For many of us, career choices usually boil down to two differences: self-employed or employed. The latter option is the typical choice that most people chose because it comes with the least responsibilities.
We have a job, we have a boss, and we have a salary. Taxes are usually automatically paid out of our salary and as soon as the job ends, we can usually focus on our personal problems, hobbies and families. It’s a simple and straightforward lifestyle without many surprises, and it’s the preferred option for many people.
However, when it comes to the former option, you suddenly have to worry about everything from your employees to taxes and even business growth. It’s clear that self-employment is (usually) the tougher career path in life, but it’s also the more rewarding one with more potential for riches.
Sadly, many people go into business without understanding their responsibilities. If you aren’t completely sure what’s meant by this, then here are a few things to consider before you even attempt to run a business.
1. You have to look after employees
Employees need a lot of care. You need to trust them, you need to inspire loyalty, you need to teach them new skills and you have to give them a career path, not just a job. If you don’t consider these things, then you’re essentially hiring someone with an uncertain future and that could have some nasty side effects.
You might give them false hopes about building a career, effectively wasting their time. You might also ruin their financial situation if you’re untruthful about your goals as a business owner.
2. You have to do your own taxes
Even if you hire an accountant to do your bookkeeping, you’ll have to worry about doing your taxes and even hire a tax attorney if you’re being accused of fraud or a number of other issues relating to money.
Every business has to pay their dues, but there are times when you have to take control of those payments to ensure no one is stealing money from you that they don’t deserve.
3. You need to worry about the economy
It’s not just your own business you have to worry about—you have to worry about everyone else too. If your business is falling out of style or if you’re struggling to find a place in the industry, you need to change and adapt.
You can’t hope to build a business off of a single idea. You need to learn to respond to market trends and you have to make sure you’re not working off stale ideas that have no future.
4. You must plan for the future
Planning for the future includes more than just your business growth. When you retire, who are you going to give your business to? Do you plan to hire a CEO and let them take over while you keep the money, or will you hand it down to your children? Do you plan to expand later in the future, or will you simply sell the business once it reaches a certain point?
With so much to think about, you need to be a visionary if you want to succeed in business.