| Retirement is just around the corner. You've worked | | | | feel proud of too! |
| your whole life and find immense satisfaction in the | | | | So you're excited to start a small business and a |
| work that you do. While you're looking forward to | | | | business retirement plan, but you're unsure where to |
| more time for following your pursuits, the idea of | | | | start researching. The Bureau of Labor Statistics is an |
| being job-less scares you. Perhaps you'll find an | | | | invaluable starting point where you can examine |
| enjoyable side-job... or maybe you'll decide to start a | | | | which industries are expected to grow in the next |
| small business! | | | | ten years. |
| First, you'll need to ask yourself: How much of my | | | | According to BLS, the fastest growing industries |
| money am I willing to invest in my future? How much | | | | through 2010 include: warehousing and storage, |
| do I have saved or will I get as a lump sum when I | | | | business services, health services, residential care, |
| retire? People with higher incomes now have a better | | | | equipment rental and leasing, with the #1 industry |
| ability to take the leap into a new business. | | | | holding steady at computer and data processing. |
| If you're penny-pinching just to make ends meet, a | | | | The best idea is naturally to start with what you |
| hefty investment may not be for you. You'll also | | | | know, which is why individual consulting businesses |
| want to ask: How am I feeling? Do you have the | | | | have grown over the years. For instance, Groupware, |
| energy, stamina and time to start a small business? | | | | a tech consulting firm, grew 7,579% since 2003 with |
| Next, consider your alternatives: you could get a new | | | | revenue stretching into the billions. You might also |
| job after retiring or stick to IRAs, 401ks and annuity | | | | want to check your local paper for available franchise |
| savings. Getting a new job could take anywhere | | | | opportunities. |
| from six to twelve months. What kind of job would | | | | In the first quarter of 2007, self-employment rose |
| you want? | | | | 29%, with 88% of these entrepreneurs over 40. |
| The energy and time required to find a rewarding | | | | More and more baby boomers choose to start a |
| retirement job might actually be more difficult than | | | | small business for their retirement needs. |
| just starting a business of your choosing. IRAs and | | | | Small business loans are one option for finance, if you |
| 401ks are certainly something you'll want to invest in | | | | don't want to touch your current savings. It might |
| anyway, but they won't provide continuous growth | | | | pay to also ask around to see if anyone you know |
| for you, aside from interest. | | | | may want to sell their low-risk, profitable business. |
| Choosing to start a small business is the gift to | | | | Remember that early retirement planning is best, so |
| yourself that keeps giving and it's something you can | | | | consider your options today! |