Cover of Start Your Own Business

There are many people these days who would like to consider starting their own business. Whilst some people may think that now is the worst time to consider starting a business due to the economic fragility and turbulent financial climate, others believe that now is the perfect time to consider this due to the uncertainty over employment, job losses and pay cuts.

However, no matter how keen and eager you are to start your own business, one of the things that is likely to pose a challenge for many people is finding the money to start up your own business. Of course, the amount of money that you need to start your own business will vary depending on the type of business that you plan to start, what you already have versus what you need, and what is involved in setting up e.g. renting premises or buying equipment.

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There are a lot of people who would point out that 401(k) funds should never be used for anything other than for your old age and your retirement, but there will always be potential business owners and entrepreneurs out there who cannot think of anything they want more in life than to get their business up and running or fund their one truly great business idea. In short, if you want to embark on a seat of your pants business venture and don’t care about your retirement then it is possible, if ill-advised,  to use 401(k) funds to start your business.