Have you ever dreamed of being your own boss? Have a great business idea that you would like to realize? There is no better time to start a business than now! 14 million American women own or run a business; Women-owned businesses employ a whopping 27.5 million people. According to the Women’s Business Research Center, almost half (46%) of all businesses are owned at least 50% by a woman or women. Women are taking risks and succeeding as entrepreneurs!
Today’s women entrepreneurs are innovative, problem solvers and have taken the reins that govern their future. Almost 60% of women who have moved from traditional jobs to the corporate world declare that nothing will attract them back to the corporate world. Thinking of starting your own business? Here are six driving reasons why entrepreneurship is the way to go:
1. Financial independence
Entrepreneurship has proven to be an important vehicle that people use to achieve financial freedom. One of the fastest ways to build wealth is to start a business; 74% of wealthy people are business owners (not employees). From legends like Madam CJ Walker to well-known visionaries of our time like Bill Gates and Michael Dell, we have growing evidence that people have used their business to create millions, if not billions of dollars in personal wealth. While not all businesses may be billion dollar businesses, we see phenomenal success in people whose business endeavors generate modest cash flow whose business income has allowed them to pay off debt, send loved ones to college. , fund retirement accounts and much more.
2. Creation of multiple sources of income
This is one of my favorites! As a business owner, you have a world of options at your fingertips. You can leverage your knowledge and experience to create multiple sources of income from a single idea. Let’s take an example of a simple cake. Let’s say your passion is making cherry pie. Everyone loves and orders their cherry cakes all the time. He decides that he can make some extra money selling his delicious cherry cakes, so he charges $ 10 per cake and people gladly pay. Business is great! But don’t stop there. You can create additional avenues of income by sharing some of your “special secrets” by teaching cake making classes, selling a recipe book on cakes or pastries, having local stores and / or chains stock your cakes on their shelves, offering services of catering, offering to show others how to start their own cake business, starting a cherry mail-order cake business, selling cake-making accessories and specialty baking items, the list goes on. I just listed 7 possible sources of income from a single idea. Think about the business you would like to start. How many sources of income can you identify?
3. Flexibility
For the most part, as a business owner, you enjoy the flexibility to work when you want, how you want, and in some cases, where you want. The Women’s Business Research Center tells us that 51% of women said the main reason for starting their own business was a desire for more flexibility. You can determine your work schedule; If family commitments are important, you will have the ability to attend functions and events that are important to you without having to ask someone else for time off. You are the boss! An author can work on a manuscript while at his daughter’s soccer game using a laptop. A consultant can program clients around activities that they enjoy and prefer not to miss. What is it that matters most to you? Missing important activities due to time constraints and job obligations? Has something important been lost too many times due to work obligations? Your own business may be the key to simply ceasing to exist, and instead gain control over your life and live abundantly without regrets.
4. Tax benefits
The many tax benefits recognized by entrepreneurs are reasons in and of themselves to start a business. The government favors small businesses and really wants to help you succeed! You can get the most tax benefits by incorporating. While determining the best legal entity for your business should be discussed with your tax advisor, I highly recommend incorporating it for almost all businesses. Small businesses are eligible to deduct automobile expenses, including mileage and depreciation, home office, personal assets, entertainment, travel, and retirement deductions. Generally, an expense is deductible if, in IRS terms, it is “ordinary, necessary, and reasonable.” A critical difference between taxation of an employee vs. A business owner is that employees pay taxes before their expenses, while businesses pay taxes after their expenses. That is a big difference! Again, it is worth discussing specific tax issues with a qualified advisor, as it is well worth the investment, in addition to your deductible.
5. Purpose
Some of us are called to the market in the same way that others are called to medical, teaching or other professions. Your deep desire to start your own business may be due to specific God-ordained reasons. Your product or service could be exactly what millions of people need! Where your passion is often your purpose lies. Do not miss the opportunity. Don’t be intimidated by a lack of resources (time, money, manpower, etc.). Provision will be provided for your viewing during the appropriate season. Think of all the amazing things we have today that we can’t even imagine living without, like bridges, airplanes, electricity, and