When you’ve done all the work to determine whether you’re ready to start your own small business, it’s time to see what financing option makes the most sense. For some small business owners, the choice comes down to asking a simple question: Is 401(k) business funding is right for you?
Entrepreneurs who are interested in using their retirement fund assets to drive their small business creation or expansion have several options. However, there are considerable advantages to using a rollover approach instead of a self-directed option.
You contribute to your retirement plan so that, one day down the road, you’ll be able to continue with a life “style”.
When you are looking at options to fund your small business, and if you have retirement funds, you should consider using the ROBS arrangement.
ROBS (Rollover for Business Startups) is an innovative approach to business funding. Using a ROBS arrangement, business owners leverage existing 401(k) funds to finance their business purchase or expansion.
Ever since you started working, you have been told to save for the future, so you'll have the means to live in the future. Whether you have a company sponsored retirement plan, are investing in a personal IRA or making regular investments into a savings account, you understand the importance of building your nest egg for the next chapter of your life.
"Do what you love."
It is a popular maxim. We are all encouraged to work in an area that we enjoy, doing work that is fulfilling and meaningful to us. That sentiment is no different for entrepreneurs.
For entrepreneurs, the list of essential skills can seem never-ending. Small business owners wear many hats, and the ability to be nimble means having a vast array of talents you can draw on depending on the situation.
A new paper by researchers at MIT, Northwestern University and the U.S. Census Bureau dispels the classic myth that the best entrepreneurs are those who are quitting college and becoming tech wunderkinder in their twenties.
If you are considering starting your own business, it is easy to talk yourself out of it. There are too many falsehoods and myths out there that paint an inaccurate picture of what it means to start your own business.
When do you know it is time to take a leap of faith when it comes to your career?
Every would-be entrepreneur has asked that question in a moment of soul-searching. When is the right time to move on, to try something different, and to take a calculated risk?