Owning and operating a business can bring long hours, frustrations, stress and fear. And the obvious question of where to find affordable health insurance coverage. There are also some major positives. If you are thinking of starting your own business consider these ten things to love.
Even though you may work really hard to establish your business, you set your own hours. Being a business owner means you take a day off when you want to. You do not need anyone else's permission to take a day or a week off. Do you want to volunteer every Friday morning? Now you can. You might want to set aside a little money each month so you can keep paying yourself when you decide to take off.
2. Mission and vision
You have an opportunity to develop a mission and vision that aligns with your personal values. A mission drives your daily business activities and a vision is the bigger picture of what you are doing and will become. Writing these both out as statements can drive your sense of purpose as a business owner and may be fun.
As the owner of your own business you can be yourself. You do not need to conform to anyone else's idea of what you should be. If you have found a way to generate revenue then you have something to offer and that includes your personal approach. Successful business owners develop the know, like and trust factor which leads to loyal clients and employees.
4. Setting your own policies
Chances are you have worked for someone with policies that you didn't like, didn't agree with or that didn't make sense. Now is your chance to do it your way. As long as you ensure your policies comply with the laws and ethical guidelines required for your business type, they can be written to meet your personal preference. This means no more pointless meetings and the dress code you always wanted!
5. Ultimate decisions
It is important to trust your own judgment and it's also a good idea to have a team of trusted advisors who will be honest and direct with you. However, as the owner you get the final say on decisions. This might be scary or it might be super exciting, or both!
It's likely you've had a job where the work environment was a poor fit for you. Now is your chance to create the type of atmosphere that you want. A welcoming, supportive and inspiring workspace is doable, and it does not have to cost a fortune.
When you start your business you get to choose the location. Do you want to work close to home? Have a nearby city you love? Dream of working completely online? Decide what works best with your lifestyle and business type, and make it happen.
8. Business deductions
The Tax Cut and Jobs Act rewrote a significant number of tax rules starting in the 2018 tax year. The new tax law gave business owners an up to 20% deduction on Qualified Business Income which employees who work for others do not get. Employees also lost personal itemized deductions for work related expenses. However, as a business owner you can still deduct ordinary and necessary business expenses, except for entertainment.
Successful business owners make profit on top of being properly compensated for their work effort. Up to now you were working for your pay and to line the pockets of the owner. Now that owner is you. And if you are making enough and have extra, you can choose to make a personal donation or provide low cost or free services to those in need.
There is no doubt that building your own business is hard work. Once you experience success, the feeling of having built something from nothing is incredible. It's like having a child or building a house. You can stand back and say, "I did this!"
Owning a business is not for everyone, it takes self-motivation and being able to handle the ups and downs. If you felt energized reading this list, being a business owner might be perfect for you. Make your own list of ten things to love and consider hanging it where you can see it. Whether you already own a business or are thinking of starting one soon, your list can serve as inspiration.
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Jennie Schottmiller, LMFT, CPA is a licensed marriage and family therapist who practiced as a CPA prior to becoming a therapist. She has an active solo therapy practice and offers courses to help small business owners with accounting, tax and financial analysis matters.
Disclaimer: This blog is for education only. Please consult with a qualified professional when you have any questions about your personal accounting, tax or legal situation. Information contained in this post is for informational purposes only and not intended to replace professional advice.