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:
First, balance your business goals with your personal ones. It can be challenging to expand your business while still saving for retirement.
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.
Third, arrange for “backup.” If you have extensive family responsibilities, you’ll need a trusted person to fill in for you on occasion.
Fourth, work with your legal and tax advisors to create a succession plan if you want to keep the business in the family.
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.
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