Home-based businesses can be very efficient. Your overhead expenses tend to be lower, there’s no commute, and technology is making it easier to compete with traditional brick-and-mortar companies.
It may be hard to expand your workforce if you don’t have a separate office and, in some cases it may be difficult for customers to find you.
Sometimes you just need a bit of advice, and if it helps advance your business, why not take it? A financial advisor can provide a range of valuable advice including:
However, many home-based businesses don’t take advantage of an advisor’s expertise1:
An advisor can recommend affordable financial solutions, whether you need protection from out-of-pocket health and dental expenses and disability costs, or access to capital to grow your business through an investment loan or line of credit.
If you’re not tapping into a financial advisor’s expertise, you may be at a disadvantage. Among businesses operating outside the home, only 31% didn’t work with an advisor for business reasons, and 28% didn’t work with an advisor for personal affairs, according to the 2016 Manulife Small Business Research Report.
Working from your home can be a smart business move, and even smarter if you work with the advice from an advisor.
One important tip for every new entrepreneur.
Set your business up for success today and develop a financial plan for retirement.
Make financial decisions so you can save and invest your money with more confidence.
