Category Archives: Retirement Business

Entrepreneurship in Retirement Has Many Benefits

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This post was contributed to Leisure Freak by Linda Chase, creator of Able Hire. 

When you retire, you may first think about lazy afternoons on the porch or months-long trips to the beach. But, if your income and savings can’t keep up with your aspirations, you may find yourself one of the millions of retirees ready to go back to work after your “official” end date.

Unfortunately, those of us in the 55+ crowd face obstacles, from outdated work skills to being overqualified for the things we’d like to do in our encore careers. If you’re looking to get around these challenges, starting your own business may be the way to go. Today on the Leisure Freak blog, we share a few tips on how to launch a post-retirement business from the comfort of home. 

Entrepreneurship in Retirement Has Many Benefits

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Start With a Plan

As with any professional endeavor, it helps to start with a plan. This should include the type of business you want to start and a draft of actionable steps that help you make it happen. Another important thing to get out of the way now is forming your LLC. Even if you’re not tech-savvy, you can use an online formation service to create your legal entity for far less than you’d pay an attorney. Keep in mind that while the limited liability and tax perks you’ll receive are at the federal level, you’ll need to confirm LLC formation laws in your home state.

Calculate Your Needs

Retirement often means a fixed income. Sadly, inflation has taken over, and a fixed income is the worst thing you can have as prices rise. It makes it exponentially difficult to plan your daily finances, which is likely what led you here in the first place. But, you do have to look ahead and try to calculate how much money you need each month. Huntington Bank shares tips on how to create a personal budget. Once you know your income gap, you can decide how much you’ll work.

Market Yourself

It doesn’t matter what industry you are in, you have to market your business. There are many ways to do this, including social media and networking. While these might be intimidating, many old-fashion marketing strategies, like flyers and business cards, still work well today. Even if you don’t have graphic design skills, you can use Word or a similar processing program to create simple files, which you can then convert to a PDF for your printer. You can then convert a PDF to Word to make changes as your service offerings grow. There are plenty of online tutorials that show you how to create designs in Word, which is much easier to use when you need to edit since PDFs have limited editing capabilities.

Best Home-Businesses For Retirees

While no one can tell you what you should do, there are a few businesses that make sense for retirees. These include:

  • Blogging. Blogging is a great way to share your knowledge and expertise with the world, and you can choose an affiliate site to generate passive income.
  • Travel agent. If you’ve already spent much of your life traveling (or if you just want to travel) launching a travel agency is an excellent choice. In this capacity, you’ll get to help other people make decisions about family vacations and work destinations. As an added benefit, you may enjoy discounted destinations and you can write off your own travel on your taxes.

Why Work From Home?

There are many reasons that you should consider starting a business from home during your retirement. First, you’ll save money as you won’t have to pay a monthly lease for office space. Further, if you have any type of mobility issue, you won’t have to worry about getting back and forth to a brick-and-mortar location each day. Perhaps most importantly, having a home-based business gives you more freedom and flexibility to enjoy your retirement.

 

Entrepreneurship comes with a host of benefits for retirees, especially for those of us on a fixed income as inflation continues to rise. Today’s tips can help you get started, and you don’t even have to leave your home to add entrepreneurship to your list of accomplishments.

 

Much thanks to Linda Chase for contributing this informative article. It comes at a time when many people are rethinking retirement. Entrepreneurship in retirement is a way to meet many goals. The benefits extend to more than only those needing to earn extra income. As I always preach, retirement is the absence of needing to work, not the absence of work. 

Author Bio: 

Linda Chase created Able Hire to help people with disabilities build rewarding, successful careers. She hopes Able Hire will be a resource for people with disabilities seeking jobs and for hiring managers seeking a better understanding of what people with disabilities have to offer.

How to Prepare Your Small Business for the Holiday Season

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This post was contributed to Leisure Freak by Lucy Reed, creator of the site Gig Mine to help like-minded business people take advantage of the growing sharing economy.

If you plan for the holiday season well and make your goods more appealing to customers, the holidays can be a time when business picks up significantly. But doing so well requires a combination of tactics that catch the eyes of customers who are eager for items to gift their loved ones. 

How to Prepare Your Small Business for the Holiday Season

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Decorate Your Storefront

A holiday-ready storefront communicates to passersby that you’ve adapted your business to this specific time of year. That encourages them to walk in since they can be reasonably sure that you’ve stocked items they’re looking to buy. 

