April is Financial Literacy Month, and Preferred Wealth Management is committed to helping you set SMART financial goals with resources tailored to your lifestyle. Is it one of your financial goals to start a business? Starting a business is an opportunity to control your own destiny and income. It's also risky and requires investment. That leads many would-be entrepreneurs to abandon their small business goals in favor of financial stability. However, starting a business is more attainable than you think. If you're trying to figure out how to fit entrepreneurship into your SMART financial plan, let these resources guide the way.
How to start a business with no experience
Do you want to start a business but don't know the first thing about running a company? You don't need a background in business to succeed, but you do need a can-do attitude.
- Online business degrees are a good place to start if you're brand new to the world of business management. Online degree programs are faster and more flexible than traditional universities while offering a breadth of knowledge.
- Nothing beats the knowledge of someone who's been there and done that. A business mentor is among the most valuable resources for any entrepreneur.
- How to finance a business is one of the biggest questions for new entrepreneurs. Savings, AKA bootstrapping, is the most common source of funding but there are other financing options
How to start a business as a single parent
Single parents face unique hurdles to entrepreneurship — not the least of which is the high cost of childcare.
- That's one reason many single parents opt to start a home-based business. The rise of online businesses has made working from home more profitable than ever.
- The secret to home business success is treating it like a real business. That includes applying for licenses and permits, paying business taxes, and designing a professional, ergonomic workspace.
- It's hard to do your best work if you're pulling double-duty. Before trying to juggle work and kids simultaneously, explore your childcare assistance
How to start a business as a veteran
Veterans know how to execute a mission, making vets great business owners. If you're a U.S. veteran starting a business, take advantage of these resources designed to help.
- The Office of Veterans Business Development is the first place veterans should turn. The Small Business Administration maintains a list of OVBD resources.
- Veterans can also find support in the private sector through veteran entrepreneurship programs like VETRN, VetFran, and Bunker Labs.
- Interested in working with the government? Veteran-Owned Small Businesses registered through the Vets First Verification Program receive priority when bidding on government contracts among other benefits.
How to start a business near retirement
More adults are starting businesses late in life to keep busy or for extra income in retirement. What should you consider before becoming an entrepreneur after 50?
- Entrepreneurship offers financial independence, but it also comes with added costs for healthcare and retirement savings. Entrepreneurs over 50 should understand how business ownership affects their financial goals.
- It's possible to tap retirement funds to start a business, but is it wise? Learn the downsides of Rollovers for Business Startups.
- Those who prefer to avoid debt so close to retirement should consider a low-cost business like consulting, tutoring, or remote business services.
You don't need a ton of cash in the bank to turn your entrepreneurial goals into a reality. From financial resources for entrepreneurs to budget-friendly business ideas, there are lots of SMART ways to start a small business. For more insights on how business ownership fits into your financial plan, give Preferred Wealth Management a call at 602-494-0020.