Bouncing Back: How Entrepreneurs Can Move Past Financial Setbacks

When you’re followed by previous financial trouble, many things can feel out of reach. Starting a business, however, doesn’t have to be one of those things. With a little planning and using the resources that are available to you, becoming an entrepreneur can help rebuild your confidence and offer further security for your future.

Tighten any loose screws

If you’ve faced financial challenges before, the first step to starting a new business will come as no surprise: figure out what your assets are and learn how to strengthen them. Bad credit scores can affect so many areas of our lives, so working to improve yours is always a good place to begin. Paying off big credit purchases and making sure bill payments are posted on time can be a huge and simple boon for your score.

Every improvement will make a difference as you start your new venture, but don’t worry if your score is lower than you’d like; there are all kinds of loan options for those with lower credit scores, giving your credit the chance to climb and you the opportunity to get your business rolling. Keep in mind, you don’t need to navigate these challenging business financial waters on your own. Schedule an appointment with KJH Financial Services for help with comprehensive financial planning.

Assess—and enrich—your standing

You can work on your credit score until the cows come home, but the first real step to making your business a success is to assess where you are and what you need. There are thousands of programs and grants for starting a small business, from the government’s Small Business Association to local entrepreneurial groups. Everyone wants your venture to succeed, so seek out opportunities to make your foundation a little more stable.

When you know where you are, it’s time to seek a business loan to carry you into the future. There are plenty of lenders who designed their businesses for those with financial baggage, so research a variety of different groups and find those who can give you the best rates.

Enlist help

You can be an expert in your business, but it can be a great move to bring in someone who is an expert at business. Business coaches can help you succeed at every step, from marketing yourself to researching the market and more. There is so little benefit to reinventing the wheel when instead you could be reaching out to customers and creating a business to be proud of.

There are usually support structures for start-ups in different cities and counties, like local libraries or local small business associations. See what tools are at your disposal so that you can focus on growing your business instead of starting all over.

Cover yourself — and your business

The one thing we know about life is that it is unpredictable; change lurks around every corner, so protecting yourself and your business can give you considerable peace of mind. Creating an LLC can be a great benefit to many business owners by limiting your liability, giving you greater flexibility and even tax benefits.

Filing for yourself will help you avoid those high lawyer fees, or consider filing through a group like ZenBusiness, which can help go over the different regulations for each state before you get started. Insuring your business can also be a great benefit, protecting you further from potentially damaging legal actions.

Your dream business doesn’t have to just be a dream. No matter where you are, there is a path towards owning your own business. Creating a liability shield and reaching out to a financial planner like Kimberly J. Howard, CFP at KJH Financial Services can give you the tools to set yourself up for success and make your dreams a reality.

Are you ready to start your next business venture? Call KJH Financial Services at 781.413.4879 for the help you need to get started today!

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