Well, in this post, we provide some answers. It turns out that starting a business is about more than just having more money in the bank. It’s about so much more.
You Have More Job Security
Climbing the corporate ladder is an ordeal. You never quite know whether you’re about to go up the next rung. And when you don’t progress, you can feel like you’re being deliberately targeted or let down by the people around you. It’s not fun.
But when you have your own business, those sorts of politics don’t matter one bit. Instead, you’re the boss and you decide the direction that the company goes. It’s your job to create a system that generates money. And because you’re not worried about promotions, you have so much more energy to devote to providing customers with value.
You Can Be More Creative
Another advantage of setting up a company is the fact that you can be more creative. Corporate environments often force people to follow tried-and-tested paths. But as an independent businessperson, you can branch out and take risks that regular management teams would never allow.
You Get Tax Breaks
Why do some many ultra-wealthy people own businesses? It’s pretty simple really: they love the tax breaks.
Think about it. Corporate taxes are much lower than income taxes. So if you run your salary through a company, you wind up keeping more of your profits than if you do it through regular PAYE.
You Get More Control Over Your Life
Here’s the biggest benefit of owning your own business: you get to call the shots. There’s no manager sending you emails at the weekend, demanding that you have work done by Monday morning. Instead, your time is your own, and you can use it as you please. If you’re not happy with the amount of time you’re spending at work, you can always hire somebody to take over the necessary tasks for you. Nobody is telling you that you should do anything.
You Can Get Real Financial Independence
You can achieve financial independence working nine to five in a regular job. But it takes years and years of struggle.
When you own a business, though, you can massively shorten the time it takes to build wealth. What would take some people ten years might only take you two. If you’re really quick off the mark, you could make serious returns that outpace your regular job in less than a year.
You’re Following A Passion
Following your passions in life is critical. You’re only here for a limited amount of time, so you need to find things to do that make you feel fulfilled. And, if you’re like most people, that’s not working in insurance for 30 years. Starting a business is a blank slate which you can take anywhere you like. It’s something that makes you feel engaged every day of your life.