One may consider himself the need to become successful entrepreneur to fulfil his dreams, aside from owning a house. One has been inspired to own a business just like what Steve Jobs of Apple and Mark Zuckerberg of Facebook have right now. And because of this, more individuals are working their way to become masters of their own professional success. But how can this be possible if they have not asked a financial advisor advice to make their business grow.
Being the boss of one company can be pretty exciting. However, his job will entail significant risks of doing it on his own. Unfortunately, the failure rates of small businesses are high, with only 50% surviving in five years. The keys to success is proper handling of funds, identifying the right products for a specific audience or market, marketing their products, and offering it at a right volume. He may also need a financial advisor advice for the following:
- Planning for Investments:
Most small businesses are funded by their owners, resulting to becoming their entrepreneur’s one and only investment. Even if the owner can initiate various capitals for other investments, he may try to focus his money into setting up this business. What he needs is prudent planning to create a diverse product or service to sell. He must also choose the right assets and investments to improve sales for his business.
- Risk Management:
Small business owners need to plan for whatever financial risks that may happen to the property ownership. This can include early death, disability, infirmity and illness, and loss or liability of the property. There can also be lawsuits filed for being negligent or having defective products. A financial advisor advice can have the business owner acquire a specialized insurance coverage just to be prepared for whatever outcome may arise.
- Planning for Retirement:
Most business owners will unlikely assume that they will be retiring in a matter of years in business. After all, this was something that they love and enjoy and will continue for the rest of their lives. However, they also see this business as the only retirement plan that they own. Certainly, this will need a great source of capital just enough to find their retirement needs. Fortunately, these businesses can now afford any sorts of tax-advantaged ways to save for retirement.