Be an Entrepreneur and Start a Business
At the start of every year, we make resolutions to bring about change in our lives. Changing careers is a common resolution. However, it is important to acknowledge an unfortunate reality; in today’s economy, the old way of doing things no longer works for most people. Robert Kiyosaki, author of the well-known Rich Dad, Poor Dad book series said recently:
Most people are raised to think that in order to achieve financial freedom you have to go to school, get a good job, and invest in your company’s 401(k). This old advice has proven to keep most people working their entire lives without achieving true wealth.
We are living in a much different world than our grandparents (or even parents) lived in. Gone are the days when you could get in with a company, work there 30 years, receive raises that more than compensated for cost-of-living increases, and retire with a nice pension and/or 401K. There are still careers and sectors of the economy where this can be done, but those opportunities are shrinking.
To get ahead today, it is important to have an entrepreneurial mindset. In other words, you need to look for opportunities to use your unique skillsets to add value to others. There are countless ways to achieve this in the digital age, and the right business will be different for each individual circumstance.
Benefits of Entrepreneurship
There are several advantages to becoming an entrepreneur, some of the most important include:
Control: When you own your own business, you are in control. This means you decide what kind of work you want to do, which tasks you will do yourself, and which tasks you want to outsource.
Flexibility: Entrepreneurs not only control the type of work they do, they also control their schedules. Being your own boss gives you the freedom to work when you want and schedule time for other important commitments, such as spending quality time with your family.
Better Income Potential: Perhaps the most important benefit of being an entrepreneur is the income you can earn from your own business. When you work for yourself, your income/success is directly related to the efforts you put in, rather than hoping your boss will give you a minimal raise each year. The ability to grow your income gives you a better opportunity to move into a higher income class and enjoy more of the finer things in life.
Tax Write-Offs: There are countless tax deductions entrepreneurs have access to that are not available for the average worker. These include the home office deduction, business mileage, business travel, marketing and advertising, and countless others. The tax advantages alone are often enough incentive to at least start a sideline business and see if you can make a go of it.
The one major drawback to becoming an entrepreneur is the risk of failure. With any new business venture, there is always the chance that it will not be successful. One way to reduce this risk is to find an existing business for sale that is already producing the results you want to achieve. This way, all you need to do is step in and continue doing the same things, and you will likely see the same results.
The best place to start your search for a business to purchase is to speak with a business broker, preferably one who specializes in your industry. A reputable business intermediary will be able to work hand-in-hand with you to find the entrepreneurial opportunity that best suits your passion, skills and budget.