An August Idea.
Unless you are running a vacation business, you're probably on vacation. August is the month when no one is answering the phone, much less worrying about retirement! Here's an August idea for small business owners: spend some time, while waiting in line for beach towels, ice cream, or tee shots, thinking about your retirement goals. What are you going to retire on?
What are the other 30 million small business owners thinking about retirement?
37%of small business owners say they can't afford to save for retirement. Of small businesses with 2 -99 employees (less than 20% of all small businesses), only 42% offer 401K plans. 35 percentof small-business owners plan to retire on proceeds from the sale of their businesses. (However, half of those don't know who will buy their businesses.) More than a third of small business owners say they don't plan to retire. Small business owners can be risk takers and optimistic!
Small business owners also spend much of their time trying to make ends meet, staying profitable, and investing on future growth. Even so, it's vital to consider how your business can to help you achieve your retirement goals, starting this year, next year and all those years until your retirement time comes. So, take some time to think about it while sipping a margarita, staring into a sunset, and nibbling on BBQ treats!
We would love to help you, or a small business owner you know, with ideas on building that very important nest egg!
All the best for your success,
Amanda Weathersby is an entrepreneur who sold one business to a publicly traded company and another to her partners. She, like more than 300 speakers at 100 Entrepreneur Foundation classes, also knows about business failures. Creative problem solving and predictive forecasting tools have become her passion.