47 Reasons You Should Own a Business

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Everyone Should Own a Business:
To Make Money, Benefit from Tax Deductions, Help Others, and Have Fun!
There are more than 28 million small businesses in the United States, making up a whopping 99.7 percent of all U.S. businesses, according to theSmall Business Administration.
When you consider some of the most popular reasons to start a business, including having a unique business idea, pursuing a career doing something you really, really, really want to do, working toward financial independence, and investing in yourself — it’s no wonder that small businesses are everywhere.
Here are the 47 reasons – check out which ones apply to you!

MAKE MONEY

  1. 1. You can be one of the 28 million: Be part of the more than 28 million small businesses in the United States. Yes! You really can!
  2. 2. Make a lot of money: It is possible! Many have – like Sam Walton at Walmart, Bill Gates at Microsoft, Jeff Bezos at Amazon, Mark Zuckerberg at Facebook, Michael Dell at Dell, and Phil Knight at Nike. All were self-made startups. And there are 10’s of thousands of others.
  3. 3. Invest in yourself: You are taking the risk so you’ll get the rewards.
  4. 4. Gain financial independence: Develop personal wealth.
  5. 5. Make enough to leave something behind: Pass the business or business value down to your children and grandchildren.
  6. 6. Gain job security: No one can fire you or lay you off except you! So you have continuity of earnings as long as the business is profitable.
  7. 7. Make your own decisions: You will be in charge, in control.
  8. 8. Potential reduction in operating costs working from home: Make more money working from a home-based office to keep your overhead costs low since you are not renting office space or paying for office utilities. A zero commute saves money on gas and wear and tear on your car.
  9. 9. Generate another source of income: Make extra money by keeping your current job while working in your new business part-time; or do both while you make a transition to full-time with your new business.

CHOOSE THE BUSINESS AREAS THAT INTEREST YOU THE MOST

  1. 10. Hundreds of business opportunities: There is virtually an unlimited number types of businesses to choose from.
  2. 11. Choose the business area you like the most: Retail, healthcare, manufacturing, clothing, medical, service, teaching, information technology, etc.
  3. 12. Pursue YOUR passion: Choose the business that provides the most passionate experience for you.
  4. 13. You decide on the products or services you want to sell: As long as there are customers who want to buy them.

MORE FLEXIBILE LIFESTYLE

  1. 14. Have more flexible hours: Work at night, first thing in the morning, weekends, holidays, and anytime convenient.
  2. 15. Work from anywhere.With connectivity you can work from home, an office, travelling, or just about anywhere
  3. 16. Flexibility interacting with customers and suppliers: Mobile phones, iPads, other tablets, faxes, email and text messages allow you to interact with your customers and suppliers at any time of the day or night.
  4. 17. You decide when you want to take time off: When and how long.
  5. 18. More work time, less commute time: Work in your home or find a location close to home.

MAXIMIZE YOUR TAX DEDUCTIONS

  1. 19. Deduct for employing your entire family: Spouse, children and grandchildren can be employed – there are IRS rules, but it is easy to do.
  2. 20. Deduct home office expenses: You can deduct a portion of your home’s expenses, such as mortgage interest, property taxes, utilities, and repairs and maintenance, against your business income. To qualify, your home office must be your principal place of business and you can only deduct the proportionate amounts of the total expense which are directly related to your business.
  3. 21. Deduct a home office even if you are renting: The cost of any workspace that you rent and use regularly and exclusively for your business can be deducted as a home office expense.
  4. 22. Deduct business insurance premiums: You can deduct your business insurance premiums.
  5. 23. Deduct part of your vacation trips: Combine a vacation with a business trip and follow the IRS rules to take the deduction.
  6. 24. Deduct employee benefit programs: The cost of employee benefit programs, such as education assistance and dependent care assistance is deductible. For self-employed individuals, contributions to their own qualified retirement plan accounts are personal deductions claimed on Form 1040.
  7. 25. Deduct Internet and phone expense: Regardless of whether you claim the home office deduction, you can deduct your business phone, fax and internet expenses. The key is to only deduct the expenses directly related to your business.
  8. 26. Deduct health insurance premiums: If you are self-employed, pay for your own health insurance premiums, and were not eligible to participate in a plan through your spouse’s employer, you can deduct all of your health, dental and qualified long-term care insurance premiums.
  9. 27. Deduct self-employed retirement plans. Contributions to SEP-IRAs, SIMPLE IRAs and solo 401(k)’s reduce your tax bill now and help you rack up tax-deferred investment gains for later. Contributions limits vary by plan type, and the IRS adjusts the maximums annually.
  10. 28. Deduct business meals: A meal is a tax-deductible business expense when you are traveling for business or entertaining a client. Keep the receipt and record of the time, place and business purpose.
  11. 29. Deduct entertainment: To deduct entertainment, you must conduct business with the person you are entertaining during, immediately before, or immediately after the event.
  12. 30. Deduct business travel expense: Business travel expense and meals qualify by following IRS rules that are easy to meet.
  13. 31. Deduct interest on a business loan: Interest expense on financing your business is deductible including a loan from a bank and other lenders.

Others

  1. 32. Gain the ability to give back:Have the capability to donate time, money or both.
  2. 33. Make gifts to your favorite causes: Make a legacy investment in a university or a charitable or civic organization.
  3. 34. Help people.Provide products and services to improve people’s lives
  4. 35. Get government support: Government programs support small business entrepreneurship and may reward these endeavors with impressive tax incentives.
  5. 36. Choice of the best legal entity for tax purposes: Sole Proprietorship, Partnership, Limited Liability Company, C Corporation, S Corporation – whatever is best for your tax benefits.
  6. 37. You do not have to regularly make a profit: You just need to operate your business like a business with an expectation of profit rather than like a hobby.
  7. 38. No age restrictions: There are basically no age restrictions for starting a business, but there are a few things to be considered if you’re a minor.
  8. 39. You will gain people skills: Learn skills you can apply in your personal and business life.
  9. 40. Sell the way you want to sell: Online, social media, direct mail, in person, etc.
  10. 41. Create your own culture: You can set the culture as formal, loose, down-to-earth, or whatever you want to do.
  11. 42. Create more American jobs:Help expand the US economy.
  12. 43. Become a mentor: Use your own knowledge and experience to mentor someone.
  13. 44. Become active in your community:You can help good causes and make contacts to grow your business.
  14. 45. Develop your public speaking skills: Owning your own business is the perfect way to become comfortable speaking. Whether you are selling a product or idea, you will be required to address people whether you feel comfortable or not, until you get comfortable. You will get comfortable and you will learn to enjoy it!
  15. 46. Enjoy the sense of accomplishment in building something of your own:
    One of the biggest differences in owning your own company as opposed to working for someone else is the sense of pride you establish in building something of your own.
  16. 47. Stay-at-home parent: Make money in your own business from home while you raise your family.

Wow! 47 reasons to start your own business! And potentially make a lot of money!
Let us help you get started!
Need business ideas to consider?
Request a free list of business ideas by sending an email to: cthompson@crtgrp.com

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