If you’re a woman business owner, you may face some challenges not shared by your male peers – but there are many moves you can make to help improve your financial future.
First, make sure you’re networking with other business owners who can offer suggestions on meeting the specific challenges women face. You might also get tips on lending programs and business-friendly local banks, or just enjoy sharing your own experiences.
Also, you might want to review your business structure, such as sole proprietorship or limited liability corporation. And make sure you’ve got an adequate protection package, possibly including general liability insurance and disability insurance.
Here’s another important step: Consider all your retirement plan choices if you haven’t done so already. As a business owner, you have several good options, such as an owner-only 401(k), a SEP-IRA and a SIMPLE IRA. These plans are easy to set up and can offer tax advantages.
By taking positive financial steps, you can find business ownership to be highly rewarding – personally and professionally.
Kim Owen is a financial advisor at Edward Jones,309 Southridge Blvd. Suite G. in Heber Springs. The office number is (501) 270-6868.