Find the balance between having an attention-grabbing storefront without making it too distracting, especially if your store is positioned near a busy road. Options here include multicolored lights, digital signage, and large props. 

Prepare for a Spike in Footfall

The increase in foot traffic that accompanies the holiday season can be difficult to manage, leading to a diminished in-store experience. Passersby who see the store looking crowded and chaotic may also be put off. 

There are a few things you can do to ensure a smooth experience for customers, even as people flood in:

  • Allocate more space to isles with in-demand items
  • Open more checkout points to reduce long lines
  • Place staff strategically throughout the store to help customers reach purchasing decisions faster

See if You Need to Hire Seasonal Staff

If you’re anticipating a particularly busy holiday season, check if your current staff has the bandwidth to handle all that activity without support. You might find that they don’t, meaning you’ll need to hire temporary seasonal staff. 

The most crucial step is developing a comprehensive training plan for them, which helps meet the standards your business has set as they serve customers.  

Create Unique Promotions 

While most businesses reserve their best deals for Black Friday and Cyber Monday, you can stand out by giving unmissable offers on an additional, less crowded day. For even better performance, Zenbusiness.com recommends targeting your promotional campaigns at last-minute holiday shoppers scrambling to find gifts. 

These shoppers may be especially drawn to a gift guide or catalog that makes it much easier for them to decide what to buy while showcasing your wares. Remember to spread the word about your promotions on social media so you can generate buzz. Also, keep business hours updated online to give customers an accurate idea of when they can pop in. 

Make Your Online Touchpoints More Robust

If too many people land on your website at the same time looking for a good deal, it can end up crashing. Check that your server can handle an influx of visitors, and hire professional help if needed. The same applies to social media, where you may need more people managing your accounts to answer queries from potential customers. 

Preparing for the Holiday Season Can Help Your Business Deliver Gangbuster Sales

The holiday often makes up the most successful period for businesses, and following the steps above can make that the case for you too. Check out Leisure Freak for more ways of growing your business, with a special focus on making it a ticket to early retirement. 

 

Thank you Lucy for contributing this post to Leisure Freak and sharing these holiday preparation small business tips. Tips that can be adjusted and used throughout the year during every holiday period to increase opportunity. 

Author Bio: Lucy Reed created Gig Mine to help others dig up sharing economy opportunities in a user’s area, all in a single location, so users don’t have to jump between multiple sites. It’s the new and improved way to get a gig job!

 

Writing In Retirement: How To Prepare For Success

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Writing In Retirement: How To Prepare For Success

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Retiring early and living a passion-driven lifestyle is everyone’s dream, isn’t it?

And the wonderful thing is, it’s not an unachievable goal either. It’s possible to gear yourself up for early retirement by thinking creatively, living frugally, and coming up with a solid pension plan.

 

There are also some solid options available for making money post-retirement too — such as writing. If you’re relatively creative and enjoy writing — whatever the subject — then you may have just found a fun way to keep yourself occupied at home while generating a bit of income.

 

In this post, we’ll be covering writing in retirement, and how you can prepare to ensure some level of success. Read on to find out more.

Start with a blog

Starting your own blog is one of the easiest ways you can experiment with your writing style and your topics. If you really enjoy writing, you might want to go onto something else after.

 

Creating a blog might sound complicated, but it doesn’t have to be at all. These days, there are all sorts of “drag and drop” website builders that will let you create a blog easily without the need for any in-depth knowledge of website-building or coding. Plus, there’s plenty of help available online in the form of guides and public forums.

 

So what are you going to base your blog on? The topic is up to you, but it’s normally a good idea to stick to something that you know plenty about. This could be food, traveling, the industry you spent your career working in, or maybe a hobby that you’ve dedicated lots of time to.

 

Once you’ve decided on your blog’s topic, you need to think about your written content. It’s not enough to write well; your blog posts need to be interesting and valuable to your audience. You need to reel in readers with catchy post titles and then keep them engaged with relevant, entertaining content.

 

You’ll also need to write frequently; this will draw more readers to your blog and create a larger audience. Luckily you’re retired, so at least you’ve got a bit of time to spend on this!

