Get the right financial advice
Have you decided that it is time for you to go out and start your own business? Perhaps you are tired of your career choice, and need a change of scenery. Or do you want to hang out your own shingle so you can make your own decisions, say when you come and when you go? Maybe you've recently lost your job and are looking to reboot your income stream with a business start-up from which you can never be laid off.
Whatever your reason for looking into starting your own business, there are a variety of great reasons why this can be your smartest career move yet. However, as the saying goes, with many counselors there is wisdom holds true in the business realm as well. Be sure to get quality financial advice before proceeding with your business start-up in earnest. That said, here are a few reasons why becoming a business owner can put you miles ahead of the other guy.
While few employees are aware of this fact, nearly all wealthy people are either business owners or investors, choosing to invest especially in real estate and you guessed it, business. The reason employees rarely get ahead is simple - the government is lawfully allowed to dip into your paycheck to collect taxes before you ever get your hands on it. You get to live on whatever is left.
However, when you own your own business, the tax laws legally allow you to reverse this order. You are able to claim all business expenses, such as your office rent (or even a portion of your primary residence if it is set aside as a home office) and any miles driven for business purposes. You can also deduct the purchase of a computer or office furniture. Once you are finished making all the permissible deductions from your business' income, then and only then Uncle Sam gets to tax whatever is left.
The reason the laws are written this way is straightforward. Businesses create jobs, so the government is willing to give one person (the business owner) a break on taxes, if they will have the opportunity to tax many more people at the regular rate (your employees). So, where does all this leave you? With a great deal that can't be beat! However, keep in mind that seeking out financial advice concerning your new business start-up is critical, as you will need professional instruction on how use these tax laws to your advantage lawfully.
Another reason that a business start-up can be a sharp financial play is that it can be added as a second source of income. Nowhere is it required that you quit your day job to risk it all on your business dreams. If you are willing to put the extra effort into your start-up vision, you can have the chance to give the business world a try without all the risk. Though it can be a difficult challenge to add another job on top of a full time work week, if your business takes longer to produce the income you need, you won't be left without a paycheck.
So, what are you waiting for? With very little risk, and with the right financial advice, your business start-up could propel you to the future of your fiscal dreams!