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June 29, 2019

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More Tips + Tricks

Five Tips for Women Business Owners

Running your own business can be rewarding, but it’s never going to be an easy road. However, with perseverance and careful planning, you can smooth out some of the bumps along the way — and give yourself reason to celebrate American Business Women’s Day.

 

On Sept. 22, we celebrate[d] American Business Women’s Day. If you’re a woman planning to go into business for yourself, keep these five tips in mind:

 

  1. First, balance your business goals with your personal ones. It can be challenging to expand your business while still saving for retirement.

  2. Second, choose an appropriate retirement plan, such as an owner-only 401(k) or a SEP-IRA. These plans offer tax-deferred growth potential and possible deductible contributions.

  3. Third, arrange for “backup.” If you have extensive family responsibilities, you’ll need a trusted person to fill in for you on occasion.

  4. Fourth, work with your legal and tax advisors to create a succession plan if you want to keep the business in the family.

  5. And, finally, build an emergency fund containing a few months’ worth of business expenses. Keep this fund in a liquid, low-risk account.

 

This is Kimber Smith, your Edward Jones financial advisor, AAMS, CRPC at 4767 Mangels Blvd, Fairfield, CA 94534. 

Kimber.Smith@edwardjones.com

 

 

 

 

While Better Bookkeepers uses all reasonable efforts to ensure that this information is current and complete on the date of publication, no representatives or warranties are made (expressed or implied) as to the reliability, accuracy or completeness of such information. Better Bookkeepers, therefore, cannot be held liable for any loss arising or indirectly from the use of, or any action taken in reliance on, any information appearing in this publication.

 

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