How did the business end of my business get away from me?

Well it seems more often than not that people start a business around something that they are good at and really enjoy. Somewhere they thought “I would love to do this for a living!” and on down that road a risk was taken and a business was formed. The business grows because the person is good at what they do and are passionate about it. Month go by and the business is growing and things are great…..till the books need to be reconciled or some tax is due or a large payment is needed in order to keep going. WOW, what happened. Well it should come to no surprise that they are great at cake baking, dress making, woodworking, tailoring, etc. but they didn’t have the business prerequisites. the home economics checkbook balancing education is what they are relying on to get them buy. In a regular household that is all you need. Not in business. Cost accounting, marketing, management, contracting, negotiating, legal understanding all seem to need their own special attention in business. This can seem daunting to a small business owner. After several run ins with these beasts the business owner finds themselves longing for the “security” of a regular job and shortly thereafter closes and returns to the workforce. And thus ends the great ride. Maybe they will attempt it again but most likely not.

How could this have been avoided? Do you think education is the key? How can you fix it if you never knew it was broke in the first place?

Let’s discuss!