As you start to consider the possibility of retiring online, it’s import- ant to outline your requirements. After all, the last thing you want is to realize too late that you really should have planned better!
Many of the decisions you need to make and the plans you have to put into place depend on the type of business you have — or will build. There are three major categories that you may fall into:
A Self-Contained business is the type that you can easily sell. As an example, you may design graphics or create entire websites. Or it may be an online store that sells t-shirts. While you currently operate the website, choose the designs, accept the payments, and may even ship the product, it would be relatively easy to sell the whole thing to someone else who could easily take over all aspects of the business.
The second type of business is a Self-Centered business. This has a lot of Y-O-U in it. It may be focused on your personal dynam- ics. You are probably the best salesman for the organization. You may personally produce all of the content and products. You may do all of the work in a way that it would be nearly impossible for someone else to do.
The third type of business is a Self-Dependent business. This is your traditional consulting and authority type of business. Like the Self-Centered model, this type focuses on you, but it doesn’t require you to maintain a certain activity level. Instead, it lends itself easily to a “work on the days you want” model.
What makes retiring online such a challenge for those of us with an online business, is that you probably have elements of each of the three business types. Start to focus on the one you are most likely to sell first as you approach your retirement goal date. And start to automate the self-centered aspects of your business. Suc- cessful retirement online is all about preparation and planning!
Take a few minutes and jot down your thoughts on the following questions to save in your Retire Online folder:
- What type(s) of online business do I have?
- If I had to separate them into separate businesses, what would those businesses be?
- Which parts would be the easiest to automate?
- How soon can I start the process of automation?
- Which part of my business would be the easiest to give up?
- Which part of my business am I the most likely to want to continue—even in retirement?
Well done! Those are tough questions that deserve good thought!