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Your Financial Road Map

Creating a Business
It can be personally and financially rewarding to create your own business, but it is a challenging process. According to the U.S. Small Business Administration, over 50 percent of small businesses fail in the first year and 95 percent fail within the first five years. Maximize your chances for success by considering these things as you move forward.

Get the help you need
As you create your business, there are many people that can help you along the way. You should consult:

A lawyer can help you decide what type of business entity is best for you, give you valuable legal counsel and help you with legal documents and filings.  

Your accountant can help you file taxes and take care of employment and payroll issues.   

Contact a bank for business loans, credit, and checking and savings accounts.  

Modern Woodmen representative
Starting your own business is a major life event that should trigger a review of your insurance needs and financial plan. You and your business will benefit from a complete needs analysis with a Modern Woodmen representative.  

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Provide employee benefits
Quality employees are the most important assets of any business. Show your employees how much you value their work by providing a quality employee benefits package that includes:  

Retirement savings plan
One of the most popular benefits you can provide for your employees is a retirement savings plan with employer contributions. A qualified retirement plan can be a cost-effective way for you to offer this valuable benefit.   

Life insurance
By offering life insurance, you can help your employees protect their families and set your company apart from the competition because many employers don’t offer this benefit.  

Health insurance
Health insurance is one of the most difficult issues facing small businesses today because it is so important to employees but so costly to provide. Your Modern Woodmen representative can help you decide on the best option for your business.  

Disability insurance
Since not every employer provides this valuable benefit, it can be a great perk for your employees.  

Payroll deductions
A cost effective way for you to help your employees meet their insurance needs is to offer a payroll deduction plan. Employees appreciate the opportunity to pay premiums right out of their paycheck. You may even decide to help your employees with their premium payments on a tax-deductible basis.  

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Retain key employees
Sometimes you have to offer more than a standard benefits package to retain your most valuable, highly paid employees. Additional benefits that you can provide include:  

Executive bonus plan
This is a tax-deductible way for you to provide key employees with valuable insurance protection for their families. 

Deferred compensation
Give your key employees’ retirement savings a boost with an annuity or other nonqualified option. 

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Maintain your personal goals
It takes a lot of time, energy and resources to start your own business, but don’t lose track of your retirement, insurance needs and other personal goals. Creating a business can affect everyone in your family in a positive or negative way, so it’s important to keep their goals and needs in mind as you move forward.  

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Protect your business
Now that your employees and family are depending on your business for income, it’s important to create a plan in case you die or become disabled. Include:  

What would happen to your business if you or another key employee died or became disabled?  Could your business survive? If you have business debts, would your family be responsible for paying them?

Modern Woodmen offers insurance plans to ensure that your business and family will be taken care of in the event of your death or disability. Some plans can even build cash value to help pay the debt while you are alive.  

Plan of succession
As a business owner, you need to document what should happen to your business if you die, become disabled or retire. By funding a business succession plan with enough insurance, you can help assure that your business continues and your family maintains their current lifestyle.

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