May
15

Advantages of Owning a Business

Tags: None | Posted by business@nfld.net | 0 Comments

 

Some people realize at an early age that they were meant to start their own business. Others decide to start their business at a later stage, due to life changes (job loss, parenthood, retirement, etc.). Others may already have a job, but are wondering whether starting their own business is right for them?


It is important to realize that there are risks involved in starting a business; however, today we are going to take a look at some of the potential advantages.



Starting Your Own Business May Have Advantages for You


You can follow your passion, and be your own boss. People sometimes become tired of working for an employer, so they follow their passion, and turn to self-employment. Many entrepreneurs indicate that the long hours they invest in operating (and growing) their business goes by quickly, and it often does not feel like “work.”In many Canadian surveys, being your own boss and being independent is the number one reason individuals become self-employed.


You will likely have more flexibility. Although entrepreneurs regularly work long hours, they usually have the ability to schedule their work around other commitments.

   

You have more decision making power. The ability to make personal choices can be beneficial to your business. For instance, entrepreneurs can surround themselves with the individuals they believe will be the best match for their business. The potential employee’s specific skill-set and/or personality may be determining factors in you choose.    


You can apply for business tax. Business owners can often receive tax benefits for items that are purchased for the business – This means that the business owner will not have to pay taxes on an item used for business purposes. These items can include such things as gas, books, or even the percentage of your home that is used for business purposes. For instance, if your business made $100,000 in its first year, and business expenses were $10,000, you would only have to pay taxes on the $90,000.


You have potential for a higher income. Some people believe they are working to make their employers wealthy. In most positions, your income is limited to a certain rate. As an entrepreneur, your income is directly related to the level of success your business has.    


You will diversify your skills. As an entrepreneur, each day will be different and filled with new opportunities and challenges. Each day you will acquire new skills in order to take advantage of these opportunities, and successfully overcome any challenges that may present themselves. Developing new skills will increase your confidence to build and grow a successful business.