If you’ve ever thought of starting your own business, please read on…
Little in most people’s work experience prepares them for the demands of starting and running a successful business. The rewards are there, true. These include the psychic benefit of being your own boss. But being the boss means you have to pay the bills, and worry about meeting payroll.
True, the financial rewards of owning your own business are unique. The profit you make is yours, at least after taxes. And business owners have tax deductions that others may not have. They have the privilege of deciding for themselves how the business is run. But the flip side is that business owners take the risks.
Running and building a business requires time, care, knowledge and attention. It is really a full-time (if not seven day a week) job. As I’ve written elsewhere, the easiest thing to do as a business owner is make mistakes. Successful business owners have learned to be careful, attend to details, know their market and competition, and to hire and supervise the right support staff. Most importantly, they know when and how to get qualified legal and financial advice.