Thinking about starting your own business in 2018? As seen in the recent post, 4 Top Industries for Entrepreneurs in 2018, there are lots of great options and possibilities for would-be business owners.
Still, there might be lingering apprehension about whether to make the leap and start your own company. Those jitters are natural and common.
There are lots of great reasons to move toward a small business ownership plan. Here are eight great reasons to start your own business in 2018.
1. Be Your Own Boss. Owning your own business means working for yourself, with no one above you setting priorities, goals, outcomes, and judgments about your work and how you spend your time. You set the rules, the deadlines, and the expectations.
2. Setting Your Own Hours. When you are the boss, you can determine when you work and how you work. If you are more of a morning person, that means you can get in (and out) of the office early each day. If you are a night owl, it is okay to work when the sun is setting.
3. Ownership and Equity. When you are the boss, you own the company. If you own all the equity in the company, then it is you who reaps the rewards in terms of profits.
4. Tax Advantages. With the recent passage of changes to the tax code, individual and businesses are taxed at lower rates. While the individual and pass-through tax cuts fade over time and become net tax increases starting in 2027, the corporate tax cuts are permanent. Consult with a tax adviser about how to make sure this is done properly.
5. Create the Culture. You have probably been a part of great and not-so-great work environments. When you are the boss, you can establish and set the example for the kind of workplace you believe is right. That means everything from dress codes to tone in the office. It is your call.
6. Create Something New. Consider for a moment what it means to start a new business. In doing so, you are creating something new and special. Your imprint on your community will be indelible. You will also get to create new products and services, which will lead to new jobs. All this creation comes at your hands!
7. New Challenges and New Cultures. When you start your own business, there will inevitably be new challenges you face every day. That is part of the thrill of opening the doors to your company. Doing so will also expose you to new cultures, new people, new situations, and new solutions that drive your company forward. The learning opportunities are limitless.
8. Work Location Flexibility. Are you tired of the commute, the hassles of parking, and less-than-ideal office space? When you own the company, you can locate it anywhere – from your home office to your local community. Picking a location that makes sense for you and your lifestyle is a major advantage.
At Benetrends, we help companies create the right solutions that provide access to needed funds to make their small businesses a reality. We leverage existing 401(k) or IRA funds as a loan to start a business. To learn more about Benetrends and how it can help your small business dreams, schedule a consultation.