“How will you attract and retain quality employees? How can you protect your newfound wealth, for now and the future?”
As a business owner, you have many different hats to wear and over time, those hats will change. As a new business owner, you will need to decide whether your business should be a sole proprietor, partnership or incorporated. You will have questions such as, “Should I include my family members or will that create unnecessary complications or risks?” Often a new business owner will require financing for the business start-up, which could come from outside financing—perhaps from a bank, family member or an investor. You will need to decide which financing option is right for you and how to negotiate the deal. Once you open for business, you will need to think about all the tasks associated with day-to-day operations. Finding and applying for alternate sources of funding such as grants or government subsidies can be helpful and challenging at the same time. As a new business owner, should you draw a salary, take dividends or a mixture of both? Cash flow management will be critical, both in your new business and personally. Questions will need to be addressed such as, “How do I protect my personal assets from liabilities in my business and how do I guarantee my family’s lifestyle in the event of my death or disability, sickness or injury?”
Click here to read the full article published in Business Link’s All in the Family magazine.