Embarking On Entrepreneurship: A Guide For The Newly Single Woman

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Starting your own business as a newly single woman can be both empowering and challenging. It represents a fresh start and an opportunity to shape your professional journey on your terms. Here are key considerations and steps to guide you through this exciting venture.

Assess Your Skills and Interests

Begin by evaluating your current skills and interests. Reflect on what you enjoy doing and where your strengths lie. This self-assessment will help you identify potential business ideas that align with your passions and expertise. Resources like LinkedIn Learning and Coursera offer courses to help you enhance your skills or learn new ones relevant to your business goals​​​​.

Develop a Solid Business Plan

A well-thought-out business plan is essential for any startup. It should outline your business idea, target market, competitive analysis, marketing strategies, and financial projections. Consider using the SMART criteria (Specific, Measurable, Achievable, Relevant, Time-bound) to set your business objectives. This plan will not only guide your business development but also attract potential investors or secure loans​​.

Legal and Financial Setup

Establishing a legal structure for your business is crucial. Decide whether to register as a sole proprietorship, partnership, LLC, or corporation. Each structure has different legal and tax implications, so it’s wise to consult with a legal advisor or CPA to make the best choice for your situation​​.

Secure Funding

Determine how much capital you need to start and sustain your business until it becomes profitable. Explore various funding options such as personal savings, loans, grants, or investors. The Small Business Administration (SBA) provides resources and support for new entrepreneurs, including information on loans and grants​​.

Build Your Support Team

Surround yourself with a team of advisors who can provide guidance and support. This might include a business mentor, financial advisor, attorney, and accountant. These professionals can help you navigate legal requirements, manage finances, and make informed decisions​​​​. HB maintains relationships with a broad range of outside advisors, and we can help you identify the ones that are a good fit for your business.

Develop Your Brand and Marketing Strategy

Creating a strong brand identity and marketing strategy is essential for attracting customers. Your brand should reflect your business values and connect with your target audience. Utilize social media, a professional website, and other marketing tools to promote your business. Engaging content, consistent branding, and effective communication will help establish your presence in the market​​.

Network and Build Relationships

Networking is vital for business growth. Attend industry events, join professional groups on LinkedIn, and engage with forums related to your field. Building a strong professional network can open doors to new opportunities, partnerships, and customers. Don’t hesitate to seek mentorship from experienced entrepreneurs who can offer valuable insights and advice​​.

Manage Your Finances Weekly

Effective financial management is crucial for the success of your business. Develop a budget, monitor cash flow, and keep accurate financial records. Understanding your financial position will help you make informed decisions and ensure the sustainability of your business. Consider using financial management tools and software to simplify these tasks​​.

Believe in Yourself

Finally, believe in your ability to succeed. Embrace this new chapter with confidence and determination. Remember that setbacks are part of the journey, and each challenge presents an opportunity to learn and grow. Surround yourself with positive influences and stay focused on your goals​​​​.

Conclusion

Starting your own business as a newly single woman is a courageous step toward financial independence and personal fulfillment. With careful planning, support, and perseverance, you can build a successful business and create a bright future for yourself.

If you are a suddenly single woman and would like to discuss your finances, and life goals, or if you need assistance starting these conversations, visit homrichberg.com, email us at info@homrichberg.com, or call 404.264.1400.

Download this article.

Important Disclosures

This article may not be copied, reproduced, or distributed without Homrich Berg’s prior written consent.

All information is as of the date above unless otherwise disclosed.  The information is provided for informational purposes only and should not be considered a recommendation to purchase or sell any financial instrument, product, or service sponsored by Homrich Berg or its affiliates or agents. The information does not represent legal, tax, accounting, or investment advice; recipients should consult their respective advisors regarding such matters. This material may not be suitable for all investors. Neither Homrich Berg nor any affiliates make any representation or warranty as to the accuracy or merit of this analysis for individual use. Information contained herein has been obtained from sources believed to be reliable but are not guaranteed. Investors are advised to consult with their investment professional about their specific financial needs and goals before making any investment decision.

