How Long Should I Run My Home Business?

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Have you started planning your retirement?

When you’re busy with the day-to-day tasks of running your home Internet business, retirement is likely to be the last thing on your mind. However, the day will come when you want to hang up your Internet business hat and retire.

So just how do you know when it’s time to retire and what do you need to factor in when planning for retirement?

Think about the Kind of Retirement You Want

In order to plan for your retirement, you’ll need to think about the kind of retirement you want.

For some people, retirement means time to sit on the porch and watch the sunset. For others, it’s a chance to see the world and take up all those hobbies they always meant to pursue.

Knowing how you want to retire will help you plan.

Other things to consider are whether you want to stay in your current location, and how important retiring early is to you.

Start Saving Now

One of the biggest retirement planning mistakes you can make is not having a plan. The time to start saving for your retirement is now:

As the article “Is It Possible to Know How Long You’ll Want to Keep Working?” points out, your retirement savings are an important factor in when you can retire.

Educate yourself on the different investment options so you can make the best financial decisions.

Talk to a financial advisor or do your own research so you can figure out how much money you’ll need to retire, and devise a plan for setting that amount aside.

Plan for Your Health

As you get older, the chances are health will become more of an issue.

As a self-employed person you are responsible for your own health care plan. Although you may become eligible for some Social Security benefits as you get older, it’s not a good idea to solely rely on those.

Start looking at different health care plans so you can decide which one will represent the best investment for you. You need to be confident that if you need treatment, now or in your later years, you’ll be covered.

Have an Exit Plan

An exit plan is your road map of how you will wind up your business when the time comes.

You might think that an exit plan is the sole province of larger businesses that have premises and a team of staff to consider, but an exit plan is vital for a home business as well.

Some things you will need to consider for your exit plan include:

• How you will handle any stock you have;
• How you will wrap up your business with clients, including those who have some sort of guarantee or warranty with you;
• How you will close any contracts you have with freelancers, suppliers or service providers;
• Whether you will want to sell your business or simply end it.

You might need to adapt your exit plan as your business grows and changes, but it’s a good idea to start bearing it in mind.

It’s never too early to start planning for your retirement.

Although you cannot say for sure when you will want to retire, planning now means you will be prepared for the future and can be in control of your own retirement.

Photo credit: Image courtesy of Stuart Miles at FreeDigitalPhotos.net

About the Author: Tristan Anwyn is an author who writes on topics including social media, SEO, retirement options, and small business topics.

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