Business Bootcamp | What to Do to Be a Leader
Sadly, says business bootcamp, what happens is people often see the potential endgame to owning a small business. However, what they don’t realize is it takes a lot of work from yourself and a village of many others in order for make a small business to work. You need to have support from your family, as you are going to be spending long days at the office a natural work, often seven days a week. It often takes far more than a 40 hour work week in order to make a small business work. A lot of quotes say that small business owners work double the amount of hours that a full-time employee would during the week.
Your family has to understand that you will be working very hard to attempt to achieve financial and time freedom. A good idea would be to get your family, your coworkers, your business partner, and everybody else onto the same structure and schedule as you. As well, consider the fact that you need a charter professional accountant to be able to consult with you at all times. That charter professional accountant will need to work within your schedule.
Do not try and go about making a small business worthwhile and profitable without that village of people to help you. The first person professionally that you should consult and retain is a charter professional accountant. That professional and experienced accountant will be able to work with you to save on tax, allow you to understand incorporation versus proprietorship, and would be the go-between between yourself, the business, and Canada revenue agency.
A quick review from business bootcamp, about the difference in incorporation or proprietorship. Incorporation is a very strong tool that you can have an your business toolbox. For example, if you are incorporated your tradename is safe and cannot be stolen or used in any way shape or form. As well, you will have protection against lawsuits from on the job and at fault accidents. As well consider injuries from within the business as well. It is almost unavoidable to have a no risk business. If you do in fact operate as a proprietorship, and you can legally do so, make sure that you do so with caution. Consider that if you make $50,000 a year in profits or more, proprietorship does not in fact make sense. Your charter professional accountant will advise you to go through the very easy, often times one business day practice and procedure of incorporating your business.
Make sure that the charter professional accountant that you retain has worked in many different types of public practices and has a lot of experience working with different types of business, and people, says business bootcamp. You need to know how much experience that charter professional accountant has in working with businesses at near the same size as your own. That charter professional accountant needs to be good for your small business.
business bootcamp says that paying 43% of your wage in tax can be completely avoided if in fact you incorporate your small business. From the personal tax of 43%, you can, as an incorporated company, go down to 11% in tax. That will be money saved for new equipment to make your small business more efficient, hire new employees so as to ease a lot of your workload and start the beginning stages of time freedom for you and your family. As well, you will be able to gain much more knowledge and the whole tax process, the Canada revenue agency, GST, etc. Bear in mind, however that it should be your charter professional accountant who deals with all of that stuff in order to get everything in on time so you do not pay any penalties to the Canada revenue agency. Yes, you should be knowledgeable and that stuff as well because as a matter fact it is your business. But allow the charter professional accountant to do his job. The charter professional accountant as well should be able to make all of your files and financials transparent for you to see at any time. He will be able to advise you if you are looking into buying some new equipment for your business if it is financially viable or not.
The charter professional accountant, says business bootcamp, will be able to properly work with month-end and year-end reporting so as not to incur any penalties or fines. As well, they may be able to help you and should be able to have some ideas financially as to how your grow your business quicker than usual. Consider retaining a charter professional accountant that has had much experience in many types of businesses and industries. Make sure that they have at least a little bit of experience in your particular industry as well.
It can be a very cost-effective measure to retain a charter professional accountant, advises business bootcamp. Yes, the CPA will charge you and Billy by the hour. But within that or those billable hours, they will be able to save you much on tax, or even on time as they are filing everything for you and submitting everything to the Canada revenue agency. They will be able to take care of month-end and year and. They will be able to go over your tax plan and your business plan for the next year as well after year and is completed. They will be able to give you proper revenue projections for the next year and whether you can afford that new piece of equipment based on the money that you already have in your bank potentially. In short, says business bootcamp, yes charter professional accountants are pricey. However all of that money that you are spending on retaining in working with a charter professional accountant will come back to you and then some with all of the money that they help you to save within your business.