I am always amazed at clients and other compensation recipients convinced the best way to spend their compensation is to buy or start their own business, which will enable them to be their own boss and to work the hours and conditions they want. They see it as buying a job.

A very funny but true scenario in the recent ABC comedy Very Small Business was a prime example.  A couple wanted to use the husband’s compensation payout to buy a dog washing business known as Don‘s Dirty Dog wash. In spite on the very negative sales approach by the franchise salesman, who was trying to warn them not to buy it a couple were desperate to earn a living “doggy style”.  They couldn’t be deterred from buying a burden that involves backbreaking work, business responsibilities and a lack of support.

However the truth is that without business acumen and knowledge as well as good delegation skills owning one’s own business can be disastrous.  You may or may not realise that being be your own boss can mean being your own boss from hell. 

Being responsible for business administration dealing with any employees including family and meeting customers expectations as well as all the tax office can be exhausting, mind sapping and ultimately much more damaging to your health than any accident.  The trouble is by the time you realise this it is too late and you have used up all your capital provided by the compensation package.

Unscrupulous business vendors including franchises prey on gullible, hopeful and inexperienced buyers who are hoping to buy the lifestyle that they thought their own bosses enjoyed.

If you get a payout please consider placing the money in safe keeping and carefully considering your options first.

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Jeffrey  - Sports Injury Compensable ?   |124.170.88.xxx |2008-10-19 03:58:22 For a long time now I have always thought that sports injuries were not compensable on the basis of the voluntary assumption of risk principle. However one must be fully informed of the risks before one can assume the risks. Please DISCUSS, JEFFREY Reply 0   0

Troy Tatchell   |202.139.145.xxx |2008-10-19 20:01:14 Interesting reading!! It seems the ultimate dream but in reality to be a boss is harder than people imagine, even in your own business the diciplines must be strict as you have alot more to lose. :s Reply 2   0

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