Millions of Americans are unemployed, but some are discovering that the fastest way to gainful employment is by launching their own businesses. Whether started from scratch or through purchasing an existing business, self-employment can be the path to success for business-minded folks everywhere.
Certainly, running your own business is hard work with no guarantee of a steady paycheck. You’ll also have to concern yourself with matters you may not be familiar with including corporate taxes and annual reports, business plans and employee management. These things you can learn as you go or with the help of a qualified accountant or other professional you leave these cares in the hands of other capable people.
We’ve come up with seven reasons why you may want to consider working for yourself, though not necessarily in the same order of importance to you:
1. You’re the boss – Lots of people are frustrated because they’re working for someone when they’d much rather be working for themselves. Through entrepreneurship, you’ll finally be able to cut the shackles that have held you tight, allowing you to make the important decisions and living with the consequences.
2. Realize your dreams – Most people are only able to fully express themselves by launching out on their own. Those ideas you’ve had in your head and weren’t able to bring out at work or weren’t appropriate because your job responsibilities were completely different can now be realized. You’ve thought about working for yourself for a long time and now that time has arrived.
3. Set the pace – How big do you want your business to get? Do you want to launch the next Apple or Google or do you prefer to keep your business small and free of employees? By working for yourself, you have that flexibility and can decide what direction you want to take. Hire part-timers or contractors when a special project calls for others to help out or outsource some of your work while maintaining strict control over the operation.
4. Work at home – Many small businesses are launched from the home with a garage, attic or basement space or spare bedroom designated as the nerve center for the new operation. Even if you purchase an existing brick and mortar business, your place is your own and it could be much closer to where you live, cutting commuting time significantly in the process.
5. Make some money – When you own your own business, you have the potential to earn far greater sums of money than you probably would by working for someone else. Some of the most profitable ventures in the world are small businesses, firms that were established on the back of a dream or niche product and fine tuned over time.
6. Enjoy tax benefits – Structure your business in a certain way and you could enjoy tremendous track benefits. Sure, a money-hungry, profit devouring federal government wants to tax you to help cover their amazing debt, but there are enough loopholes and other tax schemes available to help you retain more of your wealth.
7. Sell and profit – At some point you’ll want to free yourself of your business and let others take over. Lots of enterprises that started out small have grown considerably, generating a nice nest egg for their owners. Though you’ll be doing what you love, you’ll also be tilling the land that will someday yield a beneficial harvest when you need to move on.
If you’re considering starting your own business or want more information on businesses available for sale, check out the Novars Group for listings, business services, seminars and more.
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