5 Reasons to Start Your Own Business
At BizTV, it’s no secret, we’re all about entrepreneurs, small business owners, and making your own way through the financial world.
Today, we’re going to give you an excuse to join the ranks of the self-employed (as if you need one), and, hey, if you’re already there, maybe you have some of your own excuses to share in the comments.
1. Tax benefits
Bet you didn’t think that would be number 1, did you? But, it’s true. There are many tax benefits that the entrepreneur and small business owner can call their own. If you educate yourself on tax law, or hire a good accountant, there are expenses for your business that you can write off. If you employ your family, you can keep the money within the household. If you hire your children, you are relieved from withholding income taxes and paying payroll taxes, including Social Security, until the child turns 18. Also, you don’t pay federal unemployment until the child reaches 21. If you hire your spouse or parents, you don’t need to pay federal unemployment taxes on them either, though you must withhold federal income tax and pay FICA on them. Corporations are not allowed these tax breaks. Enjoy!
2. As long as you get your own work, you’re in charge of your own job security
This might be a double-edged sword if you aren’t good at selling yourself (read: get good at selling yourself). If you have a skill or product that’s in high demand, you’re on top. No one is going to downsize your department. You’re in charge of your own employment future.
3. You can challenge yourself
Think about your job right now. Are you challenged? Are you stimulated? Do you jump into work every day with a take charge attitude because you’re excited to solve the next puzzle that falls in your lap? If you answered “no” to any of these questions, take heed: every day with your own business is as challenging as you want it to be. Are you going to integrate a new technology? Are you going to find a way to appeal to a new customer base? You have the ability to explore and challenge yourself every day.
4. You are the expert
Think about how satisfying it would be to tell someone: “Trust me. I’m an expert.”
Well, when you own a business that provides a certain product or service, you have the right to say you’re an expert in that product or service. You know what you’re talking about. You’ve learned things to trial and error. You create your own expertise.
5. You’re in control of your own networking
What’s your passion? Have you ever wanted to find people who share that passion? As the owner of your own business, you have the right to pursue the opportunities with those people who share your interests. In fact, it’s encouraged. Go to conferences. Go to meetups. You’ll find the people worth knowing in your industry.
Those are some of our reasons to get out of the rat race and join the self-employment movement. What made you leap from regular employment to entrepreneurship? Share in the comments!
Posted on July 21, 2014, in Biz Tips, Entrepreneur, Inspiration, Small Business and tagged challenge, entrepreneur, expertise, job, job search, networking, rat race, self-employment, small business owner, tax benefits, tax benefits for entrepreneurs, taxes, work. Bookmark the permalink. Leave a comment.