It's exciting to own your own business, isn't it? You're full of ideas, enthusiasm, passion, hope and expectations -- there is a flurry of excitement and fear coursing through your veins and for the first time in probably a long time, you feel ALIVE...

We love that feeling and encourage it whenever possible. But today we want to toss a dose of reality at you and ask you to think about something that most entrepreneurs forget: When do you plan to retire and what will you need financially in order to do so?

Retirement? What? Really? YES! When you are an entrepreneur the only person contributing to your retirement account and/or social security is YOU. And if you fail to plan for it, you could find yourself well down the path with nothing in your back pocket to provide for your future.

Don't forget too, that social security benefits are based on an amortization of what you pay in over the last x amount of years (I think it is 5). So if you quit a decent paying regular job to be your own boss and you don't pay yourself for the first 5 years, guess what? Zero contributions amortized across any number of years is still zero. And worse, those zero contributions dilute and reduce the overall benefit amount even if you were paying the maximum up until then.

Now we don't mean to be sounding all doomsday-y or scary. There are ways to plan for the future, older you, who wants to retire. One way is to put yourself on payroll and pay social security taxes along with all your other taxes. As your business grows and as your income grows, so too will your social security benefits.

Or, and this has better tax implications for the small business owner, another way is to open an IRA or, in some cases, you may be able to alternately open a personal 401K*. Every year save the maximum amount allowed. If the maximum is out of your reach, then at least put in as much as you can afford. Even a small amount is better than nothing.

As one component of your initial business plan (or business reviews), remember to provide for your future. If you don't, you could be in for a rude awakening! Just be mindful and try not to get lost in the day to day frenzy of running a company. With a little planning, your future will be bright!

*Always seek your accountant's advice to determine the best option for you and your future.