DecaMillionaire Decoded Preparing Your Personal Finances for Starting a Business
Having all of your financial ducks in a row before starting out on a new business will increase the likelihood of success and fewer headaches further down the road. Justin looks at three key areas where entrepreneurs should check their financials before getting started.
Don’t forget to subscribe, and let us know how we are doing by leaving a review. Thanks for listening!
TIME INDEX:
00:31 - Preparing Your Personal Finances for Starting a Business
02:32 - Update Your Personal Financial Statement
05:55 - Do You Have an Emergency Fund?
07:46 - Do You Have the Proper Insurance?
11:47 - Do You Have Your Legal Documents?
13:55 - Have You Eliminated Your Unsecured Debt?
16:55 - Update Your Budget
17:14 - Minimize Your Expenses
18:16 - Consider a Second Income While Starting Your Business
20:22 - Do You Need to Improve Your Credit Score?
21:29 - Business Analysis - Do You Need More Than Normal Funds to Start?
23:23 - Can You Start Buying Business Equipment Beforehand?
23:57 - Do You Need to Do a Trial Run on the Business?
24:35 - Have You Spoken With a Banker to Determine if Lending is Possible?
25:22 - Key Notes
25:31 - Do not Intermingle Personal and Business Funds
26:12 - Set Aside Tax Money
USEFUL LINKS:
Financially Simple on Facebook
________
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List.
The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
This podcast might recommend products or services that offer Financially Simple compensation when you use them. This compensation is used to help offset the cost of creating the content. We will, however, never suggest products/services solely for the compensation we receive.