Starting and running your own business has many benefits. Here I will try to list some that you may have never thought of. Many people never even try and make excuses like “it takes a lot of money,” “I don’t have the time” or “most businesses fail.” These are excuses that unsuccessful people use to justify why they can’t get ahead. Even if the business you start fails, there are numerous benefits that will help you invest better as an individual or launch a successful venture next time because of what you learned the first go round.
1. Be your own boss, live and work how you choose and make your own hours:
This one is obvious but it’s funny how many people don’t really believe this. I know many real estate investors that take multiple vacations a year and brag about a 4 day work week. They generally also work part time because they realize that they can delegate to other more experienced people for things they’re not good at.
2. Become more intelligent than almost everyone else:
You can’t help but become more intelligent. When you run a business, you have to be an expert in all areas at first (finance, marketing, sales, operations, administration). Eventually you will be able to hire more talent but you will still likely need to retain some expertise in all areas. You will also never manage money the same. Running a business will change how you look at investing and managing your own money. Owning my own business has also made me a more valuable employee because I don’t specialize in one area anymore. I can be flexible and assist where needed and make intelligent business decisions based on the experience I have from running my own companies. In a competitive hiring environment, this is a huge plus.
3. Tax benefits:
Many of the largest corporations pay little or no tax. Yes you read that right and now you can too by owning your own business. There are so many tax deductions and incentives for people who run their own businesses that it’s ridiculous. This is how the uber wealthy pay 14-15% tax rates while the rest of us pay much more. Here’s just a few things you can deduct:
• Salaries and wages
• Property, plant and equipment cost
• Depreciation for property and equipment
• Rent for a dedicated room in your house
• Mileage and car expenses
• Accounting, registration and legal fees
• Business losses
4. Pride, Passion and Philanthropy:
How many people can even say that they tried to start a business? Not many. You will feel a tremendous sense of pride by just having a go at it. Even if the business fails you will have many fond memories of that time. Most people also start a business that they are passionate about. You won’t be stuck in that rut of being the typical person that dreads going to work every day. You can also choose to share your success with the charitable organizations that you choose.
5. Global Distribution Without High Costs:
The internet changed everything. You now don’t need a store or warehouses all over the world. All you need is an internet store and you can sell products to anyone in the world who’s looking for them. In addition, marketing can be very targeted online. If you sell amethyst jewelry and someone does a search for that and comes to your online store, they are more likely to make a purchase. This will be the key in the coming decades. Physical retail is a thing of the past. Amazon and others are recognizing this and taking steps to become the place to shop in the future. You can too.