But if he bumps up his contributions to 10%, he’ll end up with $1.2 million. For example, if a 30-year-old makes $60,000 a year and contributes 3% a year, he’ll have about $367,000 by the time he’s 65 (that assumes a 3% annual raise and a 7% rate of return). But that will leave you short of your goal. Nearly 60% of companies with 401(k) plans automatically enroll new employees, usually at a 3% contribution rate. The sooner you start saving, the more likely you’ll reach your goal, but you must be willing to increase your contributions. Money inside the account grows unfettered by taxes, which boosts your annual return. Contributions to a 401(k) are pretax, which lowers your taxable income. Depending on where you live and how much you can count on from guaranteed sources of income, it’s often enough for a secure retirement.Įmployer-provided retirement plans offer the best route to success. Several websites rate franchises, including Franchise Business Review.Ī portfolio worth $1 million is the gold standard for many new retirees. Successful franchisees often have more than one store. In addition, you’ll probably have to fork over a percentage of your monthly gross revenue. Start-up costs typically range from $50,000 to $200,000, depending on the franchise fees are much higher for well-known chains.įor example, the minimum start-up fee for a Visiting Angels franchise, which provides home care for seniors, is about $69,000 franchisees must also have between $40,950 and $48,950 in cash and a net worth of at least $100,000. Franchisors may also provide training, advertising and help finding a location. A franchisee typically acquires the right to use a franchise’s name and business system for a specified period of time. Self-starters who want a template for their business can purchase a franchise. “The biggest thing I’ve had is perseverance,” she says.
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You can get free advice from more than 11,000 small-business volunteers through Score, a nonprofit organization supported by the Small Business Administration.Ĭook, who briefly lived in her car because she couldn’t afford rent, credits her success to her willingness to ride out the difficult times. Not only will your business be more likely to succeed, you’ll also make your business more attractive to deep-pocketed buyers.
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Keep good records, create an operations manual and develop a diverse group of customers. You should also have a plan in place to scale up-which usually means being bought out by a larger company, selling franchises or licensing your product.
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Your chances of success are greater if you start with a well-thought-out business plan that outlines your competitive strategies and your goals. About half of all new businesses fail within the first five years.
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Starting a successful business can make you a millionaire (or even a billionaire, if you create the next Facebook), but the risks are high. (Cook declined to disclose the terms of the deal, but at the time, she was bringing in revenues of more than $1 million a year.) In 2015, Campbell Soup bought Garden Fresh for $231 million. In 2014, Cook sold her business to Garden Fresh Gourmet, a national salsa manufacturer. She expanded her product line to include several kinds of dips and salsas and landed contracts with Kroger and Walmart. The meeting led to a contract for 10,000 pounds of salsa a week, which enabled Cook to quit her interior-design job and focus on her business. After a store representative expressed interest in her product, she loaded up her Honda Civic with salsa and drove 360 miles to Hyattsville, Md. Her big break came in 2007, when she cold-called Whole Foods. Her first two customers were stores in the Capitol Market as her business grew, she rented commercial kitchens in Charleston and nearby Huntington, W.Va. With an $800 investment, she started making salsa in her kitchen.
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At the time, Cook was working full-time at an interior-design firm.