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Benefits of Owning You Own Business

Have you ever had one of those days where you wonder why you started your own business?

Employees calling in sick, an important package did not arrive, your schedule is busy, and you are wondering if that big potential client will choose your company over a competitor.

Why did you think being your own boss would be easy?

Certainly, bad days will happen from time to time, which might make you question whether opening your own small business was a good idea. If you’re having one of those bad days now, then maybe it’s time to remind yourself of the benefits of owning and operating your own business.

Here are reasons I believe I did the right thing by choosing self-employment over my old job and (boss).

The opportunity to build your dream. This is probably the number one advantage for most people. When you are able to spend your time pursuing the things you are passionate about in the way that works best for your circle of people, how can you not be pleased that this is the route that you chose?

Experience a greater feeling of accomplishment. It feels great to know that I own my own business, earning more income than I did in my old job. This also means that I can avoid becoming one of the businesses that fail, which bolsters my sense of optimism about my future.

Enjoy a more flexible schedule.  You have a greater opportunity to schedule your day because that is a benefit of being self-employed. You can pick up kids from school, make it to birthday parties, and enjoy a more relaxed family time.

Greater control over your income. If you work for someone, they determine your wage and the number of hours you work, ultimately determining or limiting your income. When you own your own business, you gain greater control over the amount of money you can earn. You set your own fees and rates (depending on your service and market) and can work more hours or fewer hours depending on whether you want to increase or decrease your monthly income.

Do things your way.  While you certainly want to do things right, you have more creative freedom to try things.  Most importantly, you can be certain services are provided with high integrity and quality. You manage how things operate and what methods are followed. You are no longer involved in unwanted arguments on the best direction to complete a project or take care of customers.

There is less drama.  I do not miss all the drama that seemed to exist with co-workers and clients when I worked for someone else.  Now, it is up to me who I spend my time working for and with, making it easier to avoid drama-intense people in order to best protect my sanity.

Choose your own customers. Speaking of customers, working for yourself means you get to choose which customers you wish to provide services to. So, when you have one that is providing more grief than value, you can decide to let that customer go. This is much better than feeling like you’re stuck trying to please a customer who is a drain on your brain.

Qualify for certain tax benefits. Being your own boss means that you get to enjoy some tax benefits which include your home office, internet expenses, health insurance premiums, vehicle, entertainment, travel and even self-employment retirement plans.

Control your costs. Because you are the boss, you have a lot of control over your business-related costs. For instance, if you want to reduce utility or supply expenses, you simply need to implement a policy directing your employees to make the changes that you deem necessary to meet your goals.

These are just a few of the many benefits.

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