Running a business can be exciting and rewarding, but also extremely challenging. Without the benefits that “regular” employment can bring, it can feel like you have no safety net.
Income protection, superannuation and the like aren’t something you can take for granted. That’s why it’s important to seek professional advice from a financial planner, to help you protect the things that matter most, and plan for the future.
People who engage financial planners generally fall into at least one of three categories:
1. Those who don’t know how to properly structure investments, make the most of their superannuation, or set up adequate insurance.
2. Those who could manage their finances themselves but simply don’t have the time.
3. Those who prefer to delegate their finances entirely to a professional so they can focus on their lifestyle.
While all categories may apply, business owners often fall into the second group—time-poor and focused on running their business. As a result, their own superannuation and personal finances get neglected. This is where a financial planner can make a real difference. We can help you to diversify your assets, contribute to your super, and manage investments to be tax effective, as well as organise appropriate cover for your business such as key person insurance and buy-sell agreement insurance.
Asset Protection
One critical area for business owners is asset protection, as they are often at greater risk of being sued, whether by employees or customers. A financial planner can help structure investments in a way that shields your personal assets – assets that might otherwise be vulnerable in a lawsuit.
Personal Insurance
Insurance is another essential consideration. If you’re self-employed, you’re not covered by workers compensation. And if your business can operate without you, you may not qualify for traditional in place insurance to protect both you and your business if the unexpected happens.
Our Brisbane financial planner can ensure you have the right personal insurance cover to protect both your business and yourself if the worst was to happen.
Diversification
Many self-employed individuals and professionals tend to invest heavily in what they know best. Builders for example may put most of their wealth into property, while entrepreneurs may reinvest everything into their business. While this can feel like a smart move, it also means putting all your eggs in one basket.
If the property market crashes or the business fails, the financial consequences can be devastating—potentially leaving you without a retirement plan or safety net.
A financial planner helps you diversify—spreading your investments across multiple asset classes such as shares, bonds, property, and cash. This reduces your exposure to any single risk and builds a more resilient financial future.
If you are a business owner based in the Brisbane area, we are a local financial planner with a wealth of experience entrepreneurs to like you to make the most of the money you work so hard for. Get in touch with our team to protect all that you’ve built up, find out about affordable and tax effective ways to implement personal insurances. We’ll help you be smart with money – so you can focus on your business.
Is Your Super Working For You?
For an Australian on the median full-time income of $72,000 per annum from age 20 through to 67, a 1% difference in investment returns can make a difference of $153,000 or 27% to the balance of your super upon retirement. Choosing the right fund for you is very...