Have you ever considered starting your own business? Even a small side hustle to earn extra money? What you might not realize is that there are some real benefits to starting your own business and some of them, you might just not have thought of before. If you are considering moving from employee to owner, then consider these possible benefits of becoming an entrepreneur.
Favorable Tax Advantages
Every thought that you would use the word “favorable” and “tax” in the same sentence? I certainly didn’t. However, you need to understand that by owning your own business, you might be able to right off your home internet costs, gasoline and auto expenses, meals, postage, as well as many other things. Of course these things need to be related to your business in order to be tax deductible. Use your home internet to conduct business? Use your car to travel to clients? I could go on and on. Anything related to running your business is potentially tax deductible so be sure to talk to your accountant or tax preparer.
Not Relying On Someone Else For A Paycheck
Well, I guess this really doesn’t fall into the “things you didn’t know” about starting a business. However, I would ask that you dig a bit deeper on this one. Ever worried about losing your job? Ever had an employer go out of business? Those are scary things. The fact is, as employees we all rely on someone else to pay our salary. By becoming an entrepreneur you have the opportunity to create your own paycheck. Now, I would expect (and neither should you) to open a business, and immediately replace your salary. Honestly, that rarely happens. If you happen to be that lucky good for you! However you get there, the goal would be to make your salary and your income reliant on YOU – not someone else. If you are looking for a “middle ground” approach, perhaps keep your day job and get started on a side hustle during your off hours. That might be a good transition even if your ultimate goal is complete independence.
You Get To Create Your Own Schedule
Thought of this one? When you work for an employer they tell you when to come and go. They tell you when you can take vacation, and you have to ask permission to go to the dentist. Sound familiar? When you have your own business you decide when you come and go. Need to take time off to take the kids to the doctor? Go ahead – you are the boss. Now, it would be naive to think that making your own schedule, and owning your own business, means you can just take time off willy nilly. No. Instead, you will likely be working more hours than you did when you worked for someone else. But, the point here is that you truly do create your own schedule and that is a benefit you might not have thought of.
Delegate The “Dull” And Focus On Your Strengths
Let’s face it, as humans we all have things we are very strong at and things that we just aren’t very good at. This is completely normal. The key is to find your strengths, double down on them, and give either boring or undoable tasks to an employee or partner. When you work for someone else you are given a set of tasks or duties and are expected to complete them. Those tasks aren’t always what you are good at. Need to design a PowerPoint presentation but aren’t really tech savvy? Yeah, that might be a problem. When you run your own business you decide what tasks you complete and what tasks you delegate. Give this one some thought. It truly is the way to maximize your strengths, and delegate your weaknesses to someone who will do a better job that you anyway.
Of course this somewhat depends on what type of business you are starting, however, you very well be able to work from just about anywhere. It goes without saying that if your business is of the digital or online variety, you can work from home. You can even work from Starbucks if it tickles your fancy! Even if you are starting a brick and mortar business, you still have options as to where you will work. Hate your hour-long commute each day to the office? Well, then open your business closer to home. Enjoy a downtown work location but live in the suburbs? Make your headquarters downtown. Again, much depends on the type of business but if you think about it, you really do have options of where you will work. You don’t have that option usually with an employer who gives you a paycheck.
No More Getting Approval or Corporate Chaos
Ever had a great idea of how to streamline a process or procedure at your job? Did you try to implement that change? My guess is that your great idea got stuck on someone’s desk for approval and never saw the light of day. This is really just too bad but is a staple in most corporate environments. Fact is, there is likely a chain of command that must be followed and large companies often make changes slowly or not at all. When you run your own business you just won’t have this same problem. Want to implement a new workflow? Do it! You don’t need to ask anyone for permission. The beauty of being a small business is that you can pivot on a dime. If you make a change and it doesn’t work, change it back or change it again.
Something You Can Give To Your Kids
What is your occupation now? A banker? A lawyer, teacher or factory worker? Do you think you can pass that occupation on to your children? Can you get them a job where you work? The answer to most of these questions is probably “no.” However, when you own a business, you must might be able to pass that on to your children. A business is a living breathing thing. As long as it is making money, and isn’t in debt, it is an asset. Read that again, your business can be an asset. Where do assets go when you pass? They go to your beneficiaries (assuming you have a Will). This can be a real benefit if your business is successful.
Of course what we all know is likely true: that the toughest part of starting a business, is actually just getting started. Perhaps you have given some thought about what it means to become an entrepreneur, to own your business, or to be your own boss. Here, I hope we have shared some potential benefits that you haven’t previously thought of.
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