7 benefits of owning your own business
Say you love working with numbers and with people, but don’t like the rigid work schedule you currently have at the accounting firm where you’re employed. You might have decided that online learning is right for you and are unsure if you are suited to the traditional 9-to-5 job. Perhaps you’ve thought of better, more efficient ways to get things done, or increase profits, or gain or retain better clients, but management has not been receptive to any new ideas.
For someone like you who seeks excellence in their work, this situation can be very frustrating. You envision what you would do if it were your company. You have education and experience in accounting and you know you could do better. You ask yourself why you are still working in your current position and since you can’t come up with better reason than simply a weekly paycheck, you decide to take your skill and ideas and start your own bookkeeping business.
Control your working life
There are many benefits which can motivate you to consider starting a business of your own:
- Personal Fulfillment: Do what you love. You can take your love of numbers and people and your great ideas and create the business you’ve dreamed of. A business of excellence, where you help your clients by providing them with real solutions and generate profits for yourself, instead of someone else.
- You have the power: You can make your own hours, set your own company policies, hire the people you want to work with and choose the clients you want to do business with. You can play the music you want to hear in your office and take a lunch break when you decide. You can sing out loud and make every day “bring your dog to work day” if you choose.
- Flexibility: You have the flexibility to work your own hours, and thanks to technological devices and innovations, you can work from almost anywhere. You are able to connect with your clients and employees from your home office, favorite cafГ© office or lakeside office, without missing a beat.
- Financial Independence: A pretty self-explanatory and very motivating benefit.
- Job Stability: You are the boss now. You cannot be fired, laid off, or be the victim of downsizing ever again and you can choose when you want to retire.
- Creating Jobs: Your success could potentially lead to someone else’s. Being able to create opportunities for others is a wonderful thing.
- Tax Advantages: There are many tax advantages to owning your own business, such as business deductions for travel, mileage, computer equipment, phone/internet bills, medical premiums and more. (Make no assumptions here; be certain you understand all federal and state tax laws before starting your business.)
With flexibility comes responsibility
Of course, usually before every reward, there is risk. Consider this: when you worked as an employee, regardless of how the company was doing financially, your weekly salary and benefits were guaranteed. If profits were up or down, you knew what you could expect every payday. As stated earlier, you are the boss now. That means that you are solely responsible for making profits and being paid, not to mention potentially paying others.
Owning your own business can create a lot of pressure, especially in the beginning; you can probably expect to work long hours, potentially on weekends (working on weekends isn’t as bad when you’re working for yourself), and if you have any employees, they must be paid on time as well. Speaking of employees, there are a considerable number of state and federal regulations covering employees, all of which you also need to be aware of and adhere to.
Preparation is the key
CCI Training Center can prepare you with the Business & Accounting skills you need, while you continue in your current employment or study around childcare responsibilities. Before starting your business, you will need to understand all of the risks involved. There are ample resources available online to help you; the Small Business Administration is a good place to begin, . Learn all you can before taking that plunge and incorporate what you need into getting your business started on the right foot so you can reap the many benefits.