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Mar 22, 2022 ConnectPay

How To Overcome Risk As A Small Business Owner

How To Overcome Risk As A Small Business Owner

Small businesses are the backbone of the American economy. With over 30 million small businesses employing nearly 59.9 million individuals, small businesses are our country’s true source of economic freedom. Yet, this path toward economic freedom also comes with a tradeoff: every small business venture must face a certain amount of risk.

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Building

Starting a business from the ground up is no easy feat – it’s a path that takes immense grit, perseverance, and courage. For many entrepreneurs, opening a business evokes an array of emotions: excitement for what the future will bring, liberation as you pave your own way forward, and yet hesitation at the indisputable risk you’re taking on. From the very moment you hang the open sign on your door, you’re entrusting your financial security to yourself– and it’s only natural to encounter some doubt along the way.

But this uncertainty is par for the course. Entrepreneurs are innate risk-takers, fueled by ambition, passion, and hope. As a new business owner, you’re prepared to face risk head-on because – more often than not – the rewards of the future largely outweigh the risks of the present. So, you hit the ground running, adapt an all-or-nothing mentality, and take on every challenge you encounter to ensure the success of your business.

Growing

As you learn and adapt, you start to grow: more customers come through the door, more appointments are set, or more orders are placed. At this point, your business is no longer just a passion project, but your livelihood. It’s become a pillar of the community, a necessity for your family, and the heartbeat of the American economy. Now, the risk is more than worth the reward, but it’s also heavier and harder to navigate.

It’s at this moment that you need someone by your side who can mitigate the risk and lighten the load.

Connecting

Where do small business owners encounter the most risk? According to a recent study, beyond typical sales and market research, some of the most difficult tasks entrepreneurs face are tax accounting, cash flow, and setting financial goals.

For business owners just starting out on their entrepreneurial journey, with no employees and less to manage, DIY tools can often offer enough assistance. On the opposite spectrum, for medium to large-sized businesses, there’s plenty of staff in-house to provide departmental oversight from within. However, for the more established small business owners, the ones that depend on the everyday prosperity of their business to take care of their families, more help is crucial.

And that’s where ConnectPay comes in. By outsourcing to a payroll service that’s dedicated to small businesses, you can do more than just pay your employees on time. With ConnectPay in your corner, the risk begins to fall from your shoulders. Our modern payroll technology ensures your taxes are handled correctly, cash flow is streamlined, insurance premiums are paid, and your retirement savings are in the right place. We connect you to our network of trusted advisors – from CPAs and bookkeepers to insurance brokers – and build a community of support around you, guiding you collectively through every hurdle. And with our service-first mentality, our team is always available to answer your questions and offer advice, helping you to surpass your financial goals.

For any small business owner, encountering risk isn’t just expected – it’s certain. But that doesn’t mean you need to go it alone. As you work to take care of your family, your employees, and your community, we’ll be there to support you in any way that we can. Just let us know when you need us!

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Published by ConnectPay March 22, 2022