The Financial Planning Checklist Every Woman Entrepreneur Needs

Article Summary

• It is common for female entrepreneurs to put their entire focus on building a business, even if that focus is at the expense of their personal financial lives.
• Many women entrepreneurs find they feel more confident about their financial lives when they work with a financial advisor and create a financial plan.
• Many times, a financial advisor is just one expert who is part of a female entrepreneur’s team of advisors, including attorneys, insurance professionals and CPAs.
  

As an entrepreneur, it can be easy to put all of your energy into the success of your business. It is quite common for entrepreneurs to be so focused on business growth that they may put their own needs second. 

One of those needs is personal financial growth. Data indicates that more than half of entrepreneurs go without a paycheck for several months as a business gets going. Another quarter of business owners go for more than six months without being paid. 

Put simply, many entrepreneurs place their financial focus on their business ahead of themselves. One way to keep an eye on both is to commit to a checklist that offers simple reminders for personal financial attention. 

On a related note, many female entrepreneurs find they feel more confident with their financial decisions when they work alongside a wealth manager who understands the specific goals they have. 

A Checklist For Women Building Wealth Beyond Their Business

It can be easy for women entrepreneurs to get wrapped up in business priorities, which is where a financial checklist may come in handy. Generally speaking, the value of financial planning grows as an entrepreneurial business grows. Developing and adhering to a comprehensive wealth management strategy as a business owner is one way to be proactive about your personal finances as you grow your business.

Here are a few tips that many women find helpful as they balance entrepreneurship and the growth of their personal wealth.

1. Invest beyond your business. It is easy to believe that entrepreneurship is an all-in endeavor, but many women feel more confident about their financial situation when they balance entrepreneurship with personal financial growth. Some women also believe they need to wait to focus on their personal wealth until they build and sell their business, which may minimize the time available for appreciation.
2. Align your financial decisions with your long-term goals. Sometimes financial planning can seem overwhelming. Many women find it is helpful to focus on their vision for the future before sorting through the ways they could get there. Life has its way of changing, so do not forget to check back on that vision over time to make sure it still aligns.
3. Build the right financial team. Not everyone works with the same type of financial advisors. Many women feel the most confident with their financial picture when they have experts in certain areas at their disposal, from real estate to law to wealth management. Building a team you trust allows you to tap into expertise when you need it.
4. Maximize the financial opportunities your business creates. Industry experts encourage women entrepreneurs to leverage every opportunity their business creates for financial gain, either for the business or for your personal wealth. In fact, your business has the ability to become one of your biggest wealth-building resources.
5. Build a financial safety net. Business can come and go, and every entrepreneur understands that income is cyclical and not always predictable. Many women find that building a personal financial safety net is a proactive way to feel more confident and protect themselves against potential losses.
6. Use your wealth to create more choices. Many women have found that building wealth gives them the opportunity for more flexibility, be it around their family life, their future choices or their careers. By building personal wealth outside of a business, many women achieve financial independence that facilitates a broader range of choices for them.
7. Find an advisor who understands women entrepreneurs. While working with a financial advisor is not required, many women entrepreneurs find they feel more confident with their financial lives if they do. If you are looking for that type of support, it may be beneficial to find an advisor who has experience working with female business owners.

The exercise of building personal wealth while also building a business may seem like a heavy lift. At Svvy®, we understand that financial planning for women entrepreneurs can seem like a task you do not have time to tackle. We also understand that many women feel better supported when they work with a female-vetted financial advisor who understands the demands they are facing as a business owner. 

Our financial advisor matching quiz helps female entrepreneurs find an experienced financial advisor who has been vetted by our team of female professionals. We designed the quiz to help women match with an advisor who is right for them. 

To get connected with a financial advisor who has experience helping women build wealth beyond their business, get matched with a Svvy® expert today. 

Disclosure: This content is provided for general educational purposes only and does not constitute individualized investment, legal, or tax advice. Svvy® acts solely as a solicitor and connects and matches individuals with independent third-party financial professionals through a quiz-based matching process on the Svvy® Network. Matching is based on information provided through Svvy’s platform and does not constitute any advice. Any advice, recommendations, and services are provided only by the independent professional you choose to engage.