Scott Crocket, Everest Business Funding’s CEO, Shares Five Smart Ways to Invest Your Startup Funds

Scott Crocket, Everest Business Funding’s CEO, Shares Five Smart Ways to Invest Your Startup Funds

Start-ups are popping up all over the place, but many do not seem to last. Why might that be? Unfortunately, if business owners do not manage their finances well enough, a start-up will fail, and it happens more often than not. Funding an organization can be a tricky business, and utilizing that funding correctly is another critical road to navigate. In this article, experienced entrepreneur Scott Crockett, Everest Business Funding’s founder and CEO, gives tips on some of the best ways to invest your new business funds for both higher profits and a long-term successful future. 

1. Lay Out the Startup’s Financial Goals

After receiving funds for your startup, or even before, it is crucial to identify financial goals for the business. The financial objectives should not play into personal financial goals from the start and should stay true to what is best for the business’s future. Setting financial goals for your startup will grant you a road map for financial success if you also establish timeframes and risk factors. Goals should be both long-term and short-term

2. Decide How You Want the Money to Be Managed

Decide from the beginning if you want to manage your own books or if you want to hire an accountant to do the job. Hiring an accountant is an investment, so be sure to prioritize investments that you need for your organization to run properly. Focus on business financial goals and needs during this process. 

3. Start an Investment Portfolio After You Begin Earning

Once entrepreneurs are able to put money back into their pocket or earn a salary from their business or funds, they should also start their journey with investing to accumulate wealth for the future. The earlier you are able to create a financial portfolio, the more room you allow your money to compound and grow over time. You do not have to have a lot of money to start investing. People with startups who start investing early are thankful to have that cushion to guarantee more funding for life’s unexpected twists and turns. 

4. Look at Tax-Advantages

“Entrepreneurs and self-employed individuals can invest money in a tax-advantaged account to help cut the tax bill while still thinking about incorporating retirement in the future,” said Scott Crockett, Everest Business Funding Founder. These options include a Solo 401k or an IRA, SEP-IRA, or SIMPLE IRA. However, investments should be chosen based on what is on the horizon for an organization. Entrepreneurs get in trouble when they spend what they do not have or too much over the needs of the business. 

5. Grow Your Portfolio with Your Company

As your start-up grows, you’ll find more opportunities to diversify your financial portfolio and expand wealth gain options. Financial portfolios can be evaluated and determined based on short-term and long-term goals as well as the level of risk tolerance, either low or high. 

About Scott Crockett

Scott Crockett is the founder and CEO of Everest Business Funding. He is a world traveler and serial entrepreneur with an impressive track record in the finance sector. Scott has raised over $250 million in capital and helped create thousands of jobs during his 20+ year-long career in consumer and commercial finance.