10/15/2009
Building an Entrepreneur Fund
by Jennifer Bonds, Training Manager, UALR Lead Center
Are you looking to make the jump from working for someone else to self-employment? If so, it is never too early to start planning. The author of the popular fiscally responsible blog frugaldad.com is looking to make the jump. He states "the idea of becoming an entrepreneur is exhilarating and terrifying at the same time. To overcome my fear of crashing and burning, and taking my family down with me, I've decided to implement a couple actionable steps that should provide an adequate safety net, both for my household and my business."
1. Take an inventory of all household expenses.
2. Develop a projected household budget after leaving the workplace.
3. Save one year of projected expenses in an "Entrepreneur Fund."
4. Move your Entrepreneur Fund to an online savings account and schedule a biweekly draw to your personal checking account equivalent to half of monthly household budget.
5. Transfer monthly profits from your business account to Entrepreneur Fund.
Start saving today to lessen the risk of business ownership. Log onto www.frugaldad.com for more tips.
