Having your own business can be one of the most rewarding career moves a person can make. You get to be your own boss, and with this freedom, you have more maneuverability to deal with other aspects of your life. When working for someone else, a lack of control can be problematic. As a small business owner, you are in complete control of your time, whom you choose to employ, profit margin, tax deductions, subsidies, and much more. The following are a few of the most important aspects of owning your own business.
You Are The Boss
This is likely this first advantage potential business owners think about when deciding to go into business for themselves. You are in complete control and can set your own hours. No time clocks to punch in and punch out of, no boss to report to because you are the boss, and all decisions pertaining to the business are within your absolute control. Being the boss brings with it a lot of responsibility, but also total control over every aspect of the business.
It is much easier to achieve a sense of satisfaction, knowing that your hard work has resulted in a successful business venture. If you personally provide a product or service that benefits others, you feel a greater sense of achievement than if you were working for a large corporation.
Creativity and Innovation
Whether we know it or not, most of us are brimming with ideas for business. Although you may not fancy yourself the creative type, as a business owner you would be afforded freedom to innovate and build new products or services that fulfill the needs of your customer base. Since you would own the business, you could readily change any marketing tactics or alter the direction your business was going. You would have the advantage of creating your own marketing logo and making it personal, as well as any and all graphic designs used for marketing purposes.
Most small business owners have nominal overhead costs and are able to keep much more of the profit within the business, permitting it to grow even more. This is because you are capable of providing a more personalized product or service to your customer base, and you are likely to build a clientele that will give you repeat business for years to come.
Knowledge is another benefit reaped over time. Most small business owners do not know everything just starting out, but as time passes and through the process of trial and error, you gain a great amount of knowledge. This may seem like a hardship in the beginning, but once you learn more and more, you will become known as the authority for your product or service.
The Schedule C tax form can be utilized by many small business owners to receive tax deductions. Depending on the size and nature of your business, you may be able to claim travel expenses, phone and internet payments, vehicle mileage and possibly a portion of your rent or mortgage if you work from home.
Do Your Research
This goes without saying, but do not jump into any business venture without researching the market and your possibilities. Remember, your overall success is heavily dependent on creative planning and good organizational skills!
This article was written by Richard Craft, an MBA student who hopes to help you with your business. He recommends taking a look at the finance jobs with moneyjobs.com if you’re interested in getting started with a career in finance. Check out their website today and see how they can help you!