned pro
and be privy to secrets that top sales professionals use daily to qualify buyers, control negotiations, close sales, and get a landslide of referral business. I’ll also show
you how to sell your products and services from home, from a retail storefront,
and wholesale or on-consignment. And don’t forget about the internet, especially
when e-commerce sales are expected to reach $230 billion by 2008! I’ll show you
how to get online and start doing business.
There are also a great number of excellent selling opportunities in every
community—trade shows, consumer shows, flea markets, and craft fairs, and
- Xem thêm -