One of my first forays into the business arena was with the largest network marketing company in the world. It was a great experience (although not successful by most standards). What made it successful for me was that I learned what was called the “2-5 year plan.
This plan taught what I have come to understand as the basic truth in business that if you are going to be successful, you must be willing to spend time AND resources creating your business.
The point is, that if you are contemplating retiring in the next few years but to do so will need some retirement income from a business (or even worse a job), then you need to start the process 2-5 years ahead of that retirement date.
The benefits off such a move are:
1. You have time to “try before you buy” business options that might present themselves and appeal to you. If after close examination, anI option looses its appeal, it is easier to move on than if you are already counting on the income it may be producing.
2. You have time to learn and become proficient before this business become your primary source of income. Once you retire, you may feel trapped and that would be a bad way to live out your retirement years.
3. You have time to become a thought leader in your chosen field. By entering your retirement as a thought leader, should see the income built by your steady efforts, as well as, the growth that come from thought leader (referrals, and new entrepreneurs seeking to work with you).
In the end the choice as to when to start is entirely up to you. However, the longer you take to start, the more critical it is that you make money right out of the gate, and the more pressure you put on yourself to perform at a level that may be beyond your skill-set.
Now it’s your turn. What do you think is an acceptable time to start developing your retirement income?