You are out of the rat race and into your own business. You have given up a nine to five life so that you can work on your own terms. Now is the time to buckle down and focus on creating your own brand and keeping the fruits of all your hard work. Your business does well and you feel that all that hard work is starting to pay off. You get sick, don’t have good health insurance, pay ridiculous medical bills, and then have to declare bankruptcy.
As much as the scenario above is unlikely, it happens to more business owners than you may think. In fact, 2/3rds of all bankruptcies happen because of medical issues. Of course, health insurance is just one of the many benefits that corporate America has to entice hard workers. Retirement plans with generous matches are an additional benefit to help workers take care of their retirement needs. Small business owners and 1099 individuals, by contrast, have nomatch unless they give it to themselves. In fact, according to SCORE, 34% of all business owners have no retirement savings plan.
You don’t have to be a genius to come up with benefits or a CPA to do payroll. My Financial Coach has created a guide to help those individuals who believe in themselves and want help in understanding their options as they go from a small to a large business. Click the thumbnail below to gain access to this guide!