I've been in the same industry for over 25 years, 15 working for myself. About a year ago I took a position with a former customer doing the same type of work. I have found I really don't like working for someone else. I have kept my old business idling with doing small jobs for a few long time customers, not enough to survive alone on but just enough to pay the bills.

What I want to do is ramp up my business again but I don't think there is enough work right now to make a decent living doing just that. I have a couple of other ideas for other types of businesses I could start up. One is building a piece of equipment I've developed that I use doing my current job and I have found it works really well and I want to try to sell it. I also have another idea for another product that is consumer oriented toward the general public. I don't think any of these ideas would bring in enough but together I think I could make a decent buck.

My first question for all of you is first, have anyone done multiple business at the same time? The second is if you are in a non traditional type of business what is it. I know there is someone who makes custom knives, that something that not everyone does. I've heard of a few places that collect bees that are unwelcomed guests on people's property. I would like to hear from members who have different types of occupations and if you are making a decent living at it.

 

Bob not sure if my work is that odd but I keep data basis for magazines - we print those little white labels on the magazines. Gave me and a staff of 45 people a living for the last 45 years. All kinds of things can provide the living. Mine was based of custom software that gave my customers benefits they could not get elsewhere. That's the key in my opinion. If your ideas can benefit the industry they will make you a buck. Be sure the idea is well protected. I had a way of making the software stop if we were not paid each month. You may need patens or some type of legal copy-write. You may want to check that out before trying to promote it for sale. My father in law was a fireman that invented a hose dryer that made the firehouse tower obsolete. Every firehouse in the USA had one of his devices. He received royalties until his death because a good lawyer friend set him up before he talked to the company that manufactured it. Just be careful good ideas are worth something and you should benefit from them. Have fun

 

Thanks Dave you always some wise words to my post.

I am just thinking that the field I'm in seems to have shifted a little over the years from being sub contracted type work to being brought in house at most companies. I think a lot of the shift is due to the poor economy of the last six years. I'm just thinking that diversification may be the way to go. Also, one of the ideas I have would involve two things I enjoy, old trucks and art, or what I feel is my creative ability.

 

Bob with what you can do with photo shop if you promote the art to the antique market you are not going to have any time for your old trucks. Hope it all works out for you have fun.

 

That's the idea, at my age I want to do something that is some fun. I like variety in my work and if I can spread my time among a few different things I think I will actually enjoy what I do but I also have to make money doing it.

 

A friend once gave me some very good advice: "Work to live, don't live to work."

We are all caught up in this consumer society to one level or another. I was no different, and still am, but to a much lesser degree. The want vs need is always a challenge, but modern society has taken it to a different level where it consumes us in the process of us consuming so much.

What am I rambling on about? I've decided to simplify and downsize considerably. My goal is to work as little as possible. I think most people have that "goal", but fail to see how realistic it is if you change what you think you "must have". Consequently, my goal ends up as a punchline for most people.

Again, what am I rambling about? Shedding unnecessary things, eliminating debt, living smaller more sustainably (and no, I'm not a tree hugging environmental kook). It takes money to get there though. We have to have a foundation and then maintain it...which takes more money. What we're talking about is scale though.

When you break it down, it doesn't take much money if you're flexible. Too often, we feel trapped because of myriad reasons: location, perceived inability to move, debt, obligation, stuff, and keeping up with the Jones'. The last one is one of the biggest hurdles mentally. We're programmed to perceive our environment in a certain way - and make no mistake, we're all programmed one way or the other. This isn't tin-foil hat stuff, it's reality...and psychology 101.

I do some pretty niche work. In fact, it's niche within niche, so it's a finite market. I am fortunate that I have my military retirement to keep me floating along - pays the bills, sort of - but more importantly, it allows me to be far more flexible in the work I take on.

I have often considered expanding into multiple areas, much as you are; diversifying. First, because I know what I'm doing now is limited. Secondly, I like to stay somewhat busy. Thirdly, because variety is good for the mind. None of these other areas would be full time, in fact, the more part-time they are, the more appealing they are to me.

Time is my most precious commodity. I cannot make any more, buy any more, or steal any more, so I guard it jealously. And while it's OK for me to "waste" my time, I take great umbrage when others do it...because it's mine. With that in mind, all of my endeavors revolve around managing my own time my own way and keeping more of it for me while bringing in the money I do require.

I've reduce my personal "operating costs" and "overhead" to almost the minimum. This allows me to pick and choose what I do with my time. And while the old saying that, "time is money" is accurate in the business world, it's even more accurate to say, "time is life's currency" in your day-to-day world.

