You really never hear the end of the complaints against the Affordable Care Act, especially in the realm of small businesses. How is it exactly the the Affordable Care Act is affordable? Small businesses are forced to comply to rules that they have no financial ability of comply to. This often results in many small businesses having to downsize to fewer employees so that they can offer them the benefits required.
In effect, this makes it so that the already overworked and underpaid employees are even more overworked than before, and even more burnt out than they were before their workload tripled. In the end, many small businesses are forced to shut down due to the Affordable Care Act.
Despite the negative implications of the Affordable Care Act on small businesses, there are reasons why it doesn’t have to suck entirely.
As confusing as this may sound, the Affordable Care Act actually gives you or others directly related to you a better chance at becoming successful entrepreneurs. Before the ACA, insurance companies were able to remove individuals off of their parents insurance plans at the age of 19.
This made it extremely hard for a young person to pursue their dreams of opening their own business when they had to pay for their own very expensive insurance. Today, young adults have insurance until they’re 26, which means they have more time to open a small business.
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If you’re not in this category, this is still great for you because it allows for competition to continue to be present in the marketplace.
More Workforce Potential
Before the ACA, your small business probably had very little legitimacy in the grand scheme of things. Whomever you found to help run your business was just by luck, or your extremely good negotiating skills. With the Affordable Care Act, your ability to bring in the best of the best improves greatly.
You’re no longer competing with larger companies who can offer that individual full coverage. Since everyone must offer the same things, you have the ability to build a team of people that will take you to the top.
While there are a lot of things about the Affordable Care Act that are bad for small businesses, it’s the way things are the likelihood of them being changed soon are very slim. As an entrepreneur, it’s up you to make the best out of your circumstances. This is your moment to take lemons and make lemonade.
In the end, it’s no the laws that govern how your company is run. The laws are a skeleton on which to build. Take what you’re given and build a masterpiece.