Business Owners Insights
If you’re planning on using your business to fund your retirement, you’re not alone. Many business owners do this. Partially because they feel that it’s something they control – they’re steering the ship.
Not when you consider the number of Australian businesses that cease trading each year. One in every 8*. Staggering. And it’s not just young businesses. It’s mature ones too. We live in an age of unprecedented change. An age when businesses that were thriving yesterday find themselves in dire straits today – torpedoed by technology, superseded by more agile newcomers or just plain run out of steam.
When you start out in business, it’s usually quite straightforward. You start small and paddle like crazy to get through the first year or two. You have few employees, if any,and not a lot of business assets to protect.
Then, as business grows, things get busier and more complex. More people, more assets, more management issues, more to lose. It’s intensely satisfying but also stressful and time-consuming. You now have an asset worth protecting, but somehow there’s always something more important to worry about.
As a business owner, you spend your working life focused on succeeding.… but who will succeed you?
When it’s time for you to let go of the wheel, or if something happens and you’re forced to, who will take your place? And more importantly, how? And how well?
The side hustle – people running businesses “on the side”– is a global phenomenon
In Australia it’s really taking off. NBN surveyed customers aged 16+. Of these, 41%* already have an online side hustle in play. That’s almost half of the population, and it’s forecast to keep growing
In business life, as in daily life, unexpected issues can and do occur.
Australians are familiar with insurance particularly with their cars, home and
contents and business property. Yet for business people, irrespective of whether they operate as self-employed, in partnership or in a company structure, their business ownership presents them with a business owner insurance need.