Guidance on how the self-employed can navigate financial risk. Discusses some of the common financial risks of being self-employed, like irregular cash flow and client concentration (i.e. too much income dependent on a single client), ways to reduce those risks, and how to balance risk and reward from a planning perspective.

Sources:

• Planview: www.planview.com/resource-center/ 
• Entrepreneur: “How to Diversify Your Customer Base and Grow Your Business” https://www.entrepreneur.com/growing-a-business/how-to-diversify-your-customer-base-and-grow-your-business/316073 
• Entrepreneur: “How to Diversify Your Business Interests” https://www.entrepreneur.com/starting-a-business/why-you-need-to-diversify-your-business-interests-and-how/428870 
• LinkedIn: “Scenario Planning for Small Business” https://www.linkedin.com/pulse/scenario-planning-small-business-mexit-inc-ekacc?trk=public_post_main-feed-card_feed-article-content 
• Wealth Factory: “How to Protect Personal Assets from Business Liabilities” https://wealthfactory.com/articles/protecting-personal-assets-from-business-liabilities/ 

Thanks for tuning in to Financial Flow, brought to you by Tidepool Wealth Strategies. Until next time, stay resilient – and plan to retire well!

Tidepool Wealth Strategies website
Phillip Smith, CRPC AIF LinkedIn