Estate Planning for Businesses and The Most Profitable Solo Businesses in 2020

Transcript of my newsletter from 7th December

Hey there,

If I was squashed by a bus tomorrow what would happen to my clients? Who would look after their interests and make sure they weren’t left in the lurch?

Retirement and Estate Planning were the furthest things from my mind when I was planning my business and getting it off the ground.

But it’s something I’ve been thinking about lately – Estate Planning rather than Retirement.

It’s not only to ensure business continuity for my clients, but a business is willable – it’s something of value that I can pass on to my heirs.

I know it’s a depressing subject, but it’s worth working out what you want to happen with your business in the event of something awful happening to you.

I’ve linked to a detailed financial planning article for solo businesses this week, plus the most profitable small business types in 2020, the cheapest small business to start in 2021 and how to turn your hobby into a business.

Financial planning tips for solo businesses

Apart from Estate and Retirement Planning, this article also covers tax considerations, insurance options and the question of balance (with apologies to the Moody Blues!).

The question of balance is connected with mental health for solo business owners: dealing with loneliness and getting your work/life balance right.

It’s only touched on lightly in this article, but it’s something I’ll cover in more depth another time, because it’s important.

Financial planning considerations for solo businesses

The most profitable small business types of 2020

Curious about the most profitable business types you could start?

This article looks at 9 business types that were on track to be the most profitable in 2020. The characteristic they all share is low costs relative to revenue.

My business is a perfect example: as a web development agency, I work from home and require little more than a good computer and some necessary software tools – I don’t need to make a lot of money to be profitable.

The most profitable small business types of 2020

The 5 cheapest businesses to start in 2021

Continuing the theme of finding businesses with a low cost-base, this article looks at 5 low-cost types of business you could think about starting in 2021.

None of them require a formal qualification and only two of them require any specific skills. And all of them could be set up and operating pretty quickly.

5 low-cost business ideas for 2021

How to turn your hobby into a successful solo business

The pandemic has prompted people to register new businesses in higher numbers than ever this year – 3.2 million applications for new business licences were made in the US up to November 2020.

If you have a hobby or passion that you can turn into a business, now is a great time to do something about it.

Making a living doing something you enjoy is a lot more fulfilling than slogging away at a 9 – 5 job – even if you’re now working from home!

This article sets out three important areas to examine before you set out on your entrepreneurial (solopreneurial!) career.

How to turn your hobby into a business

Fun flashback

Here’s an all-time favourite (at least of mine!). I’ve never spent any time in Florida but, mostly because of Jimmy Buffett, that is definitely on my bucket list!

If you’d like to browse through previous newsletters you can find them all here.

If there’s someone you know who’s thinking about starting a solo business, or struggling to get one going, please forward this email to them.

And, if you received it as a forward from someone else, why not join us?

OK, let me know if you have any questions, thoughts or comments (just hit Reply), and have a great week!

Best,

Martin Malden

Martin Malden
Owner – WealthyDragon

Website owner: Martin has been working online since 2006 and focuses on two areas: 1) affiliate marketing and 2) designing and building websites based on WordPress. He has his own WordPress agency, and serves clients in Hong Kong, Australia and the UK.