For many people, the idea of being a small business owner sounds stressful. For many others, it seems like a dream in a faraway land.
But the numbers don’t lie, small business ownership is growing. There 28 million small businesses in the United States just last year. Check Issuing is one of those proud and successful small businesses. With more and more workers becoming contractors and forming their own businesses, small business ownership is going to keep booming.
But still, the concept of small business ownership remains a frightful venture to many. That’s because many people still don’t understand how it works, or what the real benefits of small business ownership truly are.
It’s more comfortable to do the 9 to 5 job. It feels like there are less worries…
But in fact, when someone else controls your destiny, there are more worries. If your company hires a bad CEO, you suffer. If your manager ends up just not liking you for no good reason, you may be fired.
It is true, many small businesses don’t work out. But is that a good enough reason to not try?
Decide for yourself.
Here are five big benefits to small business ownership
When you work for “the man,” you can typically forget about setting your own schedule. You can’t say “but I work best in afternoons and nights” to a company that has ironclad scheduling. Many companies fear “favoritism” accusations, so every employee is lumped into one melting pot as a result.
- When you own your business, you decide when and where you work.
- Work when the work needs to be accomplished
- Work more when you want to take a vacation
- Work less when things come up
- Work hours that you feel more inspired, creative
Small business ownership means freedom in scheduling and freedom in work location. I often work in coffee shops. I enjoy the environment (and coffee).
Your Earnings Have No Ceiling
Never worry about “getting that raise” again when you own your business. The fate of what you earn is in your hands, not the hands of some company that has specified and stringent salary review processing.
Who needs that?
You should get paid your worth. Nothing reveals your worth more than owning a small business.
You Eliminate Red Tape
Want to get things done without nine approvals and four signatures?
That’s what owning a small business truly means. You steer the ship. You don’t have any red tape stopping your progress.
For many contract workers, setting up a corporation can help them save in taxes. I’m not going to give any tax/accounting advice, I will leave that to the professionals. But it may be worth your time to look into it.
Remember, if you make any 1099, non-taxed income, it might be a good idea to alert your accountant.
You Can Both Own a Small Business and Work a Regular Job
Small business ownership doesn’t have to be black or white. Many employees around the world have a “side hustle.” This can result in becoming a small business owner.
This is a huge benefit that hedges your employment bet. If you get laid off, at least you have your small business to help get you through hard times. Additionally, your small business may begin to thrive when you have additional time to invest in it!
Small business ownership is booming. Owning a small business isn’t as hard as it seems. The upsides are freedom, earnings, and progressiveness. Many people choose to start a small business venture on the side while working a full-time job. Many of those small businesses eventually grow into something more meaningful, allowing the person to cut ties with the regular job.