One of the American dreams is to start a business and be successful with that business. And when I talk with my students, there are always some who have the entrepreneurial spirit and talk about having their own business.
I can tell you from my own experience, I have loved being my own boss. I can create my own schedule, I can do things I want and need to do and don’t have to worry about what someone else will think or living by someone else’s schedule.
Here’s the rest of that thought, I also work many more hours than I did when I was an employee. I don’t get “paid” holidays or vacations. (more on that in a minute) If things don’t work out, there is no one else to fall back on figuring it out. This is my venture and my responsibility.
Now clearly, since I have been doing it for many years, I am willing to take the responsibility and risks that come with starting and maintaining a business. I invite and encourage you to really spend some time considering what you are willing to take on and how you think you will handle adversity. These are issues that should be considered BEFORE you start a business/practice, not after.
Some of the best support I have received was from my accountant. He patiently walked me through questions and concerns and I have followed his advice. He showed me that if I set aside a certain amount of income each month, I can pay myself for vacation/sick/holiday time.
If you are serious about starting a private practice (or any other business), I strongly encourage you to talk to an accountant that you trust and even check with an attorney to make sure that you are following all the rules in your area.
There’s a joke that when you work for yourself, you get to Pick the 70 or more hours you work a week. There’s some truth to that, but, remember this: if it is yours and you really love what you’re doing, it’s not really work!
Have a great one! More soon!