Starting a Business or Side Hustle: What Every Woman Should Know.

The desire for flexibility, autonomy, and creative control is driving more women than ever to start businesses or launch side hustles. Whether you’re consulting part-time, selling products online, or pursuing a full-time venture, entrepreneurship offers powerful opportunities—but also significant financial complexity.

Success isn’t just about generating revenue. It’s about building a solid financial foundation from day one that protects your time, your income, and your long-term goals.

Here’s what every woman should know before—and during—the leap into self-employment.

1. Set Up the Right Legal and Financial Structure

Before you sell your first product or book your first client, formalize your setup. The legal and financial structure of your business affects your taxes, liability, and ability to grow.

Key Decisions to Make:

  • Entity Type: Sole proprietor, LLC, S-corp? Each has different tax and liability implications.

  • Separate Accounts: Open a business checking account and credit card—never co-mingle funds.

  • EIN Registration: Even sole proprietors can benefit from an Employer Identification Number (EIN) for business banking and privacy.

Apriem Insight: Many side hustles begin informally, but formality is what protects your finances and opens the door to more sophisticated tax and retirement strategies.

2. Build a Business Budget and Cash Flow Strategy

Even with variable income, entrepreneurs need clarity and discipline. Without a steady paycheck, you’ll need to create your own version of financial consistency.

Advanced Tips for Managing Variable Income:

  • Create a baseline monthly budget using your average low-income months

  • Establish a business emergency fund (3–6 months of fixed costs)

  • Pay yourself a consistent “owner’s draw” to stabilize your personal finances

  • Forecast cash flow quarterly, not just monthly, to account for seasonality

Apriem Insight: Treat your business like it’s already successful. Disciplined financial systems support both growth and sustainability.

3. Understand and Plan for Self-Employment Taxes

One of the biggest surprises for new entrepreneurs? Taxes. As a self-employed individual, you’re responsible for both the employer and employee portion of payroll taxes—known as self-employment tax.

Tax Planning Must-Knows:

  • Set aside 25–35% of net income for federal, state, and self-employment taxes

  • Pay quarterly estimated taxes to avoid penalties

  • Deduct legitimate business expenses—track them consistently

  • Consider working with a CPA to ensure compliance and identify deductions

Apriem Insight: Your new income stream could come with a higher tax bill—but smart planning can help reduce that liability and keep you compliant.

4. Plan for Retirement and Benefits—They’re Now on You

One major tradeoff of self-employment is the loss of employer-sponsored benefits. But with planning, you can replace (and even upgrade) those benefits on your own.

Retirement Options for Entrepreneurs:

  • Solo 401(k): High contribution limits + Roth option

  • SEP IRA: Easier to administer for solo operators

  • Traditional or Roth IRA: Still a useful piece of the puzzle

Also Consider:

  • Private health insurance or group plans through professional associations

  • Disability and life insurance coverage tailored for business owners

Apriem Insight: You don’t need an employer to have a retirement plan—you just need a strategy. Entrepreneurs often have more control over their future, not less.

5. Don’t Forget the Exit Plan

Entrepreneurs often pour everything into growing a business—but overlook how to eventually transition out. Whether you plan to scale, sell, or sunset your venture, planning for your business’s long-term future protects both your financial and personal legacy.

Key Exit Planning Considerations:

  • Track and formalize your business valuation annually

  • Identify what happens to your business in the event of illness or death

  • Consider succession options: family, partners, third-party sale

  • Build business equity intentionally—not just income

Apriem Insight: Your business is an asset. Don’t just work in it—work on it. That includes knowing how to protect its value over time.

Your Business. Your Rules. Your Financial Blueprint.

Starting a business is an exciting leap—but without the right financial strategy, it can lead to unnecessary stress or setbacks. With advanced planning, clear systems, and expert guidance, you can build something sustainable and profitable from the start.

Launching Something New? Let’s Build the Financial Foundation Together.

If you’re starting a business or scaling a side hustle, Apriem Advisors can help you structure your finances to protect your income and grow with confidence. Email bri@apriem.com to start the conversation.