Financial Planning for Business Owners
“It’s Your Business—and Your Life” – If you’re like most small business owners, your personal life and business life are practically inseparable. That’s why it’s important for your personal financial planning to take into account the unique considerations—and opportunities—of owning and operating a small business.
Being the boss can be exhilarating. But there are also significant risks to going out on your own. Unfortunately, the failure rate of small businesses is high. The keys to success lie in proper budgeting, determining the right product for your market or audience, marketing that product, and then selling it at the right volume.
What small business owners sometimes forget is that they need to adapt their own individual financial plans for the new realities and risks of being a business owner. One point should be clear when it comes to financial planning for the small business owner: the do-it-yourself drive that helped you start your business will not serve you well when it comes to managing the many financial issues created by that business. This is where professional expertise often becomes necessary.
Holistic financial planning for an individual or couple generally involves tax planning, risk management, investment planning, retirement planning, and gift and estate planning. For each of these areas, let’s consider how business ownership takes this planning to another level.
At Lionshare Partners, we take the intimidation factor out of the equation, replacing it with sound financial advice and actionable steps to help entrepreneurs feel confident every step of the way. We design in-depth, personalized strategizes that optimize performance and set the stage for long-term growth for your small business.