People tend to think of starting a small business as a clear path to freedom from the office blues. While it can be liberating, it’s still a lot of work, often more so than the average nine to five. Being a small business owner has its perks, but it comes with its own considerations and responsibilities.
If you want to actually “live the dream” there are some steps you have to take to prevent it from turning into a nightmare.
Write It All Down
You should be noting down every dollar made and every supply purchased. If you have employees you need to be keeping track of their hours, as well as your own. This isn’t just good for tax or legal reasons, but for personal accountability. By keeping track of spending you can ensure you don’t go over budget and by tracking productivity you can stay on top of quotas and plan for the future.
Those papers, time cards and receipts shouldn’t be shut in a random drawer with your rubberband ball and dried-out highlighters. You need a filing system. This way, if you ever need proof of an expense or hours worked, it’s at your fingertips—instead of stuck to the bottom of a shoe or accidentally thrown away.
Prepare for Trouble
Accidents happen and it’s best to have your bases covered before they do. Having a small business lawyer Carmel Hamlet already in the wings ensures you won’t be caught unaware and will be able to recover quicker.
No amount of organization and decluttering is going to help you get your payroll done if you’re bad at math. If you can’t do something, find someone who can. That may look like taking on a new employee, working with an independent contractor or even finding a partner to shoulder some of the weight.
Appreciate your strengths, recognize your weaknesses and don’t be afraid to take the occasional risk. You’ll never know how far you can go until you try.