Many people feel the strong desire to have their own business. They want to choose their own destiny rather than someone else doing it for them. They have the entrepreneurial spirit burning inside them and nothing that others say will make them quit. If you’re one of these people you’ve probably already heard the naysayers. Your family and friends will give you the many reasons why you should not start your own business. They will beg you not to give up the security of your job. They will tell you that you’ll go into debt, you won’t have a retirement, you’ll lose your health benefits, and all the other fears that they can think of. These are legitimate fears but there are many reasons why you should start your own business. Here are just a few:
Freedom is probably the number one reason for being your own boss. Of course you won’t be on a beach working from your laptop; at least not in the beginning. It takes many, many hours of hard work to get a business off the ground. You will probably be working days, nights, and weekends. But…you’re still working on your own terms. You don’t have to ask for permission to leave for an appointment. You don’t have to miss out on important family matters. You have the freedom to choose when you want to work. Freedom is priceless.
#2: Tax Benefits:
There are many tax benefits that you receive from being self-employed. Rent, phone, food, travel, car payments, and many others can be deducted from you effective tax rate. When you’re an hourly or salaried employee you don’t get these perks. As a business owner you will have a lower tax rate than an employee earning the same amount of money.
You are the captain of the ship. You choose the direction of your company’s future. Even if you make the wrong decisions you are in control. You have the choice. As an employee you don’t have any control. Whether good or bad you’re going in the direction that your employer is taking. Having control of your destiny is extremely rewarding.
#4: Job Security & Growth
They say it’s risky being an entrepreneur, and it is. But in today’s climate are you really that much safer as an employee? When you work for someone else, you are almost always in the line of fire. You can be fired simply because you don’t play politics in the office. You can be stuck for years with the same pay and title. You can reach a ceiling where you will remain as long as you work there. In our present economy there are so many layoffs and downsizes it could happen to you as well. However, when you have your own business, you are your own boss. You don’t have to worry about office politics. You don’t have to worry about personality clashes. You don’t have to worry about stagnating. There is no ceiling for you. What you put in will directly affect what you get out.
There is a lot of risk being self-employed. A large number of businesses fail within the first year. But, such as true most of the time, with risk comes reward. It’s possible to earn a great living as an employee. However, you will never be able to explore the possibilities of rewards that you would as a business owner. The risk may be all yours but so are the unlimited possibility of rewards
#6: Personal Fulfillment:
Many people take pride in their job. You can be proud of your job but you still don’t own it. Your employer does. As an entrepreneur you own it all. Imagine the feeling of building something that is all your own. Imagine the pride that comes from seeing your hard work materialize into your grand vision. For most, personal fulfillment is more important than money.
#7: Grow the Economy
The economy cannot prosper if there aren’t new jobs. If you have a company that has employees you are contributing to the economy. By creating jobs you are giving more people the opportunity to provide for themselves and their families. More people employed means more people paying taxes and buying goods. As a job creator you are making people’s lives better and you are making the economy better. The entrepreneur is the backbone of this country.
It takes focus, determination, and guts to be a successful entrepreneur. It may be a tough ride, but the rewards can be tremendous. Just remember…No one ever gets rich working for someone else.
If you need funding to start or grow your business Simplified Capital can help. Give us a call! 866-810-1305 or send us an email. firstname.lastname@example.org