As anyone who is self-employed knows, saving for retirement can be be more challenging than as an employee.  But, it doesn't always have to be that way.  The most common option used is an IRA.  But, this is subject to lower maximum contributions that some of the other options available.  And, it's a good idea to use them in different scenarios-just remember that you are not necessarily tied to just one for life.  

Here is a common cycle of self-employed retirement accounts - 
1.  Not profitable yet, and either not contributing to anything, or is through an employed spouse's 401k (or similar)

2.  May not be profitable, but have some cash or realize closer to retirement and getting scared.  So, if your tax rate is low (i.e. zero), then a Roth IRA is a good option because you are getting taxed at the time of contribution (i.e. zero%).  This assumes your income at retirement will be higher than now.  

3.  Starting to be profitable, but still not great.  Maximize a regular IRA contribution and use the additional catch-up amounts if you are over 55.  Now, this does two things for you, first you are contributing to your retirement and secondly, you are reducing your AGI on your tax return, therefore reducing your Income taxes (not Self-Employement tax).  

4.  Once you have a decent profit, you can open either a SEP IRA, Simple IRA, or Solo 401k.   These are also great ways for people who are self-employed who may have large fluctuations in income year over year, such as realtors, etc. Each has different timing rules, funding rules, but the best thing is that you can make a much larger contribution to your retirement fund, and at the same time, be able to reduce your AGI on your tax return, therefore your taxes.   

This is when it really helps to work with two advisors closely - a financial planner who understands self-employed needs and a tax preparer who specializes in business.  These two people will work together with you to help you to maximize your retirement, get the best tax benefit, and if you have employees you can still help them out as well.  It's important to note here, I'm talking about just a $5000 contribution to your retirement, under some plans and having met the qualifications can be upwards of $50,000 in one year.  

Also a benefit to the plan types in #4, is that some can allow for a loan to be taken against retirement funds that have been previously contributed.  And when you pay it back, you are paying yourself back the interest.  
All of the options above can be powerful ways to really keep hold of more of your money for the future, reduce taxes, etc.  

One of the common conversations that I have with business owners, especially one that is in the first 5 years, is one describing what they do, how little sleep, and often, worry about finances. Then, further into the conversation, is often the feeling that they have to have all of the answers.  That is a big expectation, and one that is either unrealistic or unsustainable.  We all know that business owners do have to do every task, including cleaning toilets.  But, in order to grow, we have to give up some of those tasks. 

The smart entrepreneur will do everything, when needed.  It is important to understand all of the tasks in order to better manage, grow and lead.  The smart entrepreneur will also bring in help, in the areas that they may have less knowledge or may not be contributing to their highest value.  Many times, because the business owner has done all of tasks for so long, it is hard to give up some of the controls.  That can 
be one of the worst decisions made if growth is desired. 

Often, people in this scenario are so deep into the to do's that they don't realize that they actually need help.  That is not a fun place.  

Sometimes I am surprised, and even though a person is in deep, with very little sleep, they really do know that they don't need to know everything and actually are willing to bring in help.  Then the question becomes, what help is needed and can I afford it? 

Now, at that point some time is needed to really think about what direction and level of sales is desired.  If you know that you want to be on the creative or service side of the business, then you should bring in an affordable bookkeeper for the day to day transactions.  And then, work with a business consultant on the bigger picture items, on a periodic basis.  Having someone to talk about strategy, legal issues, financial issues, and your moral, is very important and can help to move you forward faster and better than doing it on your own. 

Another good help to use may be for social media and blogging updates.  This is different than   website development and SEO and requires a different skill set and knowledge base. 

Affordability may seem out of reach.  My advice, change your mind set about this - you need to believe that with the right help, you will have more time to focus on the building of your business.  Having additional time to network, create, provide your service, will bring you closer to why you started in the first place, and help to reignite your passion for it. 

Easily said, harder to do.  Well, set tasks and deadlines for yourself and hold yourself accountable.  Be diligent with yourself and really work your plan every day.  If you don't have a plan, then take the time to create one. 

Most of all, use the right tool for the right task.  As I told someone recently, in a conversation about their current accounting software that would not integrate with multiple online sales channels, change the tool.  (Imagine if you had to assemble a household full of Ikea furniture)  Use of a power screwdriver will be a lot easier and faster than using a regular, hand held one.  And if you don't know, then ask.