Losing your independence is something that every entrepreneur fears the most. We’re all searching for inventors, clients that can support us and mentor us, but we don’t want to lose control of our business.
That is a very real possibility because you can’t make an omelet without breaking a few eggs as they say. This is how investors see your business, they want a piece before they ever sign on the dotted line in their checkbooks. But you’re also playing the role of the juggler with creditors and lenders.
You’re also trying to stop relying on other companies that you need, such as accounting consultancy firms and stock investment firms, etc.
Never Be Under Debt
It’s not overspending that causes entrepreneurs sleepless nights, but the debts that they accumulate just being in business. Speak with the Debt to Success System which is perhaps the saving grace or silver bullet that small business owners need.
You will know how to perform the debt discharge technique, take more ownership of your citizenship and entity, and be able to be treated differently in the eyes of the law regarding some fines and fees. This is something that you should take the time to learn more about, as being under debt is the killer blow that many face.
Debt will prevent growth, eat away at your confidence and prevent you from taking measures to expand your expertise and skills.
Learn Accounting
Accounting is by far the number one hole in many small business owner’s repertoires. It’s quite remarkable how a simple course in accounting can change your business forever. You will know how to make long-term decisions and save your money far more effectively than you do now.
Paying for a freelance accountant to take care of your financial future is expensive. Their services are great, but you can do basic accounting by yourself, saving you a huge expenditure every year.
There are plenty of online accounting courses which you can apply for and learn the modules in your own time.
Never Lose Control
Being able to retain control of your business while working with investors is not a fallacy! You can keep control of your business through multiple means.
Staggered control. – An investor can be given majority ownership of the business while you retain control as the CEO. But making a staggered control whereby you can regain ownership if you meet the success requirements, is a great way to regain control.
For example the investors gain 55% ownership for the first 5 years of a 10-year investment contract. If you meet their profit requirements and show growth and good handling of the business, they lose 2% of ownership per year. In 5 years you will be able to regain full control while still having the investment
Entrepreneurs can retain control of their business and remain independent. It’s a tough road but it’s there for you to walk down. It’s a good idea to keep expanding your skills while running your business, such as learning accounting and financial planning
