You have finally made the decision to start your own business. Great! The country needs more small businesses and Lord knows we need somebody to create some new jobs!
Two of the most important decisions you have to make are:
1. How many years do you want to dedicate to your business?
2. What exit strategy plans are you going to install for that time when you want to leave?
You may respond by thinking “hey; I am a young entrepreneur and I really don’t want to make either decision at this time”!
You need to remember that time passes at a very fast speed and if you don’t think about these issues now; these issues may get buried in your day to day hustling to make your business a success.
The issues are compounded if you have a partner or two so you need to make a post it note and attach it to your forehead. Seriously, the sooner you address the issues the better off you will be!
With any luck at all you will have so much fun making your fortune that you will never want to quit and I sincerely hope that is what will happen for you; unfortunately, the odds are against you. Most business owners never have enough money to leave their businesses and live the life of their dreams.
A recent Gallup poll reported that fifty percent (50%) of most business owners are never able to retire!
You need to take action to make sure you are above the average!
I believe that you can be successful if you begin now and start some serious planning about the future! Do not allow yourself to be like the majority of business owners!
Dare to be different!
You can do this by being a student of your industry and knowing what is happening in the world around us. Everything that is happening now was predictable.
You must learn to understand how small businesses are affected by the big spenders in Washington!
My advice to you is to do some serious planning, dreaming and brainstorming about ways to make your journey a successful one.
Planning for your retirement should be at the beginning of your business journey, not the middle or the end. You do not want to be nearing the end of your business career and have to begin worrying about your life after your career.
We will be addressing this issues in the future. If you have any recommendations about what you are doing to plan for your retirement; please let me know!