Home » Finance » Investing

Start a Small Business & Save For Retirement!

Oct 11, 2007
Retirement is just around the corner. You've worked your whole life and find immense satisfaction in the work that you do. While you're looking forward to more time for following your pursuits, the idea of being job-less scares you. Perhaps you'll find an enjoyable side-job... or maybe you'll decide to start a small business!

First, you'll need to ask yourself: How much of my money am I willing to invest in my future? How much do I have saved or will I get as a lump sum when I retire? People with higher incomes now have a better ability to take the leap into a new business.

If you're penny-pinching just to make ends meet, a hefty investment may not be for you. You'll also want to ask: How am I feeling? Do you have the energy, stamina and time to start a small business?

Next, consider your alternatives: you could get a new job after retiring or stick to IRAs, 401ks and annuity savings. Getting a new job could take anywhere from six to twelve months. What kind of job would you want?

The energy and time required to find a rewarding retirement job might actually be more difficult than just starting a business of your choosing. IRAs and 401ks are certainly something you'll want to invest in anyway, but they won't provide continuous growth for you, aside from interest.

Choosing to start a small business is the gift to yourself that keeps giving and it's something you can feel proud of too!

So you're excited to start a small business and a business retirement plan, but you're unsure where to start researching. The Bureau of Labor Statistics is an invaluable starting point where you can examine which industries are expected to grow in the next ten years.

According to BLS, the fastest growing industries through 2010 include: warehousing and storage, business services, health services, residential care, equipment rental and leasing, with the #1 industry holding steady at computer and data processing.

The best idea is naturally to start with what you know, which is why individual consulting businesses have grown over the years. For instance, Groupware, a tech consulting firm, grew 7,579% since 2003 with revenue stretching into the billions. You might also want to check your local paper for available franchise opportunities.

In the first quarter of 2007, self-employment rose 29%, with 88% of these entrepreneurs over 40. More and more baby boomers choose to start a small business for their retirement needs.

Small business loans are one option for finance, if you don't want to touch your current savings. It might pay to also ask around to see if anyone you know may want to sell their low-risk, profitable business. Remember that early retirement planning is best, so consider your options today!
About the Author
Browse to Mike Selvon portal to find out more about how to start a small business for your retirement planning. We greatly appreciate your feedback at our retirement planning blog.
Rating:
Please Rate:
(Average: Not rated)
Print Email Report Share
Article Categories
    • Artists
    • Gambling
    • Humanities
    • Humor
    • Movies
    • Music
    • Photography
    • Tattoos
    • Television
    • Classic Cars
    • Motorcycles
    • Recreational Vehicles
    • SUVs
    • Trucks
    • Vans
    • Branding
    • Business Opportunities
    • Careers and Jobs
    • Corporate
    • Customer Service
    • Direct Mail
    • Entrepreneurship
    • Ethics
    • Financing
    • Franchising
    • Home-Based Business
    • Human Resources
    • Import and Export
    • Leadership
    • Management
    • Market Research
    • Marketing and Advertising
    • Negotiation
    • Network Marketing
    • Networking
    • Organizational
    • Presentation
    • Project Management
    • Public Relations
    • Small Business
    • Strategic Planning
    • Team Building
    • Telemarketing
    • Training
    • Data Recovery
    • Databases
    • Games
    • Hardware
    • Networks
    • Operating Systems
    • Programming
    • Security
    • Software
    • Spyware and Viruses
    • Ask an Expert
    • College and University
    • Home Schooling
    • K-12
    • Languages
    • Online Education
    • Psychology
    • Coffee
    • Cooking
    • Gourmet
    • Recipes
    • Wine and Spirits
    • Acne
    • Aerobics
    • Alternative Medicine
    • Beauty
    • Cancer
    • Cosmetics
    • Depression
    • Diabetes
    • Diseases and Conditions
    • Fitness Equipment
    • Fitness
    • Hair Loss
    • Heart Disease
    • Medicine
    • Men's Health
    • Muscle Building
    • Nutrition
    • Skin Care
    • Supplements and Vitamins
    • Weight Loss
    • Women's Health
    • Yoga
    • Arts and Crafts
    • Babies
    • Collecting
    • Elderly Care
    • Genealogy
    • Hobbies
    • Parenting
    • Pets
    • Pregnancy
    • Woodworking
    • Feng Shui
    • Gardening
    • Home Appliances
    • Home Security
    • Interior Design
    • Landscaping
    • Affiliate Programs
    • Article Marketing
    • Auctions
    • Audio
    • Banner Advertising
    • Blogging
    • Broadband
    • Domain Names
    • E-Books
    • E-Commerce
    • Email Marketing
    • Ezines and Newsletters
    • Forums
    • Internet Marketing
    • Link Popularity
    • Pay-Per-Click
    • Podcasting
    • RSS
    • Search Engine Marketing
    • Search Engine Optimization
    • Security
    • Social Media
    • Spam
    • Video
    • Viral Marketing
    • Web Design
    • Web Development
    • Web Hosting
    • Copyright
    • Cyber Law
    • Intellectual Property
    • National, State, Local
    • Patents
    • Regulatory Compliance
    • Trademarks
    • Buying
    • Selling
    • Baseball
    • Basketball
    • Boating
    • Cycling
    • Extreme Sports
    • Fishing
    • Football
    • Golf
    • Hockey
    • Hunting
    • Martial Arts
    • Running
    • Scuba Diving
    • Soccer
    • Swimming
    • Tennis
    • Dating
    • Divorce
    • Marriage
    • Weddings
    • Astrology
    • Buddhism
    • Christianity
    • Faith
    • Hinduism
    • Islam
    • Judaism
    • Meditation
    • Metaphysical
    • New Age
    • Cable and Satellite TV
    • Cell Phones
    • Communication
    • Gadgets and Gizmos
    • GPS
    • Satellite Radio
    • Video Conferencing
    • VoIP
    • Addictions
    • Coaching
    • Goal Setting
    • Motivational
    • Stress Management
    • Time Management
    • Clothing
    • Electronics
    • Fashion
    • Gifts
    • Jewelry
    • Causes and Organizations
    • Environment
    • History
    • Holidays
    • Men's Issues
    • Nature
    • Philosophy
    • Politics
    • Women's Issues
    • World Affairs
    • Air Travel
    • Camping
    • Cruises
    • Destinations
    • Outdoors
    • Article Writing
    • Book Reviews
    • Copywriting
    • Fiction
    • Non-Fiction
    • Poetry
    • Quotes
    • Screenplay
    • Tools and Resources