Does your Business Own You?
About the Author:
Paul Wilton (editor)
CA with degrees in commerce, accounting and information technology. Paul worked overseas in the “Big 4” accounting firms and served as a director at Audit New Zealand before setting up his own consultancy. Author of A-Z of New Zealand Business Law, Paul has over 20 years of experience as a business owner and consultant. He joined FBA in 2004 and is totally committed to providing excellence in quality and value to our subscribers.
I spoke to a friend the other day who said that the best thing that happened to him was getting into his own business. He has a great retail shop with a niche market, but pays astronomical rents for a prime spot. As he rightly points out, location is everything.
We've tried on several occasions to get together socially like we used to, but he's always too busy now. He tells me his business is doing well, but it leaves very little time for anything else. Sadly, my friend just can’t delegate.
So he makes an annual profit (income/drawings) of about $200,000, but works every day of the week, including the late night.
I don’t think he is really better off. 65 hours a week plus limited family time is a rather high price to pay. And all this for $60 per hour! I know a window cleaner who charges more than this!
When it comes to the dream of owning one's own business, lifestyle has to be an essential component. Don't ignore it as you look to the future and develop your strategy.
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