We live in very uncertain times and the new normal requires a bit of ingenuity. One of my clients asked me Can I fund a coronavirus business with my ira? Yes, You can take a portion or all of your IRA and start a turn-key online business, after all, that’s where the business is today and will likely continue to be in the future. Online business as the primary purchase methodology is now the new norm, not the alternative. And you can fund the business through your IRA or rollover 401k without penalties or taxes.
There are a few steps in learning how this might be a good solution for you.
Step 1 Identify your project. Start small and simple. Might even find a turn-key partner that will help you set up your business. Use a power platform like Amazon or E-bay so you don’t have to be a search engine optimization (SEO) expert. You may consider partnering with a local brick and mortar selling their products and have them drop ship for you. Drop ship is where the product originator ships the product directly to the end customer. Here is a site that will help you get started https://earthahaines.com/
Step 2 Develop your business plan. I can tell you now that most entrepreneurs do not spend a lot of time and effort in detailing a business plan but they will spend most of their time on the financials. And that is the most important part.
Step 3 Partner with a reputable firm that can legally and efficiently fund your new business. We have funded thousands of investment funding vehicles funded with traditional IRA, Roth IRA, SEP-IRA and all types, 401k rollovers. Getting in is the hard part properly strategizing your exit or how to legally pay yourself is a completely different game. You need professional help.
Step 4 Start your business properly with all of the proper documents. You’ll need a team of experts that can help you keep compliant and efficient.
For more information on how we can help you guide you through the process please feel free to call us at 888-214-7250