I’ve been a business proprietor on and off for 20 years. Throughout this time I’ve owned or been a partner in six different businesses which range from wholesale fishing tackle into software development. There’s one main advantage to being my own boss. OK there are lots of benefits and this article will quickly go through those benefits just if you’re thinking of getting into business on your own. Mind you there are also many facets that individuals would call reverses as well but this really depends on your mindset, so that I may touch on those as well. In fact lets begin with these so that we can end on a positive note. Here are the Key negatives of owning your own business:
You are your own boss – it is up to you to keep yourself motivated. This is a lot easier if you’re working from an office but if you’re working from home then this becomes a lot more challenging. There can be several distractions particularly in the event that you have a baby in your home as I do.
You normally work 50 to 100 hours per week in your business.
You take your job home with you – like a job at which you ought to be able to leave it at work.
You’re your own boss – You determine the best way to conduct your company and may let your creative unwanted when it comes to deciding on advertising strategies and business processes. If you have employees, you have the opportunity to become a fantastic boss, fostering a feeling of support.
You’re building up your own business advantage as opposed to building up someone else. As you build your business, you’re increasing it’s value and this is something that you may sell in the future if you want to.
Depending on your company, you might be able to determine your own hours.
Depending upon your business, you may have the ability to work at home.
Depending upon your company, you may have the ability to start it as a part-time business and build it into a complete time business with no necessity for considerable amounts of capital. Several online businesses fall into this category.
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It’s possible to write off most of your expenses as tax deductions thus cutting down the quantity of tax you’re paying.