Episode 54: So, You Want to Start a Business
by Financial Design Studio, Inc. / October 30, 2024What do you need to know before taking a hobby full time or launching a start up? In this episode, we break down the finances for those who want to start a business. From finding funding, to deductions and distributions, and tax implications, we share our expertise as planners and experience as business owners.
Take a listen right here, or head over to your favorite steaming platform!
Key Moments
2:34 Why we started our businesses
8:47 Should you take your passion full time?
16:36 How will you fund your business?
23:10 Your personal finances in the early days
26:50 Where to get funding for your business
35:21 Should you grow your salary or reinvest in the business?
42:35 Should you take a salary or a distribution?
47:41 What about the regular employee benefits?
1:01:36 What are your businesses tax liabilities?
1:08:16 Rules of thumb for running a business
Links If You Want to Start a Business
Watch our YouTube playlist for business owners!
Learn more about separating your business and your personal finances here!
Reach out to us at podcast@financialdesignstudio.com if you have questions!
Stay Connected!
If you want to hear even more episodes, like this one, be sure to subscribe to the Behind the Designs podcast on your favorite streaming platform! The Behind the Designs podcast shares with you an inside perspective at how financial advisors think about money. We’ll see you in the next episode.
Credits for Episode 54
Host: Michelle Smalenberger, CFP®
Guest: Trevore Meyer, CFP®
Executive Producer: Anna Lewis
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Financial Design Studio, Inc.
We are financial advisors in Deer Park and Barrington, IL. A team with a passion for helping others design a path to financial success — whatever success means for you. Each of our unique insights fit together to create broad expertise, complete roadmaps, and creative solutions. We have seen the power of having a financial plan, and adjusting that plan to life. The result? Freedom from worrying about the future so you can enjoy today.