Friday, 2 January 2015

Retirement planning

Well.... in 15 months from now I will hit 60 so "retirement planning" has been on my mind for a while. Made a mistake in bringing all my small pension contributions into a single SIPP and then falling for a scam that creamed off just shy of 30% of the pot. Result being that I will need a small regular income to prop up the pension income, so looking around for something that sparks my interest.

Having been "in the computer IT services industry" for the last 25 years I don't really want to continue in that vein. Web site builders are springing up everywhere and many don't last long so I see no point going down that route, and just becoming a 'data entry' bum for some big faceless corporation... Nah! Not for me.

Several folks around here do part time courier (local multi-drop) and taxi driving. Then there are those in supermarkets and DIY stores....

Current thinking has been sparked by a local chap (ex-cpper) who buys, restores, sells on, high end restorations of classic air-head BMWs, specialising in R800 models and the GS in particular. He has so much work on he is looking at the possibility off-loading some of the specialist services stuff that he does - could be interesting little earner (if only I could bring myself to work on BMWs).

That has lead me to thinking about adopting his business model but specialising in another marque ... Suzuki GT750 or Honda 400/4 for example. It has to be one where there is lots of interest, rarity value and money to be made. There are too many people doing old Brit bikes as it is, ditto Ducati bikes. As a "home based worker" I'm used to my own company so a 'garden shed' based business kinda appeals right now - so much so that I have lain the base for a new, larger, shed in anticipation. I already have a good selection of (mainly metric) hand tools so financial outlay would be modest. Still in the gestation stages, but it has legs (as they say).

Like many, the 'dream' is to turn a hobby into a business without losing the love or interest that is the hobby. My trouble is:
1. I've been so engrossed in earning a crust to pay the bills/mortgage/etc.. that I have never really had a hobby, just multiple interests (i.e. motorcycling in general, amateur photography, reading),
2. I have a short attention span,
3. I've never run a business large or small.

Still, 15 months to go before I need to make the decision, so suggestions are welcome.

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