Starting a Small Business

Should You Be in Business for Yourself?

3/1/2020

You're in business to have more control over your life and time, to earn more money than you could in a traditional job, and to build a future—and a legacy—for your family and the generations to come.

You're not in business to supply a flood of paperwork to the government. Nor are you sweating blood trying to meet your business, financial, and family obligations in order to buy your tax pro a new BMW. Yet, that's what it often feels like you're doing, as the local, state and federal governments pile on ever more reporting and licensing obligations.

Seriously, there's more to running a business than appears on the surface. Some people make it appear effortless—and they often go out of business quickly as a result. Others make it seem a gargantuan burden—and they end up hating every minute of it. They destroy their family and relationships in the process, blaming everyone else for their failures.

Then there are those people who start up, and everything goes right. Life is good. Family and social relationships remain solid, and they maintain balance in their lives. That's what I want for you.

Listening to the news, you often hear when large businesses fail. You're probably still shaking your head over the whole dot-com bust several years ago, wondering how all those businesses failed after raising millions of dollars in venture capital or through their initial public offering.

Well, the venture capitalists learned a hard lesson from that, too. And they are far more discerning about how they invest their funds these days. So, if you want their investment in your business, you will need to show well-thought-out structures and planning.

The businesses that failed went wrong in one (or all) of these three ways:

They didn't have a realistic business plan.
They didn't plan for success.
They were run by immature and inexperienced people who simply blew all the money without looking for reasonable returns on their spending.

Comparing a Job and a Business

Be sure to understand these distinctions between a job and a business. People starting out on their own rarely realize just how many things they've taken for granted on a job. These are the things that just happened invisibly, in the background, taken care of by your employer's infrastructure. Even if you felt as though you were doing most of it for him or her, when you're on your own, the sidebar will show you just how many more things you'll need to oversee — things that will drain your time, patience, and resources.

One of the biggest complaints from people working for others is that they do not have control over their income. Their bosses can cut their commissions, territories, or bonuses at will — and often do. When you're in business for yourself, if you earn it, you reap the rewards.

Look at the left-hand column of this chart to see the invisible things being done on your behalf when you are an employee. Remember, when you are in business for yourself, YOU have to do all those things for yourself and your employees.

Still want to be in business? Join me in this adventure on how to make your new or existing business more successful, profitable and tax savvy.

I am teaching a 12-part series of courses at CCH CPELink, based on the first 12 chapters of the book. Please join me – and invite your clients. They will want you to help them rebalance their tax and business plan each year.

(Hint: If you sign up for one of Wolters Kluwers subscription plans, this series of courses is included – and so much more! Plus, save about 30% over the cost of the course alone.)

The latest edition of my book, Small Business Taxes Made Easy contains complete updates about the business considerations, from the PATH Act of 2015, up to and including the Setting Every Community Up for Retirement Enhancement Act (SECURE Act); and the Taxpayer Certainty and Disaster Tax Relief Act (TCDTRA). The new book will be available by April 1st at the latest.

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Eva Rosenberg, EA

Eva Rosenberg, EA is the publisher of TaxMama.com, where your tax questions are answered. Eva is the author of several books and ebooks, including Small Business Taxes Made Easy. Eva teaches a tax pro course at IRSExams.com and other tax courses at http://www.cpelink.com/teamtaxmama.

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