Starting Your Second Act: Financial Tips for Women Launching a Business

By Salvatore J. Cocivera, CFP®, MSFS President CORA Capital Advisors

For many women, the idea of launching a business later in life isn’t just a professional pivot—it’s a powerful second act. Whether you’re seeking greater flexibility, purpose-driven work, or the chance to turn a long-held dream into reality, entrepreneurship offers exciting possibilities. But before diving in, it’s important to lay a strong financial foundation.

As a financial advisor who works with women navigating this very transition, I’ve seen how preparation can mean the difference between feeling empowered and feeling overwhelmed. Here are key financial tips for women to keep in mind as you begin this next chapter:

1. Know Your Numbers

Before stepping away from a paycheck, assess your cash flow. Make sure you have 6–12 months of living expenses saved and work toward paying down high-interest debt.

2. Plan for Startup Costs

Understand what it will take to get your business off the ground—and how long it might take to turn a profit. Whether you're self-funding or seeking a loan, know your limits and timeline.

3. Don't Ignore Retirement

It’s easy to pause retirement savings when you’re starting out, but don’t let those years slip by. Consider small business-friendly options like a Solo 401(k) once you're earning.

4. Replace Employer Benefits

Look into health insurance options and consider disability and life insurance—especially if your income depends on you.

5. Separate Business and Personal Finances

Open a business bank account and keep records from day one. Even if you're starting small, clean separation helps at tax time—and sets you up for growth.

Starting a business is a bold move—and a deeply rewarding one. With thoughtful financial planning, you can make the leap with confidence and clarity.

Sal is the President of CORA Capital Advisors, where he leads a team of seasoned wealth management professionals. With over 30 years of experience in the financial industry, Sal brings a practical, client-first approach to helping individuals and business owners reach their financial goals. He specializes in wealth accumulation, retirement and estate planning, and business succession strategies. A CERTIFIED FINANCIAL PLANNER™ and lifelong educator, Sal frequently shares his insights as a guest speaker and commentator. You can reach Sal at (856) 513-8600 or info@coracap.com.