When thinking of becoming an entrepreneur, a lot of fears can hold you back — the huge financial risk, being buried in debt, it will eat up much of your time, or things can go wrong anytime. But if you let your fears get ahead of you, you are letting all your potential go down the drain.
If you’ve got many alibis not to venture into your own business, we can give you many more reasons to make you change your mind.
To begin with, here are six great reasons that will surely give you a boost of confidence to start that business.
There is little you can do about your taxes when you’re working as an employee. Owning a business, however, will change the way taxes affect your income. Today, small businesses are the government’s apple of the eye. Many tax benefits and incentives have been drafted to help these start-up businesses flourish. A good accountant can write off some of your expenses and can help you qualify for these incentives.
Have you ever been laid off from your job? Or, have you been placed on an indefinite leave because your skills are not needed as of the moment? When you have your own business, you don’t need to worry about these things because you are the boss. You are in control of your small company. You make the decisions and you run the show.
To keep your business stable and more secure, consider educating yourself on leadership and decision-making. This way, you maximize your resources and you stay current in a competitive business environment.
Let’s fast forward and go to the time when your business venture has grown and succeeded. When you get old, the business can be something you can pass on to the next generation. It becomes an heirloom, not just an income-generating machine.
Your successes can be passed on to your lineage. In turn, they can make their own successes from where you left off.
Who does not want to be financially independent? When you’re employed, you can still get there but it will take time. It may take so much time that by then, you’d be too old to enjoy its perks.
When you have your own business, financial independence won’t be a dream anymore. You can call the shots. That highly depends on how you use your money and where you place them. You can decide to invest or spend your income. Financial independence may mean heaps and heaps of cold cash under your mattress, or a sizeable retirement account – that depends on how you define it. With your business, that is very possible.
In the real world, starting up a company is not easy. The winds can go rough on your sails. But then again, smooth seas don’t make good sailors.
Having a business will challenge you to the very core. It will demand a lot from you. It will put you in uncomfortable situations. Because of that, you will learn new skills, you will grow as a person, you will become a leader and not just a boss.
It will put your determination to the test and will help you discover things about yourself that you have never known before.
MAKING A DIFFERENCE
You can make a difference by becoming a business owner. You can help your community by creating jobs or by offering services that make others lives more convenient. You can reinvent things and share these discoveries with others. You can shape your industry with what ideas, products and services you put on the table.
You can share your own story and inspire others to also make their dreams a reality.
Financing: a Start-up Business’ Greatest Hurdle
Creating a business equals taking a huge financial risk. A business can’t run without a decent capital. In funding a new business, you may have to borrow a large amount of money. This huge challenge, however, can be the business’s greatest opportunity.
Thankfully, for a small business entrepreneur, there are loans that are guaranteed by the US Small Business Administration. These loans have been designed to help starting businesses which are not able to qualify for commercial loans. For bigger businesses, there is a myriad of bank and non-bank lenders which provide business loans depending on what your need.
Lenders will have to look at your personal and business credit reports and standings. This will help determine the loan terms and interest rates. The borrowed money can then be paid in months, years or even in days. Talk to different lenders and ask about their respective eligibility requirements, rates and terms. By comparing these details you will be able to find the best lender to help you build your investment.
Strategic planning and well-informed decision-making can lessen the risks involved in any new business endeavor. Talk to reputable lenders so you can make sound choices.
A good businessman can turn every hurdle into an opportunity, your first challenge is about to begin.