Write articles for local newspapers

If you’re the kind of person who enjoys collaborating with a team, working to deadlines and meeting new people, why don’t you start writing articles for local newspapers?

 

You may have to pitch some of your own ideas and writing skills to the editor to prove that you’ve got something to offer, but it’s a good way to get involved in something you’re passionate about.

 

You may find that you have to write for free (at least initially) but conversely, you may get paid per article you write, depending on the publication.

 

Writing for a local newspaper (either digital or printed) also gives you exposure to a wider audience and might even generate some new job opportunities for you. Plus, it’s a nice way to get out of the house and meet new people for the pieces you’re writing.

Self-publish a book on Amazon

You’re retired — now is the time to pen that novel that you’ve always wanted to write!

 

You might find writing a book intimidating initially, but it’s not the biggest leap to make if you’ve been keeping a blog or writing for a local newspaper.

 

Writing your own book and self-publishing is a good way to generate some retirement funds that keep on appearing long after you’ve written the book as people continue to buy it. But how do you publish your book once you’ve written it?

 

Enter Amazon self-publishing.

 

With the creation of Amazon Kindle publishing (KDP), publishing your novel no longer means having to send off hundreds of letters to publishing houses and receiving the same amount of rejection letters back. Self-publishing on Amazon is now easier than ever (though still a bit scary of course!) and far-reaching too — by using Amazon KDP, your work could reach a global audience.  

 

Whether it’s a fictional novel, short story, educational resource or how-to guide, writing a book is similar to writing a blog. Find a topic that you’re interested in and can write confidently on.

 

The audience you’ve gathered and the reputation you’ve built upon your blog will also stand you in good stead when you’re promoting and publishing your book. Your readership will help to support and promote your new venture, as well as purchase your novel based on your previous writing. It’s always good to have a team behind you.

Create a course

You’ve probably gathered a wealth of knowledge and experience in your specialist subject over the years. It seems like a shame to just shove all of that information into a mental compartment and lock it shut once you’ve retired.

 

If you fancy passing on your wisdom and learning to the next generation, then you should consider writing your own online course.

 

The course you create depends, of course, on where your knowledge lies. You could write a course on how to be successful in the industry you worked your way up. Or you could create a series of tutorials for more practical application, like DIY fixes. Maybe you’re a history buff — do a fun mini history course based on different periods. Get creative, and get personal — base the course on your unique skills and knowledge.

 

Once you have picked your topic, you can use an online course platform to build and launch your course. From there, you can promote the course, start charging students and making a nice little post-retirement bonus.

 

These are just some of the things you could do to write successfully in your retirement.

 

Writing in retirement can be a great way to give yourself purpose and add value to your post-work life. It also gives you the chance to share your knowledge and passion with others, express yourself, and make some money.

 

Follow these tips to start your journey to writing in retirement today.

This informative post was contributed to Leisure Freak by author Kayleigh Alexandra.

Kayleigh Alexandra is a content writer for Micro Startups — a site dedicated to giving through growth hacking. Visit the blog for your latest dose of startup, entrepreneur, and charity insights from top experts around the globe. Follow us on Twitter- getmicrostarted.

 

The Retirement Crisis I’m Not Worrying About

Retire Early, Retire Often, Retirement Business, Working In Retirement,

It’s a wonderful time for early retirees like myself. Those of us who believe that retirement isn’t the absence of working but the absence of needing to work should see even more attractive opportunities. Even though there is plenty of talk about a retirement crisis of financially unprepared retirees, the boomers are still retiring at a pace of 10,000 a day. That’s 10,000 every day! On top of that, the latest national unemployment rate just came in at 3.9% and there is a growing business gripe that they are having trouble finding qualified employees.

With the high number of boomer retirements, one can only logically see a different retirement crisis brewing. One where boomer retirements is going to be an increasing negative impact on employment numbers. That is certainly one retirement crisis I’m not worrying too much about. In fact, it may eventually make it even easier for people who are prepared financially to retire early and often.

 

The Retirement Crisis I'm Not Worrying About

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Seeing This Employment Retirement Crisis As An Advantage

I’ve had some great retirement gigs and even a sweet encore career. I took things as far as I wanted and then retired again. I haven’t been tempted to accept another opportunity for the simple reason that I now value time more than money. Most opportunities like I would be attracted to still insists on cheeks-in-seats 40 hours a week. But things will have to change to meet the hiring demands of business. Here’s what I think may be coming –

More Flexibility –

Some companies are already offering remote-report opportunities. But I think this will expand. Right now everything I have seen or been approached with still want a full-time commitment. That just isn’t aligned with what I value now. What would really draw me back is part-time or flex-time opportunities.

