Taxes
The tax code has generally always favored businesses more than the average working person. Even as a sole proprietor you are allowed to write off all types of business expenses. Did you drive to the store to get supplies? Those miles could be a tax write off. Do you make beads to sell to your friends? The supplies you buy could be written off to lessen your tax liability. How about that dinner when you and your friend discussed ideas on how you could sell stuff on Ebay? If you were a business owner that dinner could be written off. That next outfit you buy to impress people could also be categorized as a business expense. You may not like Trump but you could learn a little something from his tax hustle to benefit your pockets.
Networking
When you go to your job you see the same people everyday. Depending on the type of job you have, your opportunities to network might be limited. That matters. Your net worth is largely based on your network. Eminem would never have found fame had Dr. Dre not first put him on. Barack Obama is a talented man but as a newcomer to Chicago he needed people like Dorothy Tillman to introduce him to others in order to win support for his first election to the Illinois Senate. Your network will bring opportunities and starting a business is a good way to begin meeting people to add to it. As you begin to talk to potential customers, suppliers or just people you wouldn’t otherwise meet, your network will grow and with it, your net worth.
Self-Actualization
Starting a business could simply be a hobby for you but it could turn into much more. A friend of mine from undergrad started making hair products for her daughter. Eventually others began to ask her to make products for them. At this point she still didn’t consider that she could start a business. Well needless to say, eventually she did and today she ships products around the world and also has two locations — one in Dayton, OH and the other in Charlotte, NC. The company is KJNaturals and through it, the founder has found her passion, become financially secure and her best self. You may start a business for the love or the tax incentives but it just might be that you will discover a path that leads to your best possible life and self.
]]>
About Post Author
