Have I Made Room For Retirement From My Small Business?
By April Lisbon-Peoples
The thought of opening one's first business may be filled with excitement and angst. Your excited that the ideas you have scribbled onto paper, daydreamed about while working on your 9 to 5 job, or envisioned yourself running while standing still at a stop light are finally coming to past. You have finally reached your goal of placing your dreams into reality. Your loan goes through, the business name is chosen, and you are off and running. However, with any job you undertake in life, there are always high and low moments.
As an individual starting out my own coaching practice while continuing to work full-time, I find myself wearing more hats than I am able to handle. I find myself dreaming about the day of "retiring" from my full-time job and working my coaching practice full-time. Exciting, huh? Not really. The truth is with any job you work, there is a lot of time and effort that goes into making your job successful. Whether you work your business independently or choose to partner with another person, you are always working. Through it all, when was the last time you thought about retiring from your business? If you are like me you would probably say that the thought never cross your mind or you may say that you have already talked to your financial planner and you are squared away. Are you really?
The truth is, retiring from your job or your own business goes beyond finances. You have to learn what it means to live a retired lifestyle. Once all of the money from your stocks and income from your business no longer provides you with the disposable income you became accustomed to as a business owner, then what will you do? Rather than waiting for the "day" to retire from your business why not consider living the retired lifestyle while working your business. Consider the following:
1. Have a developed both short-term goals and long-term goals for my role within my business?
2. If I decided to take a month off through out the year from my business, will I be able to generate the same kind of revenue as if I were at the job?
3. Can I afford to take myself or my family on an all expense paid vacation and still have one-third of my monthly income to spend on the trip "without missing it (income)?"
4. Would I still be able to have a continuous stream of income from the products I have contributed to my business if I were to sell it to someone else?
If you have not put much thought into fully retiring from your own business, I would encourage you to begin thinking about it today. I too like many of you have already started saving away for my retirement fund. However, I know that money will only last me for a short time and will not afford me to live a retired lifestyle once the money is gone. So I challenge you today, begin to take some time to think about your retirement plan before you actually retire and start living that life NOW! The goal is to work smarter and not harder so live like you are already retired.
April Lisbon-Peoples is a growth and development coach who enjoys inspiring her clients to find their life's purpose through becoming visionaries. She the founder and CEO of Running Your Race, a coaching practice designed for individuals who are ready to awaken their visions and create their destiny. Recently, she has launched out from her traditional coaching style to focus more on helping small business owners prepare for retirement while still working within their business.
April has written various articles focusing on elevating and motivating people as they aim towards reaching their highest potential. She aspires to help her clients live their dreams while gaining and maintaining a level of healthy success. So if you are ready to fly like the eagles and see your vision come to past, then visit her at http://www.creatingmyvision.com or e-mail her at creatingvision@gmail.com
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