Retire - And Start Your Own Business

Your Retirement Business Companion

About This Book

• Why We Wrote This Book
• How This Book Works

STEP I: Focus on Yourself

1. What Do You Want to Do in Retirement?

• What Interests You?
• • Jumpstart Your Thinking
  • If You Could Do Anything
  • Your Key Interests
• What Are Your Retirement Goals?
• • Your Retirement Goals
  • Your Goal Statements
• Why Do You Want to Start a Business?
• • Your Motivation

2. What Is Important to You?

• Defining What Matters
• Listing Your Values
• • Your Values Inventory
• Zeroing In on Your Priorities
• • Your Key Values
• What’s Your Work Style?
• • Your Work Style
• Your Relationship With Money
• • You and Your Money

3. Where Will You Live?

• Location and Your Retirement Business
• Where’s Everybody Going?
• Snowbirds and Sunbirds
• Should You Move?
• • Move or Stay?
  • Factors to Consider When You Move
  • Your Key Factors
• Researching Places to Live

STEP 2: Inventory Your Resources

4. What Are Your Skills?

• Two Roles: Worker and Owner
• Worker Skills
• • Your Worker Skills
• Owner Skills
• • Your Owner Skills

5. How Will You Spend Your Time?

• How Will You Spend a Typical Year?
• • Your Typical Year
• How Much Time Will You Spend Working?
• • Your Work Time
• What About Time for Yourself?
• • Time for Yourself
• What Are Your Personal Obligations?
• • Time for Obligations
• There Are Only 168 Hours in a Week
• • Your 168 Hours

6. Will You Have Enough Money?

• Financial Realities and Unknowns
• Making Your Financial Projections: Three Steps
• Retirement Plans: IRAs, 401(k)s, Social Security, and More
• • Your Retirement Plans
• Liquid Assets: Cash, Stocks, and Bonds
• • Your Liquid Assets
• Real Estate: Your Home and Investment Properties
• • Your Real Estate
• Collectibles and Other Income-Producing Assets
• • Your Collectibles and Other Assets
• Toys and Necessities: Boats, RVs, and Other Vehicles
• • Your Toys and Necessities
• Other Liabilities: Credit Cards and Other Debt
• • Your Other Liabilities
• Spending Money in Retirement
• • Your Retirement Living Expenses
• Financial Summary
• • Your Financial Summary
• Review and Revise

STEP 3: Generate Great Business Ideas

7. Types of Businesses You Can Start

• Recording Your Ideas
• • Business Idea Cards
• Selling Products to Individuals
• Selling Products to Organizations
• Providing Services to Individuals
• Providing Services to Organizations
• Franchises and Other Business Arrangements

8. Six Sources of Business Ideas

• Source #1: Your Employment
• • Ideas From Your Employment
• Source #2: Your Interests and Hobbies
• • Ideas From Your Interests
• Source #3: Your Skills
• • Ideas From Your Skills
• Source #4: Your Consumer Experiences
• • Ideas From Your Consumer Experiences
• Source #5: Copycatting 151
• • Ideas From Copycatting
• Source #6: Trends
• • Ideas From Evaluating Trends

STEP 4: Choose Your Best Business Idea

9. Select Your Number One Idea

• Get Ready
• Identify Your Top Five Business Ideas
• Target Your Number One Idea 164
• • Your Number One Business Idea

10. Perform Four Reality Checks

• Keeping Score
• Reality Check #1: How Many Customers Do You Need?
• • Your Monthly Fixed Costs
  • Your Variable Costs
  • Your Contribution Margin
  • Customers Needed to Meet Your Financial Goals
• Reality Check #2: How Many Customers Can You Serve?
• • Capacity to Serve Your Customers
• Reality Check #3: Can You Compete?
• • Evaluating Your Competition
• Reality Check #4: Can You Finance Your Business Idea?
• • Your Start-Up Costs
  • Your Working Capital
  • Ability to Finance Your Business Idea
• Make Frequent Reality Checks