Consulting Expansion –

My encore career was working through a consulting company. I’m looking forward to seeing more short-term opportunities. Single project types where even though it requires 40 hours a week it would only be for a short period of time. Even part-time consulting opportunities may become more common.

Entrepreneurial Opportunities –

Starting my own specialized business to fill other companies needs may be easier to land steady client work. This is something I would be attracted to since I could better define my work offering.

Downsized Opportunities –

As others get promoted to fill more senior level positions because of retirements, there may be many lower level openings perfect for early retirees. Especially if offered with flexibility, open to consultants, or to entrepreneurs.

 

At some point business will realize that offering slight salary increases and tossing some benefits here and there won’t be enough to meet their needs. Although I haven’t personally seen evidence that business is ready to open up their employment alternatives to be more friendly to picky early retired folks like me, I believe it’s only a matter of time. The old employment model of their way or the highway isn’t going to fill job openings in the near future with ever dwindling available workers. And if my logical assumptions of transformed work opportunities never comes to pass, then great. I will happily stay retired and smirk when I hear or read about business complaints of not being able to find qualified employees.

The Part-Time Jobs All Retirees Should Consider

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The Life Insurance and Market Research Association reports that 51% of the population retire between the ages of 61 and 65. Experts state that in order to enjoy your retirement, you should have $1.5 million in savings before you leave the workforce. Yet, individuals aged between 55 and 64, typically have just $120,000 squirreled away. Therefore, in order to pursue your early retirement dream, finding an enjoyable part-time job to keep your finances above board is the way to go.

The Part-Time Jobs All Retirees Should Consider

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3 Part-Time Jobs All Retirees Should Consider

Pet sitting

For retirees who love animals, becoming a pet sitter could be the perfect part-time job. The job isn’t too strenuous and you’ll get satisfaction from looking after various furry creatures. According to one survey, 40 million American pet owners opt to holiday at home each year rather than abroad due to inadequate pet care options. With 88% of owners stating their pet is happiest at home, your role as pet sitter will involve you regularly visiting the pet in their own home, providing fresh food and water, exercise where appropriate and of course some love and affection.

Cash in at Christmas

Many retirees don’t want a year-round job as it can hinder their retirement plans. If this sounds like you, then taking on a part-time role over Christmas could be the perfect compromise. Companies of all sizes hire thousands of extra staff over the holiday season, with the likes of UPS taking on 95,000 in the lead up to the big day last year. Other options include writing and sending Christmas cards for individuals who are too busy to take on the task themselves, working in a Santa’s grotto as an elf or even the big man himself. Retail jobs are also plentiful at this time year or you could work on a market stall selling your own festive goods.

Become a driver

If it is more regular work you’re after then becoming a driver could be just the job for you. By opting to buy your own van or minibus, you could help people move home or ferry people around to events. However, when you do set up your own business, it’s essential you take out the appropriate vehicle cover, including insurance. Alternatively, you could become a delivery driver for one of the country’s takeaway restaurants. As Statista reports that 10% of Americans use these delivery services once a week and with Cowen predicting that the delivery market will jump by 79% within the next four years, you’ll find there are plenty of places willing to hire a retiree for the role.

 

With millions of individuals retiring early, many don’t have the financial backing to support them through their retirement years. Therefore, taking on a part-time job is the perfect solution. Thankfully, there are a variety of jobs out there which will suit your new lifestyle, so ensure you consider all options before adopting a new role.

Why Your Greatest Business Competition is Your Grandpa

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Seasoned entrepreneur: an entrepreneur aged 55+. Also known as the self-owned business professionals giving young entrepreneurs and established corporations a run for their money.

Despite common held beliefs to the contrary, retirees and those nearing traditional retirement age can have a significant advantage when beginning their own business. They have a stable base to launch successful ventures that provide satisfaction and a lasting legacy, and their numbers are increasing. Why?

