When you have worked hard and earned a steady income for the better part of your life, retiring with no monthly paycheck might seem a little scary. Consider your options. They may not be restricted to 401ks, annuity savings and IRAs. Thanks to the constantly evolving marketplace and the internet, there are several opportunities for those who wish to earn an additional income.
Lots of people are resorting to side jobs and small businesses to offset their losses after the recession. All you need is a sound business plan backed with a little investment depending on what you think is affordable and not too risky. You can channel a portion of your savings or take out a loan to float a small venture.
What sort of business can you start?
The Bureau of Labor Statistics may be a good place to start with investigating the industries that show scope for growth over the next few years. Some of the industries that are likely to see high growth include health services, equipment rental and leasing, residential care, storage services and internet enabled data processing. Several niche consultancies are also sprouting up across the country so it may be a good idea to use your existing knowledge as a base. If you can manage the investment then you can also look for franchise offers in your city or town.
Working out the funding
It can be very easy to put your money into a seemingly good idea and operate your business for the next year or two, only to find out that you’re not doing as well as you had hoped. It may work out better if you exclude the savings from your funding plans and focus on other alternative ways to raise money.
A small business loan is definitely the best option especially for 2010. The federal government has launched special programs that cater to small businesses where they can avail loans with easy terms and low rates of interest. Since the lawmakers are making suitable legislative changes to bolster growth among entrepreneurs, you should take advantage of the present time to start a small business.
If you want to wait a bit longer, draw up a plan for how you can successfully sustain your business in the years ahead. If running a business is something you want to do in the long run, make sure you cover all loopholes in your business plan.