What Would Lu Do: Should I Spend My Inheritance?
Welcome to A Well-Designed Business, it’s time for another riveting episode of “What Would Lu Do?”, where you ask the difficult questions and LuAnn gives the expert answers you’ve been wanting.
Today’s dilemma comes from an anonymous listener who has been a faithful listener of the podcast since she started her business in 2014. At that time, she took the least expensive options in setting up her business and hasn’t invested since. She received an inheritance right before COVID hit, so this designer is looking for words of wisdom on whether it’s better to hold on to the money for a household expenses safety net since her husband has been furloughed and is not likely to return to work soon, or if it’s better to invest it back into her business, along with a revised business plan.
Listen in as LuAnn digs into the details, susses out the situation, and lays out her reasoning on the resolutions.
If you are not working with a coach or perhaps you don’t have a business mentor or business bestie to provide guidance, this is the perfect opportunity to email LuAnn the burning issues that you need insight on and she’ll answer them on air. Please send your questions to LuAnn Nigara: WWLD!
- LuAnn shares the listener’s email to provide the full context of the issue.
- If the listener’s husband has not yet been returned to work or gained other employment, then the mortgage, food on the table, gas, and electricity all come first.
- If the household situation is not so dire, remember that there are many steps you can take to set your business up for success that are an investment of your time and not your money.
- Review, revise, and reflect on the business plan that she set up in 2014.
- LuAnn details the steps needed for the listener to get very clear on her mission and how to define her core values.
- Knowing your numbers are critical! Investing in your business must be done with a plan, so LuAnn walks the listener through some financial considerations.
- Here are the bottom-line investments that the listener must make:
- Work with a lawyer to register your business.
- Open a business bank acct.
- Hire a p/t bookkeeper or commit to knowledgeably doing it yourself religiously, no messing around.
- Find and hire a CPA, even if it not the kind like Peter Lang who works with you each month and it is just one who will see to it the quarterly and yearly taxes are filed and paid.
- LuAnn breaks down exactly how she would spend the $9,000.
- Final thoughts: Invest in your business but also invest time in planning how you will make money. Be steadfast in doing it!
- Check out SCORE, a non-profit organization dedicated to helping small business owners get off the ground, set and achieve their goals through free educational resources, and offers free mentoring from retired business people.
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