Making money from your workshop in later years...

[conor1n]

So guys,

Over the last couple of years I have been amassing quite a number of tools etc. These are primarily focused around maintaining my own fleet of cars..

Over the same period of time I have come across a few older guys (who would have trained as tool makers/fitters etc) who are handy on lathes / welding and generally intricate work which is somewhat specialised. They are kept going repairing things for people etc.

I'm 35 now.. but I have always thought that in my later years I would like to have a fully equipped workshop where I could do odd jobs for people etc and make a few bob.

Does anybody do this?

Part of me feels like it's a handy living if you are clear of any dependents, have house paid for etc and no expensive commitments.. but could also be borderline ending up as a "busy fool".

Interested to hear what people think?

Thanks in advance.

 

[Erie Fred]

Making retirement fun into work eh ?
You'll have to deal with all the neighborhood cheapskates, and wanting lifetime warrantees on every
simple repair you do.

 

[northwest]

I'm 35 now.. but I have always thought that in my later years I would like to have a fully equipped workshop where I could do odd jobs for people etc and make a few bob.

I sincerely wish I was, 35 that is. Enjoy it while you can because you have no idea of what you have right now, worry about 65 when you get there, make sure you have no regrets.

 

[cheb]

Cato looks to be the chap to talk to about this.

 

[W.olly]

I do a lot of this and can make good money when i can be bothered. Better in the past when i was 35 welding and fixing cars, making trailers. BUT folk started to expect to much a sin, freebies. or best pay little as i wasnt a business. but my fees were a lot less still. so i didnt do it any longer. but blimey i could earn then twice what i was in my employed job. Now i make things and sell them. i am into boats so i make boat accessories. nothing special but it sells and i earn a little extra pays for my hobbies, and still got 20 years to go into retirement being 48.

I plan i will be to knackered to work by time i get there so i enjoy now as much as i can. If still able then a bonus By time you get there will you be able to do it. as in health and doing jobs, as in being allowed, things change in this ££££ hole country quick and to much. obviously depending on wat work you want to do.

Its all doable at the minute this kind of thing but enjoy what you can now and learn as much as you can.

 

[Bluemotion]

I kind of do that now at age 58. My double garage works like ‘The Repair Shop’ on tv at times where I use woodwork skills, metalwork skills and spray painting skills. It’s set up to make most things. I use it every single week for jobs. I also have a hot air central heating system that I can activate from the house window on an ordinary key fob before I actually even enter the door.

 

[addjunkie]

So guys,

Over the last couple of years I have been amassing quite a number of tools etc. These are primarily focused around maintaining my own fleet of cars..

Over the same period of time I have come across a few older guys (who would have trained as tool makers/fitters etc) who are handy on lathes / welding and generally intricate work which is somewhat specialised. They are kept going repairing things for people etc.

I'm 35 now.. but I have always thought that in my later years I would like to have a fully equipped workshop where I could do odd jobs for people etc and make a few bob.

Does anybody do this?

Part of me feels like it's a handy living if you are clear of any dependents, have house paid for etc and no expensive commitments.. but could also be borderline ending up as a "busy fool".

Interested to hear what people think?

Thanks in advance.

Im all for keeping ones self occupied in retirement, because if you dont itll be a long few years doing nowt which isnt good for you.

But in the short term youd be better off investing in your retirement now, to make sure when you are at the age, you can afford to no longer work anymore!

 

[awemawson]

I have specifically avoided doing this ever since I retired. I will happily make / fix / sort things out for friends and neighbours but never for financial reward. I usually say pay the deed into the pool and help someone else down the line.
I retired to avoid the stresses of time pressure etc and people’s expectations. I have a very extensive and well equipped workshop that is both insured and planning zoned as none commercial, I have no wish to give the authorities any reason to challenge that status.

