For the entrepreneurs of the world, working for a boss can lead to a restless spirit. However, many entrepreneurs are unsure if they should ditch their steady day jobs to go into business for themselves, as starting a business can be a risky pursuit.
But despite the risks, most entrepreneurs are motivated, dedicated men and women who can handle the ins and outs and ups and downs of starting a business from the ground up. While the beginning stages of building a business can be filled with 12-hour days and small profits, being your own boss can be one of the most freeing feelings in the world. And, in a few years, your small business could be a lucrative enterprise.
If you have been considering starting your own business, here are a few reasons why going into business for yourself is a great idea:
Outsourcing
One of the many benefits to owning your own business is being able to outsource your business needs to freelancers and other independent businesses. Moreover, with the right technology, you can even operate your business on your own until it begins to grow organically.
For instance, if you are opening a business where you sell products or services, partnering with a company like North American BanCard, a company that provides the services and means necessary for a small business to accept credit payments, can be an efficient way to manage transactions.
Tax Benefits
Owning your own business means you can take advantage of quite a few tax breaks. From fuel to travel to car payments to business meals can often be written off. In fact, if you work out of your home, you can even claim part of your rent as a business deduction.
One of the many differences between working for an established company and being self-employed is the fact that during tax season, you will most likely owe the government money instead of receiving a tax return check. However, one of the perks of being self-employed is the ability to claim business expenses. All business expenses should be recorded in a program like Quickbooks and all receipts should be saved should you be audited.
Flexible Schedule
For most entrepreneurs, all of the hard work and temporary pay cuts are worth the flexible schedule. Additionally, once you have established your business, you will often have more spare time than you did when working for someone else.
While it does take initiative to wake up and be productive everyday, for as an entrepreneur you are not accountable to anyone but yourself, if you can stay motivated and actually get work done each day, there is nothing like the freedom of being able to make your own schedule.
Resources
There are plenty of free or inexpensive resources perfect for entrepreneurs to stay on track and get their business up and running. From apps like Evernote to social media scheduling services like Buffer to cloud storage like Dropbox, there are tons of resources you can utilize to run your business.
Because most small businesses start as a solo job, you are having to do multiple jobs at once. Not only are you the founder and CEO, you are the human resources department, the customer service provider, the marketing director, and the creative visionary, among other jobs. Keeping up with all of these tasks will take a team of resources. Not only will it help you focus and diversify your time, it will also help to grow your business.
Financial Stability
Despite the common misconception that entrepreneurs will always be in debt, entrepreneurs can actually achieve great wealth and financial stability. There will be initial costs and fees that can leave entrepreneurs low on cash, the ones who can persevere and build a business can be extremely financially independent within a few years. If you are smart with your profits and investments, your once small business can easily be a thriving enterprise, offering you complete and total financial independence.
Though going into business for yourself can be unpredictable, with no risk, there is no reward. While starting your own business will not yield wealth and stability over night, with hard work, motivation, and passion, you can be a successful entrepreneur.