Business
Owner's Guide to Personal Finance
"When your business is your
paycheck, you need Personal Finance for Entrepreneurs"
Jill Fraser saw a hole in the market and she filled it. There are endless numbers of personal finance guides for people who work for someone. Likewise, there are numerous books on corporate finance issues. However, the high volume of calls Jill fielded at Inc. Magazine, reinforced her awareness that there were no guides to specifically help business owners with their personal finances. Jill Andresky Fraser, Inc. Magazine's well-known and respected finace editor, wrote this book as a personal finance blueprint for entrepreneurs. As
they pursue their american dream, many entrepreneurs may compromise
the financial well-being of their families. We've all heard
not to put all your eggs in one basket, but its hard for business
owners not to do that. Half-a-million men and women start businesses
each year, adding to the ranks of 15-20 million who already
operate their own companies across the U.S. Yet only about half
of these small businesses will survive for four years or longer.
Business owners receive pressure to put their company first, but Jill says "NO," you have to find a middle ground to value your family's goals and family's security and safety as you get your company running. She says that without ever bothering to articulate it; most business owners have a personal finance strategy that boils down to two words: my company. They often neglect to create a back-up strategy or safety net to safe guard their family's well-being. Entrepreneurs may not want to deal with the "mundane" but vital issue of "building a firewall" between one's personal and business finances until the business is solvent, goes public... or until it's too late financially! Fraser provides conservative strategies for coping with problems such as cash flow crises, extensive credit card debt, and the lack of family retirement and savings plans. She says to be sure you're always taking baby steps to protect yourself. The self-compensation strategy is a tough one. Jill Fraser suggests the following strategy:
Franchise
owners can also benefit from this book. They are given a
blueprint for running the business side of the company,
but there is no guarantee that personal goals will be addressed.
Other resources include visiting your area's Small Business Development Center or go online at asbdc.ualr.edu; and visit Jane Applegate's Money Channel at www.sbtv.com.
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