Self-Employed Financial Advice: Everyone Counts on Small Business Owners
According to Statistics Canada, there are 1.19 million small businesses in the country, employing up to 99 people at a time.
If you are self-employed and have a team, it’s a huge responsibility. Employees may not truly understand the immense pressure you are constantly under. In many cases, you are the product/service expert and the head of sales.
You ensure that your company puts the customer first but not at the expense or abuse of your employees. You could be in charge of marketing or lead human resources. It’s quite likely that you are the CEO, CFO and President all rolled into one.
It's likely as well that you have a few more hats to wear spouse, parent or grand-parent, daughter or son, sibling, caregiver, or coach. In my case, I need a hat that says “Personal chauffeur for children” who play sports and need to be driven everywhere.
Are you also the breadwinner at home?
Do you earn the primary income on which your household thrives? Entrepreneurs are often big income earners and without their activity, it all falls apart.
The vendor doesn’t get paid. The client is unhappy. The debts increase. The mortgage is missed.
We don’t plan to go off and have a heart attack. We don’t want to have a stroke. We didn’t intend for our body to fail us and develop cancer. We put protocols in place so there isn’t a workplace accident, and we didn’t think that driver was going to run the light.
No one expects to be brought to their knees financially, but it happens, every single day.
Planning for the potholes (or craters) on our journey through life is part of financial planning. If you wear a multitude of hats in your business and for your family, you know better than I do how many people are counting on you. By putting the right types of protections in place that will protect your income and cash flow, (disability insurance or critical illness coverage) you are a better employer than most. You’re an even better parent or spouse.
Please reach out if you have questions on how to manage your business and personal risk.
At Tayler Insurance & Estate Planning our solutions are simple and tax efficient. We help entrepreneurs grow their wealth and plan to protect their legacy.
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