This module has highlighted the complex decisions that must be made throughout the process of owning a business, touching briefly on topics such as important paperwork, necessary insurance and the importance of write-offs and expenses come tax time. I have spent a considerable amount of my personal time researching these topics and the module has served to further reinforce the idea that had already begun to form: hiring a lawyer and accountant that are intimately familiar with the chiropractic business model is of utmost importance. Over time, using a variety of resources such as mentors, this business and entrepreneurship module, and google searches, I hope to learn as much as possible about running a successful business and maximizing profits, however I will never know enough to do it well on my own, which only increases the importance of forming an excellent working relationship with and accountant and lawyer I can trust to point me in the right direction and help me make the most out of my business.
I have much more to learn about the types of business ownership available to me, however I do expect to ultimately incorporate, the timeline being the unknown factor at this point. While costs such as insurance are fairly cut and dry set by external parties, it would appear that business expenses, profits and ultimately the dollars paid in tax at year end are what can cause a business to sink or swim. Will I pay myself in dividends, as an employee of my corporation or both? These are the questions I am looking forward to answering in the near future.
As I reflect on this module one theme continues to repeat, the importance of expertise. I will continue to become as knowledgable as possible on the topics of tax, law, insurance and ownership as they pertain to my business. Furthermore, I will always be the final deciding party on any important decisions that affect my business, however these decisions will never be made without the valuable insight of an expert in the field, be it a lawyer, accountant, financial planner or mentor.