I fear not having enough fun. My work as a mediator and Ombuds is rewarding but doesn't allow for much fun.

As I think more about my 'retirement project', I want to do something that I find fun and fascinating that lets my personality really show through.

What is it? Asking questions! But this time- it's personal! When it launches in Feb, ThisMarriageThing.com will be a place for me (and hopefully loads of commentors) to ask stuff, redefine marriage and figure out the ingredients to happily ever after in a fun, supportive community.

Thanks for helping me be clear about my intentions, Gordon.

James Hubbert here. No fears for me. Ive already established my own business. But do you want to no a secret. I get paid for the products and services that im always using. You see when a customer pays their biss say if they pay a bill for dish network i get part of that bill, which is sent to my bank account. Say they pay for their cell phone i get part of that bill also sent to my bank account. Do you no of any company who would do that. im just saying i get paid for the products and services that my customers uses. yes i received an 5 digit check every month. i even sleep and still get paid. no worries for me.

Gordon, speaking as a psychotherapist who also had four successful businesses - two of them still running though I am retired, I found a variety of reasons others went out of business while mine thrived.

Sometimes, they fail because the person has no idea what it takes to construct and maintain a business. They have no grasp of advertising as a concept. They do not know or understand financing. They have no conception of issues like turns/square foot-year if they are running a product-focused business with a real showroom. They do not understand cost-profit ratios.

The worst thing people do is to listen to their friends who know less than they do but are good buddies - especially at the bar!

Many people have pstchological issues. They fear financial failure so much that they are over-conservative. Their ego mayu be so overblown that just because they were successful selling for someone else, they think they will have it easy doing it for themselves. Some have a need to fail. The reasons why are too much to go into here.

Most businesses that I saw fail had one overriding issue: The owner went in believing that the business would pay him or her a living from day one. Failure to reinvest profits is one overriding factor in successful businesses failing.

Many businesses open without a good survey of the market. The best snowshoes will not sell in Saudi Arabia! The best porkchop will not sell in a Hassidic neighborhhod!

When I opened a big ticket retail store, I went in during a recession when the market was dead. But I was selling a product that the wealthier members of the community would buy and the competition was low because many competing businesses with a broader line of product had gone bust. I made a killing in a down market. When times got better, I sold the business while it was still growing.

I studied the product, the market, the type of consumers that I wanted and theyr proximity, the competition. I had three bankers boxes full of documents I had sent for that I had read every page of that covered every aspect of this business in taht market. I even went so far as to learn what the price breaks were for shipping so that I minimized my per item cost. That 2% turned into added discounts i could give the customer, thus taking an added market segment by hitting a lower price point. I learnd about $/sq ft/year and learned how to lay out merchandise to maximize the best space in the shop. In a new mall, I even chose the direction the store faced. An afternoon sun can ruin merchandise so you don't want to face west in an open mall.

It is the miriad of details that make the difference. When I opened my first private practice, it was in a building that was a little off the beated path. Why? Wealthy people do not want to be seen going to a marriage and family therapist! When I opened a chain of addictions treatment centers, I stuck them in neighborhoods where all the addicts were - one of them in a building with the state parole office and got all their business!

None of this was luck. I still could have failed with all the planning, but I didn't.

After 4 successes and no failures, I enter businesses with good feelings now. I know what due diligence is and I do it. I know what hard work is and I do it. I also know that you can't expect a business to support you until you support it. I have enough other funds to stay the course and don't overinvest. A down month would not lead to a bankruptcy ... nor would a down year. I did not overextend myself, yet I did invest ewnogh so I wouldn't be cash poor trying to hold on.

Sorry to be so long winded but goiong into business - at least an honest business - take more than faith, prayers and bullshit. It takes a real understadning about every aspect of that business before you begin and a swift learning curve afterwards.

Milt,

Thanks for your insights. I wish I had known you a business failure or two ago. The good news, I recovered and went on to bigger and better things.

I am retired and raising 5 grandkids and I would like to add to my income. Can you tell me more about this business. I am very interested.

Gwen, there is no this business. What we are talking about is how to avoid the pitfalls of failure in any business. Business isn't a desire to add to your income. It is a desire to conquor a mountain - even if it is a part time business. You need to discover the business that is right for you. Then, apply the principles that all businesses need to be a success.

Thanks I will do just that. I appreciate you writing me back.