21 Nov 2011

How Do You Want To Live?

For some, it's to own your own jobs. But for others, freedom means passive income & generating something they can pass on to their kids (without making the kids pass out from overwhelm & exhaustion). & for another set of little business owners, the preferred lifestyle is working in a business that they love & having a reliable team that lets them take or worry-free holidays a year.

Every little business owner has to address this query: How would you like to live?

query yourself

The goals are personal.

What is your long-term objective? Little business retirement:

For example, do you plan to retire? If so, when? & who will run the business at that point? In Why Retirement Isn't in the Cards for Plenty of SBOs, Anita Campbell, founder of Little Business Trends, highlights a survey, Little Business Owners Perspectives on Retirement, conducted in December 2010, which polled one,433 little business owners of companies with to 99 employees. In the survey, only four percent said they plan to retire while 33 percent have a succession plan.

In point of fact, retirees often to pick to stay active; it seems to keep them young. But the key is the choice the freedom to pick to work at 70 because you require to, in lieu of having to work because there's not money or passive income for your lifetime.

But that's not the only lifestyle decision to think about.

In The 52 Best Cities for Minority Entrepreneurs, Anita mentions a survey released by Forbes. In this survey, Joel Kotkin, Wendell Cox & Erika Ozuna studied minority & immigrant entrepreneurs, & found the top cities for them are Atlanta, Baltimore & Nashville, because of affordable housing & the cost of commercial space.

Where would you like to live? Best cities for minorities:

  The better they position our businesses, the more clients, income & freedom they have.

But irrespective of where they live, what they look like & when they pick to retire, little business owners share a common reality:

  Saying that everyone is your customer actually reduces the number of customers who have an interest in your product.
For a few practical tips on positioning yourself, you may require to check out Ivana Taylor's editorial, 5 Massive Reasons Your Ideal Customer Isn't Choosing You. According to Ivana, issue you may encounter is that your audience is massive. He writes:

Pick well.

& he suggests a little analysis to help you find your niche. Getting clear about the way you require to live, both today & in retirement, determines your goals & your sacrifices. Answering the lifestyle query determines your future.


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