To Start Your Own Business

So you want to venture down that road of self employment?  Well I've been on that highway my entire life and for me there is nothing better than controlling your own destiny  Here are a few tips that maybe you can use to save some time and also get through those growing pains.

 A) Start with a good business plan, make sure its feasible as most entrepreneurs have the mindset and great ideas but maybe not such a savvy business mind, remember passion doesn't pay the bills 

 B) Incorporate your business, it might seem like an added expense but well worth it as it will protect your personal assets, lower your tax rate, allow you to invest within your own company, pay yourself etc. 

C)  Have a good accountant as this is paramount in the business world. They are experts with the tax codes and corporate finances, certainly someone to have on "your" team to save you money. 

 D) Payroll; Set it up with your local bank to do it for you, as they handle all the deductions to the various government agencies. Also get them to do direct deposit for your employees, as the cost is minimal compared to the time saved.  

E) Be prepared to put in at least 5yrs of long days to get the business up and running, also you'll find that your staff will be your biggest headache; everything from poor work habits, not showing up for their shift, theft and so on

                                            My Solution

 Make some of your employees owners, as then they has a vested interest in the business to make it grow. So what you do is through your accountant get a value of your company, so for example we shall say XYZ Ltd. is worth $100,000 and your selling to three of your staff 10% each, so they individually need to come up with $10,000 to be part owner of the company. The best way is to take it out of their pay over 5yrs, so believe me they will watch the shop for you 😃 and you the owner never give up control because you still have over 51% + stake. After you do not have to be there all the time so you can concentrate on other things  The payoff for them is they become owners without any money down and in 5years the value has gone up for all the partners; so a win/win all around

                                      The Not So Fun Part

Self-Employment does offer freedom, but it also brings significant financial risk, administrative headaches and personal stress

A) Income Instability; your revenues fluctuate monthly, as i used to go weeks without any pay

B) No Paid Holidays; yep, not like your friends who are off on a Spring Break Vacation

C) Zero Employer Benefits; you are on an "island" when it comes to medical or dental plans, so need to pay this directly by yourself

D) Retirement; you lose any access to corporate matching programs that would of kicked in if you worked for another company

E) Complex Tax Filings; be diligent on tracking every expense as you can get audited at any time

F) Challenging Financing; banks want years of tax documentation to approve personal mortgages or vehicle loans and its not easy, as i speak from person experience 

G) Unpaid Administrative Labor; hours spent on invoicing, marketing and client wooing, all for zero pay

H) Management Stress; chasing late payments and being the HR Department dealing with difficult staff personalities that all falls onto the owner. You ask any business person and he/she will always say its the employees that is the biggest pain to deal with

                                    Not So Glamorous & Personal Rant

But its a lifestyle i would never change and now onto my gripe The word entrepreneur in my opinion gets "over used" on many business profiles, as they just throw onto their resume with thought or ever having been an owner

 But until you are willing to risk it all on a market opportunity by launching a new venture, please erase that off your social post as its a disservice to the rest of us who Toil in Obscurity