Advantages of Owning Your Own Business
Many people want to be in business for themselves. However, they have been warned repeatedly about the pitfalls of starting their own business, which causes them to stay in a comfortable job with steady, predictable income. While it is true that having your own business is risky, it also provides opportunities that you may never have as an employee.
There are several potential advantages of owning your own business, and they are not all financial. Here are just some of the ways you can benefit from becoming an entrepreneur:
You are In Control: Being a business owner puts you in control of your own schedule and how things will be run. For better or worse, you are the person making the decisions. This means a more flexible schedule and the ability to be creative in how you run your business. And since you are the boss, no one can fire you for the decisions you make.
You Have the Opportunity to Provide Value to Others: One of the best benefits of owning a business is being able to help clients, customers, and your community. Your product/service offerings must provide value to your target market or you will not stay in business very long. In addition, your business might create a few jobs for others in your community and help enhance their lives as well.
You Get to Learn New Skills: When you own a business, you wear many hats, especially when you are first starting out. This forces you to look at the big picture and learn new areas you may not have had a lot of experience in previously. Most business owners also need to deal with people. Whether it is customers, clients, or employees, you will need to interact with people on a regular basis. If you are a shy person, this might mean leaving your comfort zone and developing new people skills.
You Gain Several Tax Advantages: Owning a business opens up a whole world of tax benefits you likely never knew existed as an employee. There are numerous deductions available for things such as your home office, advertising and promotion, travel, meals and entertainment, and many others. In addition, the tax reform bill that passed at the end of 2017 has created several new tax advantages for business owners.
You Might Make More Money: If all goes well, you might earn more money from your own business than you did as an employee. At the very least, you have the opportunity to earn more, and your income is not limited to whatever your boss is willing to pay you. If you put in the work, you will likely see the rewards sooner or later.
Buy an Existing Business or Start One from Scratch: If you are thinking of going into business for yourself, there are generally two ways to go about it. You can buy an existing business, or you can start one on your own. Starting a business on your own is the way to go if you are on a very limited budget. You can start small (even part-time while you keep your regular job) and slowly build to the point where you have replaced your current income.
If you have some capital to invest or can get a hold of capital, buying a business might be the right option for you. An existing business is already established and should have a built-in customer or client base you can step in and serve. This allows you to bypass the startup phase and move straight to profitability.
If you are looking to purchase a business, it is important to choose the one that is the right fit for you. Otherwise, the venture could end badly. The best place to start is to speak with a reputable business intermediary. Business brokers have access to a wide range of business listings in your area and extensive knowledge of the buying process. By working with an intermediary, you can leverage their expertise and find the business for sale that best suits your passion, skills, and budget.