 

[brewdexta]

I'm not intending to rely on the workshop or smallholding income when I retire, I've got a reasonable pension, but will probably do the odd job or two, purely word of mouth, no advertising. The missus has a few things she does, selling eggs, various plants, taking people on permaculture courses, web site design, sewing. I'm currently fixing a tedding machine for a neighbouring farmer, but I'll probably end up getting paid in meat

We are looking to see if it's worth the hassle of setting the farm and workshop up as a Ltd company or LLP etc. so we can claim a bit against tax etc. I don't think we will generate a lot of income, probably 10 to 20k revenue per year so need to factor in accountancy costs.

 

[Other Daniel]

I have specifically avoided doing this ever since I retired. I will happily make / fix / sort things out for friends and neighbours but never for financial reward. I usually say pay the deed into the pool and help someone else down the line.
I retired to avoid the stresses of time pressure etc and people’s expectations. I have a very extensive and well equipped workshop that is both insured and planning zoned as none commercial, I have no wish to give the authorities any reason to challenge that status.

Yes, that is how I function as well

 

[Keith 66]

Im another one with a well kitted out workshop, the trouble is that far too many people think a retired bloke in a shed does everything for nowt.
Father in law spent much of his retirement on his lathe turning bits & pieces for people at the yacht club, never charged & most of them never even bought him a drink.
Now he's gone I'm the guy with the lathe & welding gear & many people still expect you to do it for nothing.
I have a select few people i will do stuff for because they will reciprocate if i need help.

 

[northwest]

I do a lot of this and can make good money when i can be bothered. Better in the past when i was 35 welding and fixing cars, making trailers. BUT folk started to expect to much a sin, freebies. or best pay little as i wasnt a business. but my fees were a lot less still. so i didnt do it any longer. but blimey i could earn then twice what i was in my employed job. Now i make things and sell them. i am into boats so i make boat accessories. nothing special but it sells and i earn a little extra pays for my hobbies, and still got 20 years to go into retirement being 48.

I plan i will be to knackered to work by time i get there so i enjoy now as much as i can. If still able then a bonus By time you get there will you be able to do it. as in health and doing jobs, as in being allowed, things change in this ££££ hole country quick and to much. obviously depending on wat work you want to do.

Its all doable at the minute this kind of thing but enjoy what you can now and learn as much as you can.

Well, my plan is sort of out the window, three heart attacks later and I struggle to get the big 4 jaw on the lathe some days. Think about that, because I was Superman at one point and pretty indestructible, now not so much and it came totally out of the blue. You cannot plan for these things, it's the way it is.

The last sentence is very prophetic as "It is all doable now" as in unregulated, this will change and not for the better I would guess.

the trouble is that far too many people think a retired bloke in a shed does everything for nowt

Exactly this! I make a small range of very specialist products and sell them online, this can work but you need to find a niche and there are fewer and fewer of those every month. I am determined to get the CNC Lathe working this year and I do believe I have FINALLY got the new controller to work on the Mill. Yay!

 

[Seadog]

I enjoy repairing things, it's the only justification for having the workshop. If ever I'm asked "can you do this?" I'm only too happy to take on small jobs. Usually for nothing, or a bottle of wine, perhaps.

 

[Burdekin]

Charge a high hourly rate and charge by the hour. Like others folk come to me thinking they will get stuff done cheap or for free. I joke that you don't want to pay me by the hour, I'm slow and expensive. A mate charged me for some work and I use to do work for free for him as he was a good mate but he now knows he will get charged if he asks for anything so he's stopped asking.

 

[Cato]

So guys,

Over the last couple of years I have been amassing quite a number of tools etc. These are primarily focused around maintaining my own fleet of cars..

Over the same period of time I have come across a few older guys (who would have trained as tool makers/fitters etc) who are handy on lathes / welding and generally intricate work which is somewhat specialised. They are kept going repairing things for people etc.

I'm 35 now.. but I have always thought that in my later years I would like to have a fully equipped workshop where I could do odd jobs for people etc and make a few bob.

