Instead of putting all your money in a 401(k), entrepreneurs should invest in what they know: their own business. Your business can continue to run and also serve as your retirement plan. It’s possible to retire earlier than you expected while just doing light maintenance on your company.
1. Develop a practical mission statement. It should be clear and actionable. Everyone on your team should carry the mission statement. It shouldn't be wordy or forgettable. Your team can take the lead without you needing to be present, only if they're clear on the mission.
2. Create divisions in your business that are based on in-depth skills and talent. The more skilled your team members are, the more efficient they'll be at their respective jobs.
3. Offer incentives for hitting objectives. This will promote a production-based company. More money or bonuses like a great vacation, a new iPad, or paid time off work well. This is more effective than only having employees be interested in showing up and doing the minimum. The employees will continue to work hard even when you're not in the office.
4. Share your ideas with your team. Create one-page plans for new ideas. This will offer a framework for your team to expand on. The idea won't be in your head and the people who work for you can take off with it.
5. Make sure to stay updated on the business. You should get weekly reports with important stats. You can fix problems and make adjustments every week, even when you've been out of the office.
6. Make sure the money you earn is working for you. With sound investments, you can make your earnings go even farther. Look into Online Trading Academy Reviews and talk to professionals who can help guide you in the right direction.
You don't have to be an employee at your own business. When you create a business that relies on systems, protocols, and the abilities of a solid team, you can walk away from your company for a week and not worry. You'll be able to maintain the business long-term, continue reaping the benefits of regular cash flow, and free yourself from daily work and the trials of management. You can fund your life and live your vision at the same time.
