This week Colorado celebrates Money Smart Week. The goal of the week is to help adults, business owners, and even children learn how to be better about their money. As many of my readers know, I am going to be presenting to Mommy Meeting tonight on the five biggest mistakes women in business make. Coincidentally, one of the biggest mistakes I see women (and for that matter men) make is not planning financially for starting a business, running their business, and then for after they no longer have their business.
So how do you plan financially? When you start a business, make sure you have money to pay for the start-up costs and run the business for several months without a profit (best would be for one year with no profit). When you are running your business, save extra funds when you have a good month for unexpected costs or down months. To help plan for your future, start saving for retirement even if it is only $100.00 a month. And prior to saving that money, speak with your accountant and financial planner to make sure that you take advantage of the special retirement accounts for business owners.
For more information about events going on this week to help you learn about money, visit http://www.moneysmartcolorado.com. If you need help with your business, call me, your Denver Small business attorney, at 720-258-6647!