People start businesses for many potential reasons — freedom, unlimited earnings and many others. They frequently overlook the real responsibilities they will have, including their financial future, both their own and that of the business.

When a person gets a job, especially when on a career path, their employer generally takes over some of this responsibility for health care and retirement. And the employee doesn’t need to be too concerned about the financial needs of the business.

The cost of all of this is passed down to the employer’s customers through the pricing of its products and services. Whenever you buy a gallon of fuel, box of nails or a pair of shoes, you are contributing to numerous employees’ health and retirement funds.

Like many small business owners at start up, farriers are so wrapped up in getting their business off the ground, making sales and getting through today, this week and this year that they overlook the future. By the time they are comfortable enough with their business operation, they realize their future already has a big head start on them. So big, it may be difficult, if not impossible, to catch up.

Take A Long-Term View

A common attitude among small business people is “as long as I work hard, do my best and treat people right, it will all work out in the end.” But far too often, it ends before it works out. This illustrates short-sighted “production thinking.”

On the other hand, “management thinking” takes a…