While starting your own business and becoming your own boss is intriguing, there are several important financial considerations.
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Getting it right from the beginning will be especially important if the business takes off since you don't want to find yourself unprepared from a legal, insurance, or tax perspective."Some missteps can be unforgiving or hard to undo," Cordasco said.How you set up shop depends largely on factors such as your anticipated income, your expenses, and the desired liability protection, Karu said.
Many employers provide some level of disability insurance, for example, which is something some people don't think about when they go into business for themselves. This can be a costly mistake considering data from the CDC that indicates one in four adults in the U.S. has some type of disability."Something is always better than nothing," Ardleigh said.