Managing a small, start-up business has it discuss of ups and downs.
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When I launched our company nearly nine years ago, running my own small business has been both rewarding and challenging. It has enabled me to establish greater balance in my life as I have reduced the management burden that corporate America places on each of its employees and replaced it with more time spent on developing content for my clients.
Given the choice, running my own small business is the best option for me at this stage associated with my life. I can work out of my house, see my kid on a regular basis, concentrate my work effort on articles, rather than administration, and yes golf a tad. That being said, I am asked continually by others “what is it like to be in business for yourself? inch as they contemplate the leap through corporate to sole proprietorship.
Although it is not for everyone, here are some of the points of consideration that one should think about before making the jump to starting your own small business:
One Stop Shop: One of the benefits of being a small business owner is the autonomy of “calling the shots”. You are the boss and clearly can steer your company as you see fit. Many think they enjoy this set-up but in reality, when it comes to being the self-motivator that is required to reach your goals – the “guy” to go to — lots fall short. Before you read any more, ask yourself if you are cut out to be the “go to guy”. If not, you can save yourself a lot of time and frustration. Simply stay in the corporate world.
Develop A Company Plan: So , why is business planning so crucial? In a word, it provides “clarity”. Investing time to develop a plan provides precise clarification of the company eyesight. In addition , it provides a mechanism to gauge the results of the business and provides the foundation for future growth programs. In the long haul, it enhances the company valuation through fiscal responsibility, which gives the story of opportunity to any upcoming investor or employee. Business preparing is one-part strategy and one-part tactics – but where the sausage actually gets made is in the particular execution. Execution comes in the hard work necessary to carry out a plan and the responsibility for your activities by tracking all of them.
Understand Tax Burdens: Regardless of the politics rhetoric surrounding the tax program code and its impact on small business, the fact from the matter is that these entities are usually levied with a myriad of taxes. I am shocked by how many budding business owners fail to understand the taxes that smaller businesses pay. My company has basically one of the easiest business operating versions that a small business can have. I bill a few clients per month; receive a couple of checks a month; pay a few expenses a month; and have very little inventory and/or depreciation of capital assets. Despite that, my tax return was 84 pages last year. Filing as an S-Corp, my outlay on taxes is definitely between 25% and 39% associated with federal taxes; North Carolina state income taxes ranging from 6. 0% to seven. 5%, social security and medicare insurance (twice as a matter of fact for employer plus employee) of 15. 3%, therefore nearly 50% of all income goes to taxes and fees.
Replicate Your self: Given the fact that you are an one end shop, a small business owner needs to replicate themselves wherever possible. Tools such as social networking and the acceptance of telecommuting via online collaboration have enabled small business owners to be in many places at one time. To become successful, small business owners need to tap these tools to maximize their exposure to potential clients in addition to reaching customers outside of their instant trade area. Prior to these tools becoming readily available, my business was restricted to the state of Illinois (where my company was originally based). Since I have utilized these tools to duplicate myself, I have had clients within thirteen different states.
Navigate Third-Party Challenges: A small business owner wears numerous hats and relies on third-party entities for key alliances. When Go Daddy had their website and e-mail server outage in September, approximately 5. 3 million small business internet sites and emails were knocked out. Small business owners rely on these support companies and at times, are held attentive when issues arise. While our company does not conduct a lot of commerce via my website, many small operators lost online revenue due to the outage.
Be Wary Of Scams: Finally, where there is a small business owner, there is a criminal waiting to prey on the unsuspicious operator. In fact , this past week, We received a letter from a team claiming to represent the State associated with Illinois. Having been in business nearly nine years, I am keenly aware of all the annual expenditures that my organization pays. As an Illinois corporation (operating in North Carolina), I obtained a letter stating that I required to send in a $125 fee for my “Annual Minutes Records Form”. I didn’t recall ever doing this, and when I contacted my CERTIFIED PUBLIC ACCOUNTANT, he shared the following press release beside me:
In short, starting and running a small company may be the best decision you may actually make. Having the facts in advance of that decision are critical to ensure that you are placed for success. Once you fully vet your own decision-making for starting your small business, the rewards can be amazing…