Investing in a small business retirement plan while still in paid employment is one way to build long-term wealth for yourself.
The fact of life is that your monthly salary stops coming into your bank account immediately you retire.
So, if the only income source you have is the salary from your day job, then you will be in serious financial mess after you retire and your salary stops.
The smart thing to do is to establish your own business (and get honest people to run the business for you) while still in paid employment.
If the business is well-managed by people you put in charge of managing the business, the revenue from the business will grow over time. Eventually, the revenue from the business will exceed the expenses incurred in running the business.
When the business revenue exceeds the business expenses, the business will begin to make profit.
As the profit from the business continues to grow, a time will come when the business will be profitable enough to pay you a salary far bigger than what your day job pays you.
At this time, you can comfortably retire from your day you and focus 100% on running your small business.
This is the goal of a small business retirement plan. That is, to establish and grow a small business to the point where the small business can generate monthly profit that is at least three times the salary from your day job.
When your own self-established business can pay you a salary that is three times what your day job pays you, then you no longer need your day job.
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It is absolutely beautiful and gratifying when you succeed in building a
business from scratch to a point where the business can pay you twice
or three times what your current employer pay you.
However, to get to that point is not as easy as a walk in the park.
Business success requires . . .
In addition to the above, be sure to consider the following when developing a small business retirement plan:
1. Build your business around a product or service you love
2. Choose a product or service that has good profit margin
3. Choose a product that has a large target market
4. Choose a product or service that you can sell through the internet to a national, regional or multinational market
5. Partner with a merchant that offers high quality products or services
6. Partner with a merchant that has good customer service and good after sales services
7. Establish and promote your brand not the merchant you represent
One of the challenges you will face when developing a small business retirement plan is the question of where to get honest and trustworthy people to help you manage your small business while you're still in paid employment.
A good walk around to the "honest people problem", especially when you're just starting out, is to start your adventure into entrepreneurship by starting a work at home business.
A work at home business empowers you to partner with merchants that allow you to promote their products through the internet without a huge upfront capital outlay and for a share of the revenue your sales promotions bring to the business.
A small business retirement plan that allows you to build your business in your spare time and with minimum startup capital (and minimum maintenance cost) is the smart way to start your own business.
These types of businesses are called affiliate marketing business opportunities.
Click HERE to learn about the best affiliate marketing program.
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