Small Business – the New Social Security Plan
How often have you calculated and re-calculated the figures from your pension and your recession battered investments in order to determine how much you’ll have upon retirement?
Too many to count right? Those underwhelming totals likely contributed to your decision to start your own small business.
Well paid full time employees do it as well since job security is history and let’s face it we’re a generation that is obsessed about quality of life. We want to know what steps we can take to give ourselves some sense of financial security and control right now and in the years ahead.
The small business ownership option is working for young people, women raising children at home, laid off workers, retired workers and the general unemployed who’ve got the experience and energy to build their own opportunities.
The trend towards entrepreneurship is like a tonic for many. Instead of worrying about how depleted retirement savings and social security coffers will impact on the quality of life, thousands of people are doing what they can to capitalize on business opportunities that put them in control of their income now and in the future.
The sticking point of course is financing and sustainability. Small business financing is very difficult to come by in this economy. Most small businesses look to family, or network to find local investors or raid their own savings to fund their business start-up.
What steps you take to ensure your business will take care of you and your family today and tomorrow, really depends on how knowledgeable you are about choosing a business, finding and reaching a viable target market and operating a business at a profit.
That’s a tall order that should never be underestimated.
Yahoo conducted a recent nationwide survey indicating that 72 percent of American adults have considered starting their own businesses. At the same time the U.S. Small Business Administration recently reported that less than 50% of small businesses survive beyond the first five years of operation.
Don’t become a Statistic – Equip Yourself with Knowledge
How can you avoid becoming one of the SBA’s failing statistics? Equip yourself with knowledge and really be honest about how you retain information and your preferred “learning style.” Adults learn differently than kids. Don’t think that taking a class or two at your local college/university or community center will give you what you need.
A lot of adults like to learn independently via online courses that are augmented by practical peer learning or mentorship programs. It really isn’t hard to understand why entrepreneurs prefer learning from peers – people who have succeeded in the business you’re in – as opposed to an instructor somewhere who delivers theory without having the practical know-how.
Remember that you can join an established professional group of small business owners locally or online. I often recommend peer groups with active online networking since connecting online is more flexible and suited to the busy schedules of full-time and part-time entrepreneurs.
Have you chosen a business because of social security/future income concerns? Your story might help so many others – so please share.
To your success,
Sharon
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