October is National Women’s Small Business Month…
In our practice, I see all the time women creating fun, unique ways to earn an income for themselves and their families. It thrills me to see these courageous women leading the way to a growing economy in our country. The success of female entrepreneurs is something to be celebrated always, but the entire month of October is being used to spotlight these ambitious women.
Per the 2018 American Express State of Women-Owned Business Report, there were 1,821 net new, women-owned businesses added per day between 2017 & 2018, and women own four out of ten businesses in the United States. Also according to the State of Women-Owned Business report, from 20017 to 2018, the Charlotte-Concord-Gastonia metro area was the #1 metropolitan area that increased their economic clout (a combination of growth rates of women-owned businesses for number of firms, employment and revenues). These are pretty staggering statistics, and something to be acknowledged.
My job is to help these women, and all small business owners, know how to use their business as an asset and part of their over-all portfolio. Many times, business owners only think about putting money back into their business, but they need to take some money out of your business and put it aside for their older self. Setting these funds aside for their older self is important and is a way to “diversify” their over-all portfolio. Otherwise, you can have too much in one stock…your business! I help clients do this in creative ways, such as retirement plans and trusts. Proper financial planning can help to balance the wealth created in these small businesses, which can pass from generation to generation.