How Many Work Hours In A Year latest 2023

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Business Pros and Cons

So many people dream of having their own business. They focus on the benefits they could enjoy, including freedom to choose their schedule, pride of ownership, and hopefully big profits.

Unfortunately, according to Innovation, Science and Economic Development Canada, up to 97% of new start-ups with less than 100 employees fail within the first year of operation. Only 85% survive three years and 70% five years. About 7,000 business bankruptcies occur each year.

Even those with years of college education and professional licenses can struggle if they lack good business acumen. From the outside, it looks like psychologists, dentists, lawyers, doctors and accountants have done it! The truth is, their fees don’t go directly into their personal savings accounts.

If you think the costs for professional services and expertise are too high, consider the following:

1. Degrees – In addition to tuition, books, and living expenses during the many years of university study, many internships and supervised practice situations are unpaid. Obtaining a degree scroll and license to practice is not just about success. They also trigger the repayment of several thousand dollars in student loans.

2. Annual Fees – Every year I pay nearly $3,000 to my regulators and insurance agent for licensing and professional liability coverage.

3. Facilities and Equipment – Those starting a practice must not only have office space, but also appropriate furniture and equipment for their trade.

4. Staffing – Look around your doctor’s office the next time you have an appointment. How many families receive an income from the doctor? Are they paid if the doctor is on vacation or in training? What is the amount paid by the professional on his behalf for social benefits?

5. Oversight – The more staff, the more time needed for mentoring, meetings, and system work.

6. Monthly Expenses – Besides interest on business loans, office rent or mortgage payments and staff salaries, there are utility bills, office supplies, janitorial fees as well as costs. technology to run the office.

7. Professional Development – Most regulatory bodies require a set number of hours of training each year to ensure the professional has advanced skills and knowledge.

8. Bookkeeping – Tax filing costs and government program requirements must be completed by an expert who generally bills by the hour. Some professionals also have to wait for payments from businesses or chase the check when customers don’t pay cash. It doesn’t take long for the customer accounts to pile up.

9. Taxes and Benefits – Unlike employees, professionals do not have paid sick days, vacations, or sick days. If they don’t work, they have no income. However, they still have to pay personal taxes as well as income taxes.

10. Paperwork – Often what could be billable hours gets gobbled up with paperwork, administration or other unpaid work.

11. Time – Make no mistake about it. Starting and running a business takes a lot of time. Most successful entrepreneurs put in many hours, many of which are never seen by the public. When you see someone on the golf course in the afternoon, you might not realize that same professional was in the office until midnight the night before.

12. Accountability – You are the person responsible for ensuring that ethical and appropriate services are provided to the public by all work performed by you and your staff. When there is a problem, you have to fix it.

Over the years I have worked in government, retail and private practice so I know that no matter which career path you choose there are pros and cons. If you want to open a business, consider the above so as not to be naive and vulnerable.

When accessing the services of a professional, look around and remember that the person in front of you will only receive a fraction of the fees charged to you. The rest goes to business expenses.

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