Here are 10 reasons to start your own business:

1. You can create multiple streams of income. As an employee, you have only one source of income. The only choice you have is to keep the boss happy or you’re gone (and so is your paycheck). Starting your own business (even part-time) creates additional revenue streams and provides more financial stability.

2. Work your own schedule. Since you are not tied down to a typical job, your work schedule has the potential to be much more flexible. In fact, if you do things right, you might even be able to stockpile hours and take more leisure time than you ever imagined, while your passive income pays the bills. Freedom to come and go as you please is one very attractive perk.

3. Unlimited income potential. Personally, this is not something I’m striving for. For those who are more concerned with money: Hey, anything is possible. Yes, it’s very unlikely that you will become rich, but there is still a chance, no matter how small. As an employee, there is really no chance at all. Doing a good job and getting a raise is the most you can ever hope for.

4. You benefit directly from your hard work. Let’s face it; putting in long hours won’t seem bad if it helps to grow your business and brings you closer to financial freedom. Besides, you get to keep everything you earn – minus taxes, of course.
Additionally, any intellectual material (books, articles, websites, etc…) that you create will continue to generate residual and passive income in the years to come.

5. No commuting. For me, that has to be one of the biggest benefits of working at home. Commuting to and from work is time that you are freely giving away in order to keep your job. In my case, I was giving away 3-4 hours every day. Imagine what you could do with that extra time.

6. Spend more time with your family. Depending on your situation, this could be the biggest reason of all. Many people wish they had more time to spend with their family, but can’t, because they’re at the office or stuck in traffic.

7. Prestige of being a business owner. You can be proud to say that you are successfully self-employed.

8. You can start part time. You can build your business slowly while keeping your real job; then keep both sources of income, or quit your job and devote all your time to your fledgling business.

9. You will be able to keep more of your income. You will be able to write off all kinds of things that a mere employee would never be able to do. Everything from your home office space, to your car expenses, to business trips and meals. These are all legitimate business deductions.

As an employee, your money goes straight into the hands of the tax-man before you even receive your wages.

You will also be able to keep all the money you used to spend on clothes, lunches, and transportation while living the life of a cubicle dweller.

10. You don’t have to put up with annoying co-workers, office politics, and tyrannical bosses.

Filed under: A new life • Becoming self-sufficient

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