Self-employment is not for everyone, and certainly not for the faint of heart – America needs our entrepreneurs.  They help drive the economy by creating future products, services and jobs.  If you are thinking of creating a life change to become a new entrepreneur, it’s a good idea to establish an annual business plan which clearly outlines how your business will function and grow.  Most entrepreneurs use their savings to start their business, but now is the time to consider other various ways of sourcing capital.

Why not find a good financial partner within your commercial bank.   Someone that has experience and can help provide a formal written financial plan to include both business and personal assets so you can see the full picture of how to build your business, your wealth and your future well-being.

Do your homework before you jump into a new business venture.  You want to establish a comprehensive plan and targeted approach to entering the market at the right time.  Be flexible to changes as you work through your business.  You may need to pivot your thinking and your model in order to stay relevant and keep up with your competition.

Christine’s Tip:

Women entrepreneurs tend to focus more on long-term relationships when building and designing their businesses to ultimately grow over time.  Men on the other hand, have a propensity for rapid growth and the preparation for a future sale of the business.  They tend to look for a means to generate future opportunities and measure their success more so on monetary gains.   

American women want to be business owners to create more freedom and flexibility, more family time, and they tend to have a higher degree of confidence about multitasking and managing every aspect of the business, much more than their same aged male counterparts.