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Business Pros and Cons
Many people dream of owning their own business. They focus on the benefits they can enjoy, including the freedom to choose their schedule, pride of ownership and hopefully huge profits.
Unfortunately, as many as 97% of startups with fewer than 100 employees fail within their first year of operation, according to Innovation, Science and Economic Development Canada. Only 85% survive three years and 70% survive five years. Approximately 7,000 businesses go bankrupt each year.
Even those with years of college training and professional licensure can struggle without good business sense. From the outside, it might look like it was made by psychologists, dentists, lawyers, doctors and accountants! In fact, their fees don’t go directly to their individual savings accounts.
If you think the cost of professional services and expertise is too high, consider the following:
1. Credentials – In addition to the registration fees, book fees and living expenses for years of study in the university, many internships and supervised internships are unpaid. Earning a degree and a license to practice is more than success. They also trigger repayments of student loans that can run into the thousands of dollars.
2. Annual Fees – I pay my regulator and insurance agent close to $3,000 a year for licensing and professional liability insurance.
3. Facilities and Equipment – Those starting a practice need not only office space, but also furniture and equipment appropriate to their industry.
4. Staffing – At your next appointment, take a look around your doctor’s office. How many families receive income from doctors? If doctors take time off or undergo training, do they get paid? How many employee benefits are paid by professionals on their behalf?
5. Supervision – The more staff there are, the more time is required for instruction, meetings and system work.
6. Monthly Expenses – In addition to interest on any business loans, office rent or mortgage payments, and employee salaries, there are utilities, office supplies, cleaning costs, and technology costs to run the office.
7. Professional Development – Most licensing agencies require a certain number of training hours per year to ensure that professionals have cutting-edge skills and knowledge.
8. Accounting – Fees required for income tax returns and government programs need to be completed by specialists who usually charge by the hour. Some professionals also have to wait for companies to pay or chase checks when clients don’t pay cash. Before long, accounts receivable was established.
9. Taxes and Benefits – Unlike employees, professionals do not have paid sick days, vacations or sick days. If they don’t work, they have no income. However, they still have to pay personal and income taxes.
10. Clerical work – Normally billable time is taken up by clerical, administrative or other unpaid tasks.
11. Time – don’t be fooled. Starting and running a business takes a lot of time. Most successful entrepreneurs work long hours, many of which the public has never seen. When you see someone on the golf course in the afternoon, you may not realize that the same professional has been in the office until midnight the night before.
12. Accountability – You are responsible for ensuring that an ethical and appropriate service to the public is provided through all the work you and your staff do. When something goes wrong, you’re the one to deal with it.
Having worked in government, retail and private practice over the years, I know there are pros and cons to whichever career path you choose. If you want to start a business, please consider the above points so that you are not naive and vulnerable.
When you get the services of a professional, look around and remember that the person in front of you will only charge a fraction of what you are charged. The rest is used for business expenses.
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