Seasoned entrepreneurs have the knowledge

The fresh-from-university whippersnappers may have fresh ideas and what they need on paper to get started but they don’t have decades of practical experience. Unfortunately, young workers with degrees are sometimes favored for promotions and make mistakes the experienced workers wouldn’t have made. The business suffers and the older employees suffer. For this reason, many nearing retirement age start smarter, more streamlined competing businesses.

Seasoned entrepreneurs aren’t agonizing over the old sole proprietorship vs. LLC debate. They aren’t wondering how to handle their taxes. They’re not looking for mentors and wondering “who they are.”  They know this stuff, and they’re ready to put that knowledge to use.

Plus, the explosion of administrative technologies has given hesitant seasoned entrepreneurs unprecedented opportunities to run successful businesses without fear of day-to-day business tasks. Services like cloud-based organizational apps connecting smart devices, email services to automatically interact with customers, and cloud accounting software simplifies tracking your finances and business health. And the best part? Most of this software is free.

Seasoned entrepreneurs have a network

Seasoned owners have an established sales channel. It’s impossible to walk away from 20+ years in an industry without having accumulated a vast network of connections: suppliers, manufacturers, storefronts, etc. Most of these working relationships are also friendships, and the network wants to see the seasoned entrepreneurs succeed. It sure beats the cold-calling of young entrepreneurs.

Seasoned entrepreneurs have funding

The median retirement income for retirees age 55-64 in the U.S. was $62,802 in 2016, $47,432 for ages 65-74, and $30,635 for ages 75+.

To seasoned entrepreneurs who have eliminated debt and planned wisely for retirement, that income looks like more than white sand beaches–it looks like venture funding. Beginning a business or purchasing a franchise multiplies retirement income, providing more financial freedom and a legacy business to the seasoned entrepreneur’s family.

Seasoned entrepreneurs have time

Young entrepreneurs and workers have young families and college contending with their work time. Many people nearing 55+ are empty-nesters or have teenagers capable of seeing to their own needs. Depending on their choice of entrepreneurship, seasoned entrepreneurs can transition their current employment hours into their own business hours, or less.

Retirees face decades of free time. A part-time business, freelancing or consulting service, or a business run by a manager allow time for hobbies and travelling. Seasoned entrepreneurs don’t have to give up their retirement fantasies to start a business–they incorporate it instead.

Seasoned entrepreneurs have a long runway

Many “young” older workers still have decades more to give to their field or to try something new. Advances in medicine extending quality of life provide optimism and a winning attitude to retirees. Corporations using many technically legal tactics to force “young” older workers to retire can expect to hear more “I quit” speeches and see their underestimated employees launch competing businesses.

Seasoned entrepreneurs aren’t ready for quiet years of bird-watching and want to avoid the dangers of sedentary retirement. This attitude along with the other advantages of experience, time, funding, and helpful technologies are ushering entrepreneurships into a new era: your greatest competition are your wise mentors.

 

This informative article was contributed to Leisure Freak by Jaren Nichols.

Author profile

Seasoned entrepreneurs-Why Your Greatest Business Competition is Your GrandpaJaren Nichols is Chief Operating Officer at ZipBooks. Jaren was previously a Product Manager at Google and holds an MBA from Harvard Business School.

6 Intriguing Home-Based Business Ideas For Retirees

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Home-Based Business Ideas For Retirees

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Retiring doesn’t have to mean you stop working if you don’t want to. Keeping busy and challenging yourself is a great way to stay active, both mentally and physically. In fact, retiring is the perfect time to start a passion project, creating a business just because you want to do it — not because you have to. Here are some great ideas for you to start your own business, right in your very own home.

Get writing

A lot of budding writers say their least plentiful but most valuable resource is time. There’s just not enough hours in the day to work fulltime and write as well! But now you’re retired, you’ve got an abundance of time, and these days there are plenty of ways you can make money from writing.

For a start, you could start blogging. Writing regularly about something that interests you can be a great way to build up followers online who share your interest. Once you’ve amassed a following, you could place PPC, CPA or CPM ads to earn a little money on the side.

Or you could host sponsored content on your site from businesses related to your blog, charging a little each time. There’s lots of ways to make money blogging, so do a little research and see what’s on offer.

