The Office Is Just Waiting For All Furnitures And Equipments Business Pros and Cons

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Business Pros and Cons

So many people dream of owning their own business. They focus on the benefits they could enjoy, including the freedom to choose their schedule, pride of ownership, and hopefully big profits.

Unfortunately, according to Innovation, Science and Economic Development in Canada, up to 97% of new start-ups with fewer than a hundred employees fail in their first year of operation. Only 85% survive three years and 70% five years. Approximately 7,000 business bankruptcies occur annually.

Even those with years of college education and professional licenses can struggle if they don’t have good business sense. From the outside it may look like psychologists, dentists, lawyers, doctors and accountants have done it! The truth is, their fees don’t go directly into their personal savings accounts.

If you think the cost of professional services and expertise is too high, consider the following:

1. Credentials – In addition to registration fees, books and living expenses during the many years of undergraduate study, many internships and supervised placements are unpaid. Getting a parchment diploma and a license to practice isn’t just about success. They also start paying off thousands of dollars in student loans.

2. Annual Fees – I pay almost $3,000 each year to my regulators and insurance agent for licensing and professional liability coverage.

3. Facilities and Equipment – ​​Those starting out in practice need not only office space but also suitable facilities and equipment for their business.

4. Staffing – The next time you have an appointment, look around your doctor’s office. How many families have an income from a doctor? Do they get paid when the doctor is on vacation or training? How much does the professional pay on their behalf for employee benefits?

5. Supervision – The more employees, the more time is needed for mentoring, meetings and systems work.

6. Monthly Expenses – In addition to interest on any business loans, office rent or mortgage payments and employee salaries, these are utility bills, office supplies, cleaning costs and also the technology costs of running an office.

7. Professional Development – ​​Most licensing bodies require a set number of hours of training each year to ensure the practitioner has cutting edge skills and knowledge.

8. Bookkeeping – Income tax filing costs and government program requirements must be done by a professional who usually charges hourly. Some professionals also have to wait for payments from companies or chase a check when clients don’t pay in cash. It doesn’t take long for accounts receivable to build up.

9. Taxes and Benefits – Unlike employees, professionals do not have paid sick, vacation, or sick leave. If they don’t work, they have no income. However, they still have to pay personal and income taxes.

10. Paperwork – What could be billable hours are often swallowed up in paperwork, administration or other unpaid tasks.

11. Time – Don’t be fooled. Starting and running a business takes a lot of time. Most successful entrepreneurs work many hours, many of which are never seen by the public. When you see someone on the golf course in the afternoon, you may not realize that same professional was in the office until midnight the night before.

12. Accountability – You are the one responsible for ensuring that ethical and appropriate services are provided to the public through all work carried out by you and your staff. When there is a problem, you are the one who has to deal with it.

Having worked in government, retail and private business over the years, I know that no matter what career path you choose, there are pros and cons. If you want to open a business, consider the above so that you are not naive and vulnerable.

When you hire a professional, look around and remember that the person in front of you will only receive a fraction of the fee you will be charged. The rest goes to business expenses.

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