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LIFE GUIDANCE: STARTING A BUSINESS

Becoming your own boss.
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Should you venture out on your own?

The idea of becoming your own boss can be appealing – doing something you love, answering to no one but yourself. But it's important to do your homework first: according to the Small Business Administration, only half of small businesses will survive five years or more.

Pro's and Con's: Possibilities

Pro's

- More control over work role, location, goals
- Ability to set your own hours
- Opportunity to fill a need or pursue a passion
- Potentially greater financial upside
- Personal satisfaction of success
- Potential tax benefits

Con's

- More responsibility: operations, accounting, taxes, etc.
- Will likely work longer hours
- Greater financial risk: may require large initial investment, no income guarantee
- No employer-provided benefits

 

Consider your options

There are a number of different ways to structure a business, which can impact your potential liability, the taxes you pay and your options for raising capital. It's a good idea to get expert advice before you begin.

Solutions for growing businesses.

Count on Wings Financial for the essential accounts you'll need for day-to-day operations, plus resources to support your business' growth.

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