On the other side of blogging, there is the ever growing self-publishing and copy-editing industry. With a huge need for high-quality online content, you can help businesses with their content, or fulfil your dreams of becoming an author. The best self-published books tend to be in a popular sub-genre, don’t cost a lot of money, and come as a series. To establish yourself as a copy-editor, put some listings up on freelance sites, and collect client testimonials and ratings.

 

Start your own radio station

If you’re passionate about something but you don’t have the chops required to write regularly about it, why not start your own radio station? With the rise of the internet, you don’t need to have an aerial and sophisticated recording equipment anymore. Instead, all you basically need are an internet connection and a microphone!

There are plenty of affordable radio hosting services online that make it quick and easy to start broadcasting. Once you’ve gotten your name out there and built up a good listenership, you can start offering ad space to businesses from your field of interest.

Similarly, podcasting hosting is something that more and more people are embracing. It’s a pretty low-cost business idea, and if you can find a good topic to podcast about, it’s one that is likely to take off pretty quick as the popularity of podcasts continues to grow.

 

Become a professional coach

Throughout your career, you’ve probably accumulated a wealth of knowledge, skills, and wisdom. A lifetime of learning (and making a few mistakes along the way of course!) has given you a deep well of experience. But just because you’ve retired doesn’t mean it ends there. Why not share it with others and become a professional coach?

There are plenty of people out there who want to learn from you, to get firsthand advice that will help guide them in their career. Maybe you managed a successful business before you retired — that will have given you exactly the kind of hard-earned knowledge that young entrepreneurs could benefit from. Create an online profile that showcases your work history and start networking. You’ll find scores of people willing to learn from you!

 

Become a tutor

Instead of passing on your knowledge to people in the workplace, why not pass it onto people in school as well? Parents want their kids to do the best they can, and will happily pay for someone to give them extracurricular lessons outside of normal school hours if it gets them ahead.

You don’t necessarily need to have any qualifications to do this, you just need to be knowledgeable about something. It could be a hobby like playing an instrument or a sport, or you might have a passion for maths or history that you’ve nurtured over the years. Pass on your knowledge and passion to the next generation and help them grow because of it.

 

Start a second-hand store

After a lifetime of working hard and raising a family, you’ve no doubt accrued a trove of bits and bobs. Record players, furniture, collectibles, clothes — the ephemera of life can build up very quickly without you even realizing it. It might be tempting to just take them all down to the junkyard and get rid of them, but as the old saying goes: one man’s trash is another man’s treasure. So why not sell them online?

Now you’ve retired, you’ve got plenty of time to start going through your old things and finding what can be reused. Even if it’s broken, you might find it a nice little side project to fix it up too. Digital marketplaces like Amazon, Etsy, and eBay are easy to use, and with the entire internet at your fingertips, you’re bound to find someone willing to buy what you’re selling.

 

Turn your hobby into a business

Most of you reading this will have a hobby of some kind: gardening, playing an instrument, baking, photography, model-making, the list is endless. While it might have kept you busy in your leisure time before retiring, and even provided some comfort to you when you needed a distraction, you might never have imagined it could provide you with an income.

However, retirement is the perfect time to start making money out of that thing you enjoy doing most. For example, if you enjoy gardening, you could offer your services out to others, of course. Or you could create an ebook or video tutorials on gardening to share your knowledge with others. Almost every hobby can be monetized, you just need to find the right angle….

 

For some, retirement might be the perfect time to put your feet up and have a well-earned rest. But for others, it might be an even better time to really get busy. With so many business ideas out there that you can start today from your own home, why sit around twiddling your thumbs? Get thinking and start your business today!

**If you want to see more on starting a home business, check this out- How to Set Up a Small Business at Home. 

This is another informative post contributed to Leisure Freak by author Kayleigh Alexandra.

Kayleigh Alexandra is a content writer for Micro Startups — a site dedicated to giving through growth hacking. Visit the blog for your latest dose of startup, entrepreneur, and charity insights from top experts around the globe. Follow us on Twitter- getmicrostarted.

Income Streams: Tips for Successfully Renting out a Spare Room

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If renting out a spare room or suite in your home is on your mind, you have lots of company. Many homeowners are looking for supplemental income in retirement or are saving for that milestone. Shared households are more common than most people realize. More than 22 million U.S. households fell into this category in 2012, meaning they included a primary resident and at least one other adult. Sharing is particularly popular with the younger crowd, 9.7 million of whom are between 25 and 34.