So, I cannot advise you; nobody can. You have to decide where your time is best spent...because you are spending the only currency you have to barter with the rest of the world with. Spend it wisely.

 

Very well said, Ernie! I realized many of those things about 15 yrs ago. Once you set your mind to eliminating the frills and living modestly, everything else falls in line.

 

My college major was poly-sci. I retired as a Chief Engineer.

 

We really don't have many frills in our lives. The biggest trips we've taken in the last ten years have been the Truckstocks we've participated in. We don't go,out to eat often but the bad economy of the last few years have beat us up business wise. I've seen a slight up tick in my field so that's why I'm thinking of revamping my business but I also feel I need to venture into a couple of other ventures to make a go of it. I'm kind of, I feel, at an awkward age, I'm too young to think of retiring but too old to start completely over in a different field. I also feel I will never be able to retire. I'll end up working until I'm carried out feet first. I feel I have made it to a point in life where I should be to have a little fun when I work. Right now I feel suffocated in my job. I'm experiencing the same situations that made me set off on my own 15 years ago. If I can jump start my business I know there a few things I won't do like I did before and a few new things I'll give a try.

Thanks guys for all of the posts, very insightful and interesting.

 

What exactly makes you feel suffocated in your new job? Working only 8 to 5, not late nights and weekends? Getting good benefits and a steady paycheck whether there's a dip in workload or not? I'd think long and hard about leaving that kind of situation unless you had a really solid plan.

 

Can you use the same machinery that you've used for years on other types of jobs? - My dad and I had a machine shop, are main money came from drilling and tapping swedge bolt nuts used in mine to hold the ceilings up - We had 3 automatic drill presses that ran about 14 hrs a day - We also had 2 milling machines and 4 lathes from a little sears job to a 18 ft bed - Everything but the drill presses were job shop business - Big outfits would get a contract for 2000 widgets that also needed 1000 shem nuts - the shem nuts weren't profitable enough for the big shops so they would farm that work out - There should be enough shops in the area that need small lots of stuff that they farm out - Do some research to see what type of shops are in the area - if you think there are enough make up a pamphlet of what you can do a use some shoe leather getting the word out

 

Bob, Ross makes a valid point. A bird in the hand ..... Would it be possible to start the graphic/art business while keeping the current job? Get it going to see if viable then make the switch. Just a thought. Have fun

 

I guess everyone's idea of retiring and/or enjoying your work are different.

I got my first paying job at 14, and had full-time employment from the time I left school until I turned 65.

I can truthfully say that of the last 40 years of employment, I enjoyed 10. But I kept working for all the obvious reasons and so I could retire.

I think it's admirable to want a job that you enjoy. Good luck.

 

Not sure from your post what you do or are interested in doing but I am self employed so some things I have learned. If you do more then one thing like multiple businesses they do not do well, kind of like having to many projects, none get done. From your wording it sounds like you are in your late 40's-early 50's. I hear this from lots of guys often called mid life crises (sp?). Bored, not learning much, to active to stop and feeling to old to change. If you have the funds to change, do it but be care full. Often all we need is a holiday or a new focus. For me I bought a project truck. First one ever.

 

Well the biggest problem I have is my boss, who up until about a year ago was one of my customers, and the guy I have to work with. Both of these guys are younger than me, my boss about ten years and the co-worker about 30 years. I basically took this job because I was desperate. My boss I feel has a condiscending additude, nothing I do seems to be quite right and the younger guy likes to put his nose into everyone's business. He's a very smart guy and very ambitious but he also isn't all that need or accurate when it comes to his work although he doesn't hold back pointing out when someone makes a mistake. I really don't like the work although it's basically what I've been doing for the last 25+ years. It's a lot of the same type of work. In my business I worked for many different people building control systems for a variety of machines, always something different.

A couple of the ideas I have I will try to ease into them by using the Internet to advertise. Right now I'm pretty limited on my free time during the day time hours. There are also a few othe changes going on that if they work out will give me more flexibility.

Marten, your kind of experience is what I am looking for. The one item I have developed and want to market evolved from my experience in the industry I have been in for 25 years. It's a tools, actually a fixture that make my work a lot easier and help alleviate physical stress while doing my job. I have only found two other such devices and while they are more elaborate and complicated, they cost 2-3 times more than what I feel I could get for mine. I have built prototypes and use them almost on a daily basis. I have also shown this to a person who I consider very knowledgeable in business. He runs his own business and before he retired worked very high up in very well known multi-national corporations. He thinks I have a winner. I've known him for years and he can be brutally honest if he thinks something is a bad idea. I figure if I can market this tool to other businesses in my industry I can sell it using my experience in the industry.