March 8, 2016

Want to start your own business? Think smart and plan smart!

I routinely work with financial planning, tax, and insurance clients who are either business owners or thinking about starting a business.  As a self-employed professional since 1999, I can tell you first hand about my own joy, frustration, excitement, and occasional struggles related to being my own boss and running Fouts Financial Group.  No paid vacation.  Making time for continuing professional education and the expense of maintaining my numerous professional licenses and credentials.

If you are self-employed, you gotta dig into your own wallet to fund your retirement plan.  Benefits?  Yep, you  personally pay for those, too.  And for many business owners, keeping up with business planning, bookkeeping, taxes, marketing, advertising, employees (for those who have employees) and related business administrative issues can be an overwhelming ... and frustrating ... task.  

And if you are self-employed or in a partnership business formation, you get the distinct pleasure /sarcasm off/ of paying your own self-employment tax .  Yes siree, a tax on self-employment.


But you know what?  With risk comes the potential for reward.  Personal fulfillment.  The opportunity to enjoy what you do for a living.  The chance to seize on business opportunities that present themselves.  The chance to grow and adapt as your business climate changes. 

Realistic expectations are a must, including the length of time necessary for your business to become profitable. 

Business Ownership:  Hard?  Yes.  Challenging?  Yes.  Worth it?

Yes!

What impact do small businesses have on the United States economy?  Huge!  According to 2012 U.S. Census Bureau data, there were 5.73 million businesses/companies operating  in the United States.  Of these 5.73 million business entities,  89.6% of them had fewer than 20 workers.

Are you a business owner – or thinking about becoming one – with concerns about financial planning, tax, or insurance matters related to your business operation?  I welcome your call at (925) 979-9972 or email to Mary@FoutsFinancialGroup.com to discuss your concerns.

For information about my nationwide Consulting, Expert Witness, and Tax Services visit Fouts Financial Group.

Mary Rae Fouts

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