We know that starting a small business is terrifying. There are currently a large number of people who wish they could start their own business but do not. Instead, they remain in corporate servitude, envious of those who take the leap into small business ownership with confidence. Why is this so? Why do so many individuals who want to turn their hobby into a small business put it off indefinitely? Well, much of it is motivated by fear. In addition, it stems from the inability to precisely define the reasons why they should begin in the first place.
1.) Amazing Tax Benefits
Employees can use retirement plans such as 401(k)s and Roth IRAs, defer money to later years, etc., but their options are limited compared to self-employed individuals. You can change this, however, by launching a small business based on your passion. As a small business owner, you can deduct a variety of expenses, including travel, food, phone bills, car payments, and office space. Anything that directly contributes to the expansion of your business. Even the cost of starting a small blog can be claimed as a business expense.
2.) Have creative control
Creating something new is an extremely difficult endeavor. Responding to something that already exists is incredibly simple. Walk around and begin to complain (to yourself). You will encounter numerous issues that require resolution. These are examples of ideas. Or, you can walk around your business while complaining. There are numerous issues you can address. “New” is difficult to envision. “Better” is much easier. Most businesses are founded on “improvement,” not “innovation.”
3.) Obtain economic independence
Financial independence is the objective of nearly every person on earth. Who wouldn’t want the freedom to be independent? When you launch your first small business, you give yourself the gift of economic independence. Certainly, you must kill what you eat, but it is incredibly empowering to decide which risks to take, which investments to make, and which bills to pay.
4.) Developing your arsenal of skills and knowledge
There is a reason why corporate employees are referred to as “drones.” This is due to the fact that the corporate environment rewards people who excel at a single, often specialized skill. Consider that nearly everyone you work with has a specialty. And when a problem arises that is outside the scope of their responsibilities, they point the finger at someone else instead of attempting to solve it themselves.
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