benefits of having your own business
Benefits of Having Your Own Business
Starting your own business has inherent risks, but is ultimately far more rewarding than a regular 9 to 5 job. If you want to know the advantages of having your own business, read this Buzzle article.
The richest people in the world all have one thing in common - they own businesses.
A 9 to 5 job gives you a steady, regular income, which is a great thing for most people. After all, venturing out on your own is a huge risk, to say the least. There are so many things that could go wrong, so easily. Reams of paperwork and baffling, yet stringent policies regarding businesses are also a deterrent for many.
For the adventurous kind though, a new venture is full of possibilities and excitement. Dynamic and seeking a lot more than just the monthly salary, they simply cannot be happy with a regular job. Then there are those who are tired of following the orders of a boss. Or those looking for a bit more family time, that a job just wouldn't allow.
Advantages of Having Your Own Business
Whatever the reason to start your own business, you need to first evaluate the pros and cons of running a business. Let's have a look at the benefits it offers...
You Take the Risks, You Get the Rewards
As an owner of a business, you will find yourself in a position of authority. The strategies, business planning, and direction the company/business will go in, all will be decided by you, giving you the power to make or break your business and the careers of your employees. It is a big responsibility, but so are the rewards. The credit and accolades for success will be all in your name. A large portion of the profits too will go into your pocket. Plus, compared to a regular 9 -5 worker, a successful business owner is seen as a much more mature, responsible, and versatile person.
Be Your Own Boss
This is one of the most common reasons many entrepreneurs cite that motivated them to start their own business. Having no boss to report to is indeed a liberating feeling. You are in total control of your destiny, and you do not have to follow the order or vision of any other person. You do not have to deal with stuff like the glass ceiling, corporate ladder, or performance appraisals. Your success will be evaluated on your terms only.
Decide Your Work/Life Balance
Now, who doesn't like to work from the comfort of their homes? Or, how about working from 1 pm to 9 pm? Having your own business gives you immense freedom - wear what you want (for the most part), work where you want, and when you want. You can also schedule your day accordingly, so that you can spend more time with family and friends. One of the best perks of being a boss is that you can spend as much or as little time on work and related activities as you deem fit.
Do What You Love to Do
Since it is your business, you are completely free to decide on what areas to focus on - whether on quality, profits, or creating unique products for a niche market. It also gives you the freedom to do what you love the most, while delegating the tiresome work to other competent employees.
It's Challenging and Demanding
A big business requires a large set of skills to run. If you are looking for a challenge, nothing can be more demanding and rewarding than a business. From managing the finances to people, everything is in the hands of the boss, so your brain cells are constantly working, trying to come up with innovative ideas or a more streamlined process.
Tax Benefits
If you own a small business, you can save a few bucks, thanks to tax deductions. The IRS allows small businesses to include stationary and other petty expenses like phone, Internet, meals for business meetings, etc., to be deducted from taxes, if they are within limits, and you have the receipts. Also deductible are travel expenses, some fuel charges, and education expenses, provided they are related to your line of work.
These are a few benefits of owning a business. If you are a risk-taker, a good multitasker, possess good managerial skills, and have the necessary capital, there is nothing better and more challenging than starting a business. You will also feel immensely proud and accomplished as your own business grows, besides profiting financially from it.