Does anybody do this?

Part of me feels like it's a handy living if you are clear of any dependents, have house paid for etc and no expensive commitments.. but could also be borderline ending up as a "busy fool".

Interested to hear what people think?

Thanks in advance.

In my experience/opinion there are only two ways this works.

The first is to do it purely for enjoyment and any payment is in the form of a drink, barter or favour owed.

The second is to run as a small, low overhead but fully functioning business charging proper rates.

Try to do both at the same time, or some jobs as one, and some as the other and it will end in financial ruin and acrimony.

 

[MattF]

I enjoy repairing things, it's the only justification for having the workshop. If ever I'm asked "can you do this?" I'm only too happy to take on small jobs. Usually for nothing, or a bottle of wine, perhaps.

Only justification? What about personal enjoyment? A lot of tools or workshop related equipment I buy aren't necessary. I merely gain enjoyment from getting them, having them, & also from knowing that when I do occasionally need them, (even if it's once per blue moon), I have them to hand.

I'm similar in that I like an occasional external task/challenge, but it's only viable when you don't require the income.

If you rely on it towards helping to pay the bills etc., it has to be viewed as business rather than merely pleasure. Then you have the downside that nowt makes a pleasure less enjoyable than it becoming necessary business.

 

[Gritineye]

I've never planned more than a few weeks ahead, things change and life's too short to waste it dreaming, live for today and tomorrow will take care of itself.

 

[brewdexta]

The reason I'm looking into sole trade, LLP and Ltd status is purely financial. When I retire from my full time job, I may do some occasional consultancy for a year or two, so may need to set up something for that, or use an umbrella company. In addition, with all of the above you can claim various expenses on profits before tax, either cash basis if sole trade/partnership or various methods such as plant & machinery and capital allowances on buildings not associated with the residence if ltd. There are a few other reasons in terms of liability too. So I'm reading up a bit before I speak to the accountant.

Very boring stuff, not my bag at all but important to get it right. I have a couple of small business ideas I may pursue that could generate a bit of profit, seasonal and not full time so need to factor this in too. However my main aim is to get lots of time in the workshop tinkering and making stuff during retirement, making a few bob on the side for a bit of pin money is optional.

 

[jenki]

I agree with addjunkie make sure you sort your pension out first and will be able to live on it. Anything you make on the side is then a bonus. And as northwest said you don't know what is around the corner I had a heart bypass at 62 which forced my retirement fortunately I had a reasonable pension in place.

 

[addjunkie]

The reason I'm looking into sole trade, LLP and Ltd status is purely financial. When I retire from my full time job, I may do some occasional consultancy for a year or two, so may need to set up something for that, or use an umbrella company. In addition, with all of the above you can claim various expenses on profits before tax, either cash basis if sole trade/partnership or various methods such as plant & machinery and capital allowances on buildings not associated with the residence if ltd. There are a few other reasons in terms of liability too. So I'm reading up a bit before I speak to the accountant.

Very boring stuff, not my bag at all but important to get it right. I have a couple of small business ideas I may pursue that could generate a bit of profit, seasonal and not full time so need to factor this in too. However my main aim is to get lots of time in the workshop tinkering and making stuff during retirement, making a few bob on the side for a bit of pin money is optional.

I can assure you registering as some kind of business is very beneficial especially for the first 3 years after leaving work…I was able to off set my losses or investments what ever you want to call it going back 3 years against your old far higher working incomes.

My Mrs and I registered as a business partnership….so I made huge losses for 3 years investing things I needed for our small holding buisness. Big tax rebates for 3 years…sadly now we pay additional tax but but you can slide profits and losses between each other to suit. Well worth paying a man till you work out the pros and cons. We didnt bother registering for vat in the too much hassle category. But if Id not bough an already almost new vat paid tractor I probably would have done. Though it then rises your prices by20%