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Starting A Business

It’s often said that starting a business is the American dream. And it’s probably true – if you’ve got a great product or service in mind, this is the best place in the world to launch a new company.

It’s also one of the bravest things an individual can do because there’s so much at stake. Developing an idea, working for yourself, and providing new opportunities for others comes with trade-offs. If you leave full-time employment to start your business, you give up a regular paycheck, company-sponsored benefits, office supplies, and space. In their place you need working capital, which means borrowing new funds and spending some of what you may already have.

If you take the leap, you’ll learn that cash flow is critical – that paying bills and employees often comes before paying yourself. It’s an intimidating proposition, but if you succeed, you’ll experience intense new levels of satisfaction and independence.

Before you start, of course, you’ll need to nail down the basics: a realistic business plan and an insurance package that protects both you and your family. Let show you options you may not know about.

Products for this Life Stage:*

Create short-term security.

Term life insurance can replace the life insurance your previous employer may have provided. It’s a good choice until your business is up and running.

More Guidance for Hopeful Entrepreneurs:

Hook up with a trade group.

Professional associations can often provide group health-care packages that are much cheaper than individual plans. Local Chambers of Commerce and the United States Small Business Administration can also advise you during the start-up phase and beyond.

Revise your personal budget.

Use our interactive Budget Calculator Tool to see how you can adjust your spending to accommodate the new business.

Western & Southern Life does not provide tax or legal advice. Please contact your tax or legal advisor regarding your situation.

*Products suggested for this Life Stage are not a specific recommendation or solicitation to purchase.


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Last Updated: 12/14/2017