New business owners often find themselves facing issues they had not previously considered when starting a business. Many new owners have recognized the need for their product or service and have identified a market for it. They are prepared for that aspect; it is how they came to start their own business. Other aspects however, such as accounting, employee oversight, and taxes are areas where most people have little expertise without actively taking the time to learn about these issues, but where many of the struggles small business owners face are originated (Collamer, n.d.).
There are several basic areas of understanding that are critical for new business owners to know (Collamer, n.d.). And classes, instruction and support abound to assist business owners in mastering these vital areas. By accessing free support and instruction, new business owners can improve their chances of success by having secured at minimum an initial understanding of some basic business principles in accounting, employment law and tax liability.
Several software companies offer free courses in basic accounting as a perk of using their software. Some even offer them as a marketing tool so the user has the chance to experience the software. Further, several colleges and universities offer free accounting courses (8 Colleges and Universities, n.d.). And most colleges or universities offer both traditional and online introductory classes in accounting. For students who are willing to audit those classes, they are often provided at no cost.
Employment law can also be a difficult path to navigate without support and assistance. There are laws in place governing wages, equality, and benefits which vary by the size and stricture of the company (Beasley, 2012). The Small Business Administration offers support and advice to guide new business owners. The support offered helps business identify the labor laws which apply to each business owner, and how to remain in compliance with them.
Both accounting practices and employees lead to tax liabilities. It is imperative that small business owners remain within the legal parameters of the Internal Revenue Service. And also like accounting and employment, software companies may offer some tax training when purchasing their software, colleges and universities may offer free, non-credit classes, and most importantly, the IRS will offer free assistance (Moran, 2016).
Recommendation
The recommendation here is that courses should be given to help those that are wanting to create a startup. These courses would give these individuals all of the information that they need to work in this startup and how to engage with all of the various tax and employment laws that will have an effect on their new business. The major part of this recommendation is that these be freely available to help those who may not have formal training in business, as these individuals may have a lot to offer the job market and the economy in general, despite not having the specific knowhow on ensuring that their startup is successful.
Advantages
There are three advantages to providing these courses. The first is that there will be more startups, which will lead to better input into the economy and a way of ensuring that new businesses are started. The second is that it will help those who want to start a new business but are not sure where to start. The third is that it will reduce the amount of tax liabilities and other legal issues that are associated with startups and new businesses.
Conclusion
Often, when small businesses fail it is not for want of dedication and effort. New business owners have summed up their courage and stepped out into the market place to establish themselves. They know the importance of their product or service, and they are right. These are not he factors that cause them to suffer. Inadequate readiness to manage the ins and outs of accounting, employer rights and responsibilities, and tax obligations can cause new business owners to become overwhelmed when they realize the requirements. Worse yet, they may not realize those requirements until the burden has become so great they feel crushed beneath it (Collamer, n.d.). With some planning, forethought, and the proactive investment of a little time, new business owners can take classes and access free resources that will prepare them ahead of time for the lesser known aspects of business ownership. As a result of these issues, the major recommendation is that courses be given to those who want to start a new business to provide them with this information. The advantages of this are a boost to the economy, better preparation for those working in startups, and reducing the amount of legal issues associated with these businesses.
References
8 Colleges and Universities Offering Free Accounting Courses Online (n.d.). Retrieved from http://study.com/articles/8_Colleges_and_Universities_Offering_Free_Accounting_Courses_Online.html
Beasley, K. (2012). 10 Ways your small business may be breaking employment laws. U.S. Small Business Administration [online]. Retrieved from https://www.sba.gov/blogs/10-ways-your-small-business-may-be-breaking-employment-laws
Collamer, N. (n.d.). The best way to get free help starting a business. Forbes Magazine [online]. Retrieved from http://www.forbes.com/sites/nextavenue/2013/04/16/the-best-ways-to-get-free-help-starting-a-business/#47a58e4632a3
Moran, G. (2016). The best free stuff for small business owners. New Avenue [online]. Retrieved from http://www.nextavenue.org/best-free-stuff-small-business-owners/
