Running a small, start-up business has it discuss of ups and downs. When I launched our company nearly nine years ago, working my own small business has been both fulfilling and challenging. It has enabled me personally to establish greater balance in my life as I have reduced the administrative 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 company 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 content material, rather than administration, and yes golfing a tad. That being said, I am asked continually by others “what could it be like to be in business for yourself? ” 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 mull over before making the jump to starting your own small business:
One Stop Shop: One of the benefits of being a small business owner will be the autonomy of “calling the shots”. You are the boss and clearly can steer your company as you find fit. Many think they enjoy this set-up but in reality, with regards to being the self-motivator that is required to achieve success – 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. Merely stay in the corporate world.
Develop A Business Plan: So , why is business preparing so crucial? In a word, it provides “clarity”. Investing time to develop a plan offers precise clarification of the company eyesight. In addition , it provides a mechanism to gauge the results of the business and offers the foundation for future growth plans. In the long haul, it enhances the organization valuation through fiscal responsibility, which provides the story of opportunity to any future investor or employee. Business preparing is one-part strategy and one-part tactics – but where the chicken actually gets made is in the particular execution. Execution comes in the hard function necessary to carry out a plan and the responsibility for your activities by tracking all of them.
Understand Tax Burdens: Regardless of the political rhetoric surrounding the tax code and its impact on small business, the fact from the matter is that these entities are usually levied with a myriad of taxes. We are shocked by how many budding entrepreneurs fail to understand the taxes that small businesses pay. My company has essentially one of the easiest business operating versions that a small business can have. I invoice a few clients per month; receive a couple of checks a month; pay a few expenses a month; and have very little inventory and depreciation of capital assets. Despite that, my tax return was 84 pages last year. Filing as an S-Corp, my outlay on taxes can be between 25% and 39% associated with federal taxes; North Carolina state income taxes ranging from 6. 0% to 7.
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5%, social security and medicare insurance (twice as a matter of fact for employer and employee) of 15. 3%, so nearly 50% of all income would go to taxes and fees.
Replicate Your self: Given the fact that you are an one prevent shop, a small business owner needs to duplicate themselves wherever possible. Tools such as social media and the acceptance of telecommuting via online collaboration have enabled small businesses proprietors to be in many places at one time. In order to be successful, small business owners need to tap they to maximize their exposure to potential clients and also reaching customers outside of their immediate trade area. Prior to these tools becoming readily available, my business was limited to the state of Illinois (where our company was originally based). Since i have have utilized these tools to duplicate myself, I have had clients in thirteen different states.
Navigate Third-Party Challenges: A small business owner wears a lot of hats and relies on third-party entities for key alliances. When Go Daddy had their website and email server outage in September, approximately 5. 3 million small business internet sites and emails were knocked away. Small business owners rely on these support businesses and at times, are held captive when issues arise. While my company does not conduct a lot of business via my website, many little operators lost online revenue because of 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 9 years, I am keenly aware of all of the annual expenditures that my business pays. As an Illinois corporation (operating in North Carolina), I received a letter stating that I needed to send in a $125 fee for my “Annual Minutes Records Form”. I didn’t recall ever accomplishing this, and when I contacted my CPA, he shared the following press release with me:
In short, starting and running a small company may be the best decision you may ever make. Having the facts in advance of basically are critical to ensure that you are placed for success. Once you fully vet your decision-making for starting your small business, the particular rewards can be amazing…