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How to Know If You’re Financially Ready to Start a Business

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Later in the plan, provide more specific information about your offering (e.g., suppliers, margins, and so forth). Are you currently earmarking 15% to 20% of your income for retirement? But if you’re starting a business, then you generally won’t have income to put toward retirement at first. What’s your mission statement?

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Tori Dunlap, Founder of Her First 100K is on a Mission to Close the Gender Pay Gap

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But getting stuck in a cycle of accumulating and paying debt can create long-term emotional and financial damage that hold women back from other financial priorities such as buying a home, investing in the stock market or saving for retirement. Consider charging recurring payments such as a phone or utility bill onto your credit card.