Income Streams: Tips for Successfully Renting out a Spare RoomPhoto by Kate Ausburn on Unsplash

Two Common Options

Homeowners can choose between two basic paths when it comes to renting out space. Some find hosting overnight or short-term guests through sites such as Airbnb. Hosts typically set a per-night price that includes essentials like clean linens. Their listings include photos and prices. Homeowners receive payment, minus a service fee, via electronic options and are able to message guests prior to arrival.

The second option is a long-term rental to one or more occupants, beginning a homeowner’s journey into real estate investment in a sense — or at least letting them dip their toes in to see if it’s something they’d enjoy. The homeowner rents space using a rental agreement that specifies the exact space, price, duration of occupancy, and any other important terms.

Regardless of which option is the better fit, a homeowner who becomes a landlord will need to manage the rental and maintain an arrangement that’s stress-free. Here are some important tips on how to do just that.

 

Understand Local Laws

One early have-to is being aware and keeping abreast of local laws related to rentals. Many locales have specific regulations on what they allow, the permits required, and occupancy taxes. Fines for non-compliance could be hefty. Communities typically restrict the number of occupants in a home. Some also require that each individual have a certain amount of square footage of space. If remodeling to rent is a consideration, it’s essential to check on rules regarding access to exits in case of an emergency. Sites such as Airbnb might offer guidance on requirements in major cities. However, a wise homeowner is one who regularly checks local regulations for updates.

 

Get Your Home Ready

Preparing to rent space requires making decisions to get a home ready. A major one is whether you’ll need to remodel or add one or more rooms. Homeowners with children typically have privacy concerns. The way to start is to go through each room and figure out what realistically needs to be done to make the property acceptable for a renter.

Getting ready might require updates such as a bathroom renovation. Ensuring the safety of possessions could require purchasing a fireproof safe. If kitchen privileges will be available, now is the time to replace that aging microwave.

 

Determine a Rental Rate

Sites like Craigslist are a good resource for learning about the local market. A homeowner should be sure to wrap into the rate the cost of home maintenance, utilities, and insurance.

For long-term rentals, some homeowners quote a weekly rent to make the rate more appealing.

 

Get Everything in Writing

Hosting sites take care of this in their terms and conditions. A landlord’s rental agreement should be written and signed by both parties. It should specify:

The dollar amount of the rent.
Date when rent is due.
How utility usage will be charged.
Usage specifics for common areas such as the kitchen and the laundry room.
Any special concerns such as cleaning or parking.
Talk to Your Insurance Agent.
Homeowner’s insurance might not cover injury of a renter on the premises or any losses from theft. An insurance agent can recommend the right policy.

 

Find the Right Renters

In addition to placing free ads on sites such as Craigslist, consider some fee-based sites. Many first-time landlords are surprised, however, at how well word of mouth sometimes works for finding renters. Great prior or present tenants are sometimes perfect sources to ask for suggestions of anyone they know looking for space to rent.

An interview and reference checks are the first step. A tenant credit check should follow.

 

Get a Grip on Taxes

Many would-be landlords don’t realize that rent might be subject to federal, state, and/or local income or other taxes. This applies whether the tenant pays directly or a hosting service collects it.

Landlords might also lose a property tax exemption. However, keeping accurate records can minimize taxes by documenting deductible rental expenses.



Wondering exactly how to get started with renting out your spare room? A local real estate professional can offer important tips on how to make the most of your experience as a landlord for short-term guests or long-term renters. An agent’s input is particularly valuable when considering whether to spend money on your home to create a suitable rental for meeting retirement goals.

 

This informative article was contributed to Leisure Freak by Preston Guyton.

Preston Guyton is a native of the Grand Strand and Broker in Charge/Managing Partner of CRG Companies.

What To Do For Your Business Now So That You Can Retire Early

Retire Early, Retirement Business, Working In Retirement

One of the biggest dreams of many people around the world is to be able to achieve financial stability and ultimately retire early. This is so that while you’re still young enough, you can venture out into the world and experience as many things as you want – without having to worry about a price tag! The sad truth is, we sometimes don’t get the choice about when we retire and in fact, people in their 70’s are more than ever still working just so they can make ends meet. Don’t fancy the idea of that? Whether you intend to eventually sell your business or continue to own it from the backseat, take a look at these tips to apply to your business now so that you can reap the benefits and retire early.

