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  • Posted December 9, 2022

How A Financial Advisor Can Help You Set Up a Business

Do you love the idea of being your own boss? If so, setting up your own business may be the right move to make. Of course, getting a business set up and running is no walk in the park. There are a ton of details to see if you want to succeed. Because of this, it can be highly beneficial to seek the help of a certified financial planner and advisor. Advisors can help in a multitude of ways.

Provide Useful Financial Tips

The whole point of having a business is to make money. That sounds simple, but there’s a surprising amount of work that goes into that. You’ll need to obtain the funds to start your business to begin with. That will pay for things like the cost of obtaining your products and services, hiring and paying employees, rent and utilities, marketing, and more.

Once you get things going, you’ll need to manage your costs and balance that against the money you bring in. It may take a bit of time to become profitable. One of our certified financial planners in Hartford, CT can help you find ways to keep your costs low and make the most out of every dollar you spend.

Give Advice about Structure

How much thought have you given to how you want to structure your business? Do you want to organize your business as an LLC? Maybe a sole proprietorship or a partnership fit your business better. Organizing as a c-corp is another option, but not one popularly chosen for businesses that are just getting started.

C-corps come with a lot of complicated rules and don’t make much sense for a simple business. Figuring out which structure makes the most sense can be tricky. Fortunately, an advisor can help you understand the pros and cons of each option and the implications that each has for your business. That can make the decision much easier. TenPath Financial provides business consulting and retirement planning services in Hartford, CT.

Spotting Problems and Opportunities

Problems and opportunities alike are easily overlooked when you’re just getting started as a new business owner. You’ve gone over your business plan so many times and you have such a close understanding of the vision you have for your business that it’s easy to miss things. An advisor can act as a fresh set of eyes, helping you spot problems before they become unmanageable. They can also spot opportunities you may be missing to help your business maximize its potential.

Getting a business going takes a lot of work and effort. Fortunately, you don’t have to do it all on your own (unless you want to). Think about the areas of your business where you could use the most help and seek the help of an advisor. With all the knowledge and expertise they can offer, finding one who will help you set up your business could be one of the best things you do.

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Contact Tenpath Financial Group for certified financial planning services for your business.