Pretty much every small business owner got into business for themselves because they craved freedom. Sure, some people will say it’s because the felt they could do a better job than their boss, others get tired of job insecurity, some do it because they’re certain they will make more money on their own, lots more.
The common denominator to each one of these reasons is still freedom. Trouble is, most newly born entrepreneurs don’t get very good advice on big financial and strategic decisions. Before you know it, the accounting records for the small business reveals loans and other debt, bloated payroll, along with the associated payroll taxes and benefits, otherwise known as labor burden. Next the cash flow is squeezed and before you know it, the small business owner has no freedom. It’s at about this time that frustration, or worse, indifference sets in.
Do yourself a favor, if you own a small business or are contemplating a fresh start in this direction, grow slowly, keep it simple and cheap, and get a great business accountant or advisor.