 

What To Do For Your Business Now So That You Can Retire Early

Photo by Igor Ovsyannykov on Unsplash

 

Appoint a second in command

One of the biggest mistakes that business owners make is by not appointing someone to be their ‘second in command’. It’s understandable that you want to run your business your way, and promoting someone to be your right hand man (or woman) doesn’t mean that you won’t still be able to do so. Having that person there to help you with the everyday running of your business, and also be able to lend their opinions with hard and financially crucial decisions will help you out massively. If you have been the face of your company, you probably have customers who prefer always working directly with you. Start occasionally transitioning them to a second in command to extend your client-business relationships. Consider appointing someone that you trust to help you out with your business so that you’re giving yourself the best chance of success!

 

Give yourself the extra knowledge

Another huge faux pas that many entrepreneurs make is by assuming that they know everything there is to know about the running of their business. While it’s likely that you know a fair bit, there are always new techniques and hacks in the business world that could help you out. Think you could do with a refresher in supply chain management? Did you know that you can get a online masters in supply chain management? It would give you the upper hand when it comes to the handling of your goods, services, and products. This applies to all the different aspects of your business too, so give yourself the extra knowledge and get your foot ahead of the game!

 

Take to the realms of the internet!

Finally, if there’s one thing that all businesses can benefit from, big or small, it’s using the internet to accelerate any hard work that you’ve already achieved. You’re probably already aware of social media and how much of an impact it has on day-to-day life – and that’s just for people who want to catch up with their friends and family! Platforms like Facebook, Twitter and Instagram have made it possible for businesses to create special accounts to help them promote and grow their business. So why not get yourself in on a slice of the action? Be sure to take a look at these useful algorithms for each social media platform, as not all of them will work the same way; therefore needing you to change a few things here and there.

Making Money For The Future By Starting Your Own Business

Retirement Business, Working In Retirement,

When it comes to making more money, especially for your future and retirement life, it is often said that you can do more by starting your very own business at home. You may have an idea that has been festering for while, or it could be that you have skills that you know could earn you more if your set up on your own. But it can be difficult to find the confidence to take that step and actually how you even go about it. I thought I would share with you some of the top tips that could help you get started.

Create a business plan

 

One of the first things to consider would be to create a business plan. This can be a great way to ensure you know what direction you want to take with your business. It can also help you to identify if you need funding, and how much it might take to get your business off the ground. When it comes to a home business, there should be limited set up costs, depending on what the business is, but you may still need to include investment and funding options. This is when websites like https://smallbusinessloans.co/small-business-funding/ could help you out.  The plan itself could be more focused around your actual business idea and the route to market you might want to take as well, so that you cover all bases of what you are going to do with your business. Not only is having a written business plan essential for any funding needs but it will be easier for you to refer back to and adjust as needed in the months or years to come.

 

Have a separate area to work from home

 

The next thing to consider would be to have a dedicated working space for your home and your business. When you work from home, it can be quite difficult to differentiate between your working life and your home life. So many people create a desk area in their home that is purely for work, so that it can feel like you are walking away from it when you are not sitting there. It can also be a great way to keep everything to do with your home business in one place. If you have the space to dedicate a room or area of you home to your business, then it may make it easier come income tax filing time to take helpful business tax deductions.

 

Don’t spend your time, spend your money

 

Sometimes it can be quite difficult to work out when to spend money and outsource things and when to actually take on things yourself. The decision comes down to whether or not your time is more valuable put elsewhere, and whether the costs outweigh the cost of your time, etc. Sometimes you need to understand that it is better to invest wisely than to waste time, especially if it is something that could be handled better and more efficiently by being outsourced. Invest in yourself and your time to know when to take something on and when to hand it over.

 

Using social media and other marketing ploys

 

On the subject of social media, it is important for you to make more of your marketing aspects and sometimes you as the business owner is the one who can make your business shine. More people are inclined to accept people who show passion for what they are showcasing when it comes to smaller businesses, so if you can appeal to followers and engage with your audience you are on the right track. Facebook and Twitter are common platforms, but things like Instagram stories could help and websites like https://www.socialmediaexaminer.com/ are full of tips to get you started.

 

I hope that these tips help you to create your at home business and make it shine.