Going into business for yourself can be the best thing that you ever decide to do, for you happiness and bank account. If you’re thinking about being an entrepreneur there are probably tons of reasons that you can think of why you shouldn’t do it. But stop thinking that way. Instead, think about why you should do it. The positives outweigh the negatives.
Not too long ago starting your own company and working for yourself seemed like the risky move while the smart thing to do was to get a job in a large firm. Now, it seems like the opposite is true. More and more people are getting laid off from their big corporate jobs. If you go into business for yourself no one can fire you. You will be your own boss and have control over your own destiny at the company.
When you work for yourself your time is your own and you can use it however you’d like. It could be 2pm on a Tuesday and you could want to go to the gym, or take a nap, or whatever and you can do it. Or it could be 11am on a Saturday morning and you decide that you want to work. That’s fine! Working for yourself allows you to work on your own schedule, whenever works best for you. You don’t ever have to choose between work and family again. You can work from wherever you want to, whether you’re in the office, on a trip or at home. Additionally, you get to choose who you work with and don’t have to get stuck with coworkers who you don’t get along with.
Your income isn’t capped
When you work for someone else you have a salary that you get paid, whether that is a daily or yearly salary. Whatever it is, unless you get a bonus at some point throughout the year, which isn’t guaranteed, that’s all you’re going to make for the year. Contrastly, when you work for yourself there is no set salary. However much money your company makes, and whatever doesn’t go back into the company, is yours.
Entrepreneurs have the unique opportunity to take advantage of some helpful tax perks. Many small business owners are able to write off expenses such as travel, food, phone bills, portions of car payments, etc. Moreover, certain startups can qualify for government incentives. It’s important to ask your financial advisor about what tax benefits you may be eligible for.