Are you tired of your measly paycheck and fed up with being passed over for a promotion? It sounds like you should be thinking about getting out of the rat race altogether and instead becoming your own boss.
What do we mean by this? Obviously, we’re talking about initiating and running your own business. There’s no limit on what a company like this could be or indeed what you can do with this concept. As already explored before, it’s very possible to turn your biggest passion into a brilliant business product.
It could be anything. You could start a wholesale company online or even become a pro IT support expert. It all depends on where your experience and your interests lie.
We’re not going to tell you how to do this. Instead, we’re going to look at some of the unexpected advantages of becoming your own boss and yes some of the advantages that you have probably already thought about. Let’s start with a big one.
#1 No More Driving To Work For You
We’re looking at the best possible outcome here, and that’s the possibility that you will no longer have to head in on that Monday morning commute. Instead, you might just be able to run your company from home. Now, wouldn’t that be something?
All of a sudden, you are saving a fortune. Wait, did we just say you’ll be saving money? You bet because now you don’t have to pay such a heavy weekly fuel cost. Just think for a moment about how much you spend on fuel every week. We’d be willing to bet, depending on how far your job is, that you spend at least a couple of hundred. That’s an insane expense and one that you can dodge completely if you just become your own boss.
In fact, you might be able to quit the car altogether. Is it really necessary? The answer might shock and surprise you because once you don’t need it for work, you might find that you don’t need it at all.
Again, this is another expense that has quickly vanished from your life all because you quit your job and took that bold leap. At the very least, if you have two cars in the family you’ll be able to get rid of one, perhaps keeping the other for weekly shops. But either way, costs are going to be lower.
And, with governments looking into charging people for the damage they do to the planet, you better believe this could be the right time for this type of change. Remember, no car means no insurance, no tax and no maintenance. You’ll be amazed by how much extra cash you’ll have floating around.
We know what you’re thinking. I’m not going to have extra money if I don’t have a job! Absolutely right and we’re going to look at how much you can expect to make working for yourself. But for now, let’s look at some of the other benefits of possibly working from home.
#2 What About Extra Home Bills?
Bright sparks are probably wondering about those home bills because surely if you’re at home, they’re going to be bigger, worse and more difficult to manage.
After all, you can’t just decide never to switch the heating on when you’re at home working, can you? Particularly with winter rearing its ugly head. Of course not, but what you can do is claim back on tax and get a tax reduction. You will have to pay tax on any revenue that you make when you start a small business.
Sorry, but that’s the law, however, they do go easier on you. You see, you can claim your electric, your rent, your tech and anything else that you have to use to run your business as a deduction.
Bear in mind that you should only claim on what is related for use from your business, otherwise you will run into issues with the vicious money grabbing IRS, and you don’t want that. Still, this does mean that you won’t have to worry about the bills of working from home going through the roof.
Other people might be thinking, hey what if I’m not working from home? If you’re not working from home, you can still use deductions to make your life a lot easier. Let’s say that you’re running a small logistics company. So small in fact that you are the only driver and you’re delivering the products.
Well, my friend, that means that you can claim on petrol, vehicle maintenance and any other cost related to this part of the job. Heading through tolls on those busy roads? Make sure you add it to the total that you want to deduct in tax for a nice friendly surprise once you add everything you owe the government at the end of the month. We’re not certain, but we have a feeling, you’ll need a lot less than you think.
#3 But What About The Costs?
Costs aren’t as unmanageable as you think for the initial setup of a home run business. Though yes, you are incorrect if you think it’s possible to set one up for free. Let’s assume for now that you are setting up a business purely online. It’s not a bad idea, and you can find lots of ideas on this site for businesses that offer this possibility.
The means you need to handle the costs of marketing, setting up a site and SEO. Estimates add this total up to around three hundred million…kidding! It’s actually only about three grand, but we can push that up to the high end and say five.
If you need other costs like tech and perhaps supplies or inventory let’s just a double it and say six-ten. Six thousand may sound like a lot of money, but it’s probably less than you spent on your last family holiday. So, don’t think of it as buying something but rather a wonderful investment.
It’s something that will make you more money as time goes on until eventually, you reach the point where you it’s making you so much money you don’t think about how much you spent on it. Don’t worry, that day is coming. And don’t forget, there’s another big advantage.
#4 You Get All The Profits!
Do you ever think about how much your boss gets for your hard work? The answer is a lot, that’s just capitalism for you. It’s not an equal system, and we wouldn’t expect it to be but rather than being at the bottom of the ladder, you could climb to the top.
As you might have guessed, running your own business is the way to do this. If you run your own company, then you get all the money. You get everything you make and then you have to divide it into what you owe. Whatever is left over, you get to keep for yourself.
You might think, hey what if I have to hire staff? That’s a possibility, but it doesn’t mean that you’re going to have to siphon off all your profits. Remember, you’re the boss, so you get to decide how much you pay your employees or if indeed you choose to hire any at all.
Don’t forget there are lots of different ways to avoid hiring employees. Our recommendation would be that you explore freelancing or outsourcing options for any job that you think you can’t handle yourself.
#5 Am I Taking A Risk?
But we think the risk is worth it because you shouldn’t forget that there’s a massive potential for growth here. You are always going to start off as a very small fish in a big pond and that’s understandable.
But there’s always potential to grow. Would you like to generate B2B leads on your site and not just B2B leads but the maximum number? Of course you would and you can by growing and using your business website to the full potential.
Building up leads you will be able to find a way to boost your business dramatically. It is at this point that you are going to start making a lot more money and again, your profits are your own. Of course, you might be worried about one stat that is floating around the web.
#6 Ninety-Seven Percent Of Startups Fail?
A high estimate but most research points to this number being true. Our advice to you?
Don’t be one of them. Most businesses fail because they either try and grow too fast or don’t put enough effort in. As Uncle Ben would say if you have power, then you also have responsibility.
Being your own boss provides you with a fantastic financial possibility. But only if you are willing to put the effort in to make your business work.