Business owners not only have to worry about their own retirement planning, but will also need an exit
strategy and a long-term plan for their employees. The same study found that 60% of small business owners haven't even begun to discuss their retirement plans yet.
Don't leave yourself struggling to pay bills or your employees hanging high and dry. Develop a responsible plan for building business after you've retired and explore your options today.
Social security and pension plans should be the baseboard for your retirement planning, but you'll have to think more creatively to continue making money once you've left your business.
Many owners, while simultaneously building business, choose real estate investment properties or further their stock and mutual fund investments.
In addition to expanding your business, you should be retirement planning and considering an exit or succession strategy. Recruiting the services of a financial planner can be an invaluable asset.
For many retirees, 31% of their business retirement plan will come from the sale of their business. An additional 28% will come from a registered government savings plan, such as an IRA or 401k, and 25% from stock market investments. The smallest income will be the 16% from social security or pension funds.
Should you offer employee retirement planning? While building business, it's a good idea to share some of the company profits with hard-working employees. Generally a company with an employee retirement plan will have better productivity, stock purchases, employee retention and a more secure future.
For starters, you may want to consider a Simplified Employer Pension IRA. You will make contributions to a general fund, using up to 15% of employee income, in the employee's name which they will receive when they retire or decide to dip into the fund.
You can decide what percentage of the company's profits you'll distribute among employees and you'll enjoy easy administration, no additional IRS reporting, tax kickbacks and a better rapport with your employees.
One in five small businesses now offers an employee retirement plan, so don't hesitate to look into a SEP-IRA or 401k plan when building business.
While it may seem like a daunting task to cover the retirement planning of yourself and your employees while building business, a simple trip to Fidelity Financial or a financial planner could get you on the right track.
By learning more about your investment options and developing an exit strategy, you can ensure that your golden years will truly be the best.
Building A Business Plan
Social Networking is thought of as one of the most efficient methods for marketing and advertising your business. So actually, what is Networking? There are many networking sites on the World Wide Web - mainly social, some which you may have come across are those such as MySpace or Facebook. These are websites which have been created to help people develop relationships through the internet. These kinds of sites are popping up all over the internet and spreading to fill any realised market niche. There are also quite a few other extra web 2.0 tools such as Podcasts, Webinars, Blogs, and Video Casts - to name just a few. These tools make it possible for individuals and businesses to advertise, promote, inform, share and educate entirely online.
A majority of the social networking sites have free accounts - which makes getting started easy. It's certainly a cost effective method for getting you and your business to where it needs to be. Not only are these sites free, but most other networking tools are also free, such as video, podcasts, and blogging. With technology, mobile phones and computers are all feasible when promoting your business.
There is one major pitfall to networking - Time.
Joining, monitoring, and participating, along with inbox management and the general upkeep of your network is time consuming and, whilst very effective, can eat into valuable time in the working day. But all is not lost. A Virtual Assistant or VA can assist with your networking and time management. Managing everything is greatly simplified when you have someone truly competent handling your account sign-up's, researching into the most effective places to network, managing profile completion, groups, contacts and much more. A VA can enable you to effectively network. Whether you are an expert who needs more time in the day, or a beginner who has little knowledge in this area, a Virtual Assistant can make 'all the difference in the World'.
Paying for occasional assistance with your networking will give you all of the benefits of this process without having to work through every time consuming detail yourself.
Over time, it's possible to develop a significant network of contacts, potential clients and colleagues by outsourcing as little as one or two hours a week to this project. The more time that is outsourced, the quicker the results will start to show. It is essential to keep in mind that it can often take time to see these results when starting out. There aren't any 'quick fix' networking methods; this method provides long term results toward the establishment of yourself and your business. So although networking is an excellent way of promoting a company, product, service or individual, it is not an instant solution for financial gain, nor will your web site traffic improve overnight.
So what should you be searching for when outsourcing your networking projects?
1) A good VA will first take an interest in your business, products, services, location, target market, website, and pretty much any other aspect of information you are able to provide in order for them to understand exactly what you are all about.
2) They should offer you a consultation - or at the very least, a form to complete so that you can convey a clear picture of your long term goals. Through this, your VA can then clearly see what you are looking to accomplish with networking.
3) They should then research and locate the most beneficial networking methods, sites and techniques based on the information you have provided.
4) Finally, a plan or schedule should be formulated and presented with suggested options, sites and timescales explaining the choices and benefits of each of these methods.
5) Once the plan is agreed - it's all systems go, just sit back and let your VA get to work!
Both Mike Selvon & Michelle Dale are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Mike Selvon has sinced written about articles on various topics from Camping, Allergies and Personal Desktop. Browse to Mike Selvon portal to find out more about with a retirement plan. We greatly appreciate your feed. Mike Selvon's top article generates over 450000 views. to your Favourites.
Michelle Dale has sinced written about articles on various topics from Internet Marketing, Finances and Direct Marketing. Michelle Dale is The Managing Director of Virtual Miss Friday. She is a Global Virtual Assistant who collaborates with businesses and individuals with the sole aim of helping them to exceed their professional aspirations. Want to learn more about these im. Michelle Dale's top article generates over 4400 views. to your Favourites.
Computer Skills Test Online Last but not least, say leading online universities, dont forget to enable java script and cookies for the optimal learning experience