Of the many ways to earn money, a business is the only one that allows you to take control of your life. However, starting one needs a great deal of consideration despite the perks.
You need to discipline yourself to keep consistent hours. But as a business owner, your time and that of your employees, is your own. Startups may require more and longer working hours but as your business progresses, you’ll be able to completely control your time. This can translate to time spent with your family instead of at the office.
Your income will no longer be dictated by the number of hours you worked for your employer. Instead, it will be determined by how well your business does. The lack of a steady paycheck can scare any would-be entrepreneur. This is why most would advise you don’t quit your day job while you’re in the startup phase. Only quit when you’re earning enough to cover all your needs.
Corporations can essentially dictate their own tax schedule as determined by their own financial calendar. Any other business entity, however, will have to follow the general cycle. Tax planning can generally be easier for business owners, however, pay attention to where your business is located. Each state has different laws governing businesses. Utah is among the states with a reputation for having the best and friendliest business laws. Do hire a professional to do your taxes to be on the safe side.
Business and Pleasure
They say these two should never mix but sometimes, they inevitably do. Those in the food business, for example, can consider a dinner date as research. Prefer to work from home in your pajamas? While it’s not recommended you do so, having a home office reduces your actual overhead expenses.
Perhaps the most important question to ask is “Why?” Why are you starting a business and what do you want to accomplish? It is entirely true that some people are simply not built for this venture. Knowing your personal and business goals will help you determine whether this is a path for you.