Not everyone woman can start her own business, and YOU DID IT! Good for you!!
Now that you’ve gotten it started, let’s talk about how it will end. If you haven’t thought about your “end game” you’re making a mistake. Most SmartWoman@Work entrepreneurs will tell you that is the one thing they wished they’d thought about sooner. Do you want to franchise it and sell the franchise, grow your business locally and then sell to someone from the area, maybe you want leave it to your kids or just close it down.
Each of those things will need different decisions along the way. Knowing your desired “end game” will be a HUGE help when having to decide how to spend money, who to hire, etc.
The 2nd most important advice seasoned business owners give newbies is: PAY YOURSELF FIRST. Sure, in the beginning you might not take a salary, but before you pay the bills and take a salary, put a little bit away in a retirement fund. The ideal is 10-15% but even if all you can do is $100/month ($25/week), make it happen.
After you read it, check with your accountant to decide the best plan for you. And don’t wait…my mother, at 90, once told me “it went so fast!” Time moves along without you realizing it. If you aren’t taking care of your future, it won’t be taking care of you!
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