A Brief Entrepreneurial Roadmap to Success

Being an entrepreneur rules…but there are rules!

Whether you’re planning to start a new business, trying to grow a fledgling business, or working to keep an already established enterprise competitive, your business plan is your “roadmap” toward success. And, since running a business is a little like embarking on a journey without a final destination, it may be necessary to consult, or even reconfigure, your map from time to time.

…and save you taxes!

Many people dream of turning their passionate pursuit into a money-making venture. Creating a successful and profitable business is seldom easy, but the Federal government offers tax incentives to business owners that could make converting an avocation into a business start-up an effective part of your overall tax planning strategy. If you are thinking about turning your hobby into a business, you would need to realistically appraise your chances of building a profitable enterprise before you declare yourself a business owner.

If I am going to San Francisco to Los Angeles without a plan I may end up in Las Vegas.  What happens if I need to be in LA for an important meeting?  To see my son?  Maybe to go to Disneyland with my family?  I would miss out.  Without a plan there could be issues.  Same with retirement.  If I do not plan I may just miss out.  By missing out in retirement I may mean having to go back to work.

Planning personal finances used to be the worry of the wealthy and their worry—usually preservation of wealth—was attended to by teams of trust officers and lawyers. Many of today’s middle class families have different concerns: funding retirement; educating children; protecting assets; and coping with unexpected changes in health, employment, and marital situations. But, whether your goal is to build or protect assets, the sooner you start, the better.

Small business owners seeking to purchase or renovate commercial real estate may want to consider the U.S. Small Business Administration’s (SBA) 504 Loan Program. This program provides long-term, fixed-rate financing for small businesses to acquire fixed assets, such as real estate or equipment, for expansion or modernization.

You will learn in twenty years if you are needed any longer.  It is expected in year 2040 that a computer’s action will be indistinguishable from that of a human.  Think about that.  You could be emailing in the year 2040 and truly not know who or  what is on the other end.  Scary.

Since you never know when a disaster may strike causing severe damage and disruption to your business operations, it is important to expect the unexpected and manage your risks accordingly. For that reason, business insurance should be factored into your regular cost of doing business. Generally, the best way to protect yourself and your business against the unforeseen is to prepare before an incident occurs by taking steps to reduce risks and by purchasing the appropriate insurance.

Life Stages and Investment Management

Investment management is determined by age!

On the way to developing and maintaining your financial well-being, the ability to successfully manage your personal finances will play an important role. A solid financial strategy can help you build a more financially secure future for your family.

To start, it is important to have an emergency fund in a separate savings account. Once you have accumulated up to six months’ worth of income to cover housing, food, utilities, transportation costs, etc., you can work toward defining your short- and long-term financial goals, and then constructing a plan to help ensure you meet your objectives.

Here is just a little sampling...

There is no doubt that 2020 has been a challenging year for small businesses. With the COVID-19 pandemic, racial equality protests and a looming economic recession, the business landscape has been transformed, and new trends are cropping up as a result.