©2024 Homrich Berg.

After A Loss, Take Control Of Your Finances

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After a spouse passes away or a couple divorces, the “suddenly single” spouse may find the prospect of handling finances complicated and daunting.

The financial industry is full of phrases and terminology that can be confusing. In many cases, someone else was in charge of making the financial decisions for the family. Now is the time to change your mindset around money. It is time to realize that this is your money and your opportunity to design the future of your finances.

Realizing that you are now the decision-maker can be very powerful. As with many things in life, with this honor comes responsibility.

It is critical that you take control of your finances and understand the investments within your portfolio. Do you have bonds? Stocks? Are the stocks domestic or international? What percentage of your portfolio is liquid and readily available versus tied up in longer-term partnerships? Do you have a long-term financial plan? If so, what are your financial goals and objectives? What assumptions have been made regarding future income, expenses, and rates of return? Does your portfolio reflect the needed “mix” to meet the rate of return assumptions and ultimately your goals and objectives?

If you are answering “no” or “l don’t know” to those questions, one option is to take control by building a team of unbiased advisers. This entails adding financial experts, including a wealth manager and CPA, to your current team (likely an estate or family law attorney). When choosing your advisor, it is important to ask how they are compensated.

There are three models:

  • Commission-based advisors, like traditional stockbrokers, receive a commission with each trade.
  • Fee-based advisors can get paid in other ways beyond the fee paid by clients.
  • Fee-only advisors are paid exclusively by their clients, have a fiduciary duty to act in your best interest, and do not receive commissions when investing your portfolio.

As the decision maker, it’s important to ask as many questions as needed until you understand the general asset mix of your portfolio and can articulate your long-term financial plan. Be wary of the professional who does not encourage you to ask questions. Like discussing a sick child with a pediatrician, no questions should remain unanswered.

Whatever your decision on hiring professionals, you will need to take time to build your financial plan. This is the time to consider your goals: short-term, mid-term, and long-term. Short-term goals (O-3 years) might include building an emergency fund or saving for a home improvement project. Mid-term goals (3-10 years) include saving for a vehicle, a major trip, or the purchase of a home. Finally, long-term goals (10 years or more), would include things like saving for retirement or college.

Once you have your plan in place and finances in order, you can take additional steps to protect your assets. One that gives you greater control as well as protection is to freeze your credit with all three credit agencies (Equifax, Experian, and Transunion). This prevents someone else from pretending to be you and opening credit accounts (e.g., store credit cards, car, home loans, etc.) in your name without your knowledge.

All three agencies should be contacted separately and will ask a series of identification questions. Once frozen, you can temporarily “thaw” your credit files as needed to apply for a new line of credit, such as an apartment or mortgage application, a car loan, or a cell phone application.

Developed after years of working with suddenly single spouses, these simple steps will give you the confidence to take control of your financial future and allow you to maintain your financial independence.

To learn more or get help with your finances, please visit us at homrichberg.com, send an email to info@homrichberg.com, or call 404.264.1400.

Download this article.

Important Disclosures

This article may not be copied, reproduced, or distributed without Homrich Berg’s prior written consent.

All information is as of date above unless otherwise disclosed.  The information is provided for informational purposes only and should not be considered a recommendation to purchase or sell any financial instrument, product or service sponsored by Homrich Berg or its affiliates or agents. The information does not represent legal, tax, accounting, or investment advice; recipients should consult their respective advisors regarding such matters. This material may not be suitable for all investors. Neither Homrich Berg, nor any affiliates, make any representation or warranty as to the accuracy or merit of this analysis for individual use. Information contained herein has been obtained from sources believed to be reliable but are not guaranteed. Investors are advised to consult with their investment professional about their specific financial needs and goals before making any investment decision.

©2024 Homrich Berg.