Planning to start your own business? Consider these key tips.
Starting your own business can be appealing, but preparation is crucial to minimize risks. Developing a side hustle while still employed can help test your business concept. It's important to consider the benefits you may be giving up and to consult experts for guidance on business structure and tax implications.
- ▪It's advisable to develop a side hustle while maintaining your current job to test your business idea.
- ▪Starting a business often means sacrificing employer-backed benefits like retirement contributions and health insurance.
- ▪Consulting experts such as CPAs or financial planners is recommended to navigate business structure and tax responsibilities.
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Sponsored MoneyWatch Planning to start your own business? Consider these key tips before taking the plunge. .chip { background-image: url('/fly/bundles/cbsnewscore/images/chip-bgd/chip-bgd-moneywatch.jpg'); } By Mary Cunningham Mary Cunningham Reporter, MoneyWatch Mary Cunningham is a reporter for CBS MoneyWatch. She previously worked at "60 Minutes," CBSNews.com and CBS News 24/7 as part of the CBS News Associate Program. Read Full Bio Mary Cunningham Updated on: May 26, 2026 / 11:15 AM EDT / CBS News Add CBS News on Google Being your own boss may sound appealing, especially in today's challenging job market. But it's essential to prepare before starting your own business to minimize the risks and set yourself up for success.
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