STEP 5: Get Ready to Launch Your Business

11. Handle Legal Matters

• Keeping Track of Your Tasks
• • Legal Tasks and Decisions
• Forms of Business Ownership
• Protecting Creative Ideas
• Your Business Location
• Employees vs. Independent Contractors
• Insurance and Bonding
• Contracts

12. Finance Your Business

• Not Too Little, Not Too Much
• Using Your Own Money
• Getting Money From Others
• Working With a Lender
• Writing a Business Plan
• Summing Up
• • Financing Your Business

13. Learn About Taxes

• Types of Taxes
• The Income Tax System
• Self-Employment Tax
• Estimated Tax Payments
• Taxes on Social Security Benefits
• Federal Tax Identification Number
• • Tax Checklist

14. Find the Best Health Insurance

• Medicare
• Group Plans
• Individual Health Care Plans
• HIPAA
• Health Savings Accounts
• • Health Insurance Checklist

15. Where to Get More Help

• Professional Advisers
• Small Business Development Centers and Other Services
• Help From Books and the Internet

Appendix A: How to Use the CD-ROM

• CD-ROM Basics
• Installing Files From the CD-ROM Onto Your Computer
• Where Are the Forms Installed?
• Using the Word Processing (RTF) Files to Complete Your Tools
• Using Print-Only Files to Complete Your Tools
• Money Tools: Using the Excel Spreadsheets
• Files on the CD-ROM
• Chapter 1 Tools
• • Jumpstart Your Thinking
  • If You Could Do Anything
  • Your Key Interests
  • Your Retirement Goals
  • Your Goal Statements
  • Your Motivation
• Chapter 2 Tools
• • Your Values Inventory
  • Your Key Values
  • Your Work Style
  • You and Your Money
• Chapter 3 Tools
• • Move or Stay?
  • Factors to Consider When You Move
  • Your Key Factors
• Chapter 4 Tools
• • Your Worker Skills
  • Your Owner Skills
• Chapter 5 Tools
• • Your Typical Year
  • Your Work Time
  • Time for Yourself
  • Time for Obligations
  • Your 168 Hours
• Chapter 6 Tools
• • Your Retirement Plans
  • Your Liquid Assets
  • Your Real Estate
  • Your Collectibles and Other Assets
  • Your Toys and Necessities
  • Your Other Liabilities
  • Your Retirement Living Expenses
  • Your Financial Summary
• Chapter 7 Tools
• • Business Idea Cards
• Chapter 8 Tools
• • Ideas From Your Employment
  • Ideas From Your Interests
  • Ideas From Your Skills
  • Ideas From Your Consumer Experiences
  • Ideas From Copycatting
  • Ideas From Evaluating Trends
• Chapter 9 Tools
• • Your Number One Business Ideas
• Chapter 10 Tools
• • Your Monthly Fixed Costs
  • Your Variable Costs
  • Your Contribution Margin
  • Customers Needed to Meet Your Financial Goals
  • Capacity to Serve Your Customers
  • Evaluating Your Competition
  • Your Start-Up Costs
  • Your Working Capital
  • Ability to Finance Your Business Idea
• Chapter 11 Tools
• • Legal Tasks and Decisions
• Chapter 12 Tools
• • Financing Your Business
• Chapter 13 Tools
• • Tax Checklist
• Chapter 14 Tools
• • Health Insurance Checklist
• Excel Worksheets: Your Money
• • Retirement Plans
  • Liquid Assets
  • Real Estate
  • Collectibles
  • Toys and Necessities
  • Other Liabilities
  • Retirement Living Expenses
  • Financial Summary Worksheet
  • Financial Details Worksheet
• Retirement Business Profile
• • Your Retirement Business Profile
• CD-EXTRAS!
• • Accomplish Your Goals With an Action Plan
  • Fill Your Skills Gaps
  • Is Selling Online Right for Your Business?
  • Write Your Elevator Speech

Appendix B: Your Retirement Business Profile

• Interests
• Goals
• Motivations
• Values
• Work Style
• Attitude About Money
• Location
• Skills
• Time
• Financial Guidelines

Index