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5 Benefits of Business Ownership

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25 June 2020 - 8:34, by , in business, No comments

Business ownership definitely has its perks, here are a few you may not have considered before.

Independence.

As a business owner, you are your own boss. You can’t get fired. More importantly, you have the freedom to make the decisions that are crucial to your own business success.

This independence is really freeing, but it’s also really challenging. You can do whatever you want (as long as it’s legal), but being your own boss also means nobody is looking over your shoulder making sure you get the work done.

So, if you’re ready for some independence, but also have the discipline necessary to maintain that independence, think about forming a business. It will be one of the hardest, yet most rewarding challenges of your life. 

 
Financial rewards.

In spite of high financial risk, running your own business gives you a chance to make more money than if you were employed by someone else. You benefit from your own hard work.

As a business owner you create your own financial ceiling. There’s no salary cap, wage chart, or bosses to beg for raises. You control your financial destiny. Now, don’t get me wrong, you’ll have to work harder in the beginning to secure your financial rewards than you will as an employee. As an employee, somebody has already laid out the groundwork for you. As an entrepreneur, you are creating your own path. 

But, once you figure it out, the sky’s the limit. You set your financial goals and then go make them happen. 

Choose the people you work with. 

This may be one of the biggest benefits of all! You absolutely get to choose who you spend the majority of your day with. Whether you are choosing your co-workers or your clients, as a business owner, you don’t have to work with anybody you don’t want to. 

I will say that you need to finish what you start and make good on your contracts, but other than that, you get to choose! That’s pretty dope if you ask me! 

Build your own retirement account. 

Super Tip Alert: Did you know what when you run a business, an LLC or a corporation, you can set up an employer sponsored retirement account? Did you know that SEP-IRAs have contribution limits for 2020 of $57,000? Yeah, I didn’t know that until a couple of months ago. 

So, as an entrepreneur, you should be planning your own retirement and you can probably put away more money than you could as an employee. You just have to do some research and then reach out to a trusted source. 

Read this article on retirement contributions to find out more. 

 
You can give back to your community. 

There’s nothing better than deciding what you want to do with all the money you’re going to make! 

Do you want to start a scholarship fund? Host an intern? Sponsor an event? Whatever you want to do and however you want to do it, is entirely up to you! 

I hear so many 9-5ers say they wish they had more time to volunteer and give back, or that they wish their employer would get behind a particular cause. Well, as a business owner, you can make giving back a part of your mission and your business plan. You have so much autonomy! 

Bonus: leave a legacy for your children. 

I hear parents talk a lot about leaving a legacy for their children and others about just leaving their mark on the world. 

Your business can leave a legacy in the community though its valuable contributions, be passed down to children so they have a business to work in, or it can be sold giving your children and grandchildren income for years to come. 

There’s no one right way to leave a piece of you behind, but if you want to leave your mark on this world, running your own business may be a great way to do it. 

For more great reasons to leave a legacy, read this articles. 

So, have I convinced you yet? If you’re ready to see which type of business entity, an LLC or a corporation, is right for you, read my post on choosing the right business structure.

And of course, if you want more detailed guidance, join me for a consultation!

About author:
Asha Wilkerson is the founder of The Wilkerson Law Office, P.C. Ms. Wilkerson provides skilled advice and counsel to for-profit, non-profit, and faith-based organizations in the areas of business and employment law. Her mission is to preserve the longevity of your business by ensuring that every aspect of your organization is legally sound and operating in compliance with state and federal law.

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