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You frequently hear of the new business that started small and now is a multi-million dollar company and it makes you think that opening your own business is the way to go. But you also hear about small businesses that frequently don’t make it past their second year and if they did, they’re struggling to make payroll or just pay the bills. Hearing about how difficult running a business is can be discouraging, but keep in mind that running your own business can have big benefits as well. A report issued by the Small Business Administration, California’s small businesses employed half or 6.5 million of the state’s private workforce in 2012. The impact of small businesses don’t only reflect in California’s economy but the country as a whole.
Here are some reasons why you want to start your own business:
1. Income Potential
Owning your own business allows you to essentially make as much money as you want- taking into account the amount of work and energy you put into it. Depending on the industry or service sector you choose, your probability of making more money than in corporate “9-5” job is much higher. If you are not afraid of putting in the work then running your own business can be just the right choice for you.
2. Doing what you’re passionate about
Owning your own business allows you to make money doing what you love the most. Many people have hobbies they love but imagine if you turn that hobby into a business. Why not? In fact, many great businesses in America started from the desire to either serve the people or fulfill a personal need that resulted in a profitable project.
3. Tax Write Offs
No matter how small or big your business is, remember that leveraging the tax code in your favor is what many successful entrepreneurs do. Even if you are just starting you might be able to deduct some of the expenses for your business: internet bill, cell phone bill, training material, tools and equipment when applicable. Make sure you consult with your tax advisor so you can maximize all possible deductions.
Whatever your motive or reason is, always keep in mind that small businesses are the driving force behind the American economy. Whether you want to take advantage of the tax deductions, follow your passion or simply make more money, remember that you are not alone. There are plenty of resources available that can help you on your journey of creating your empire. Stay tuned for the next article where I will list the agencies available to you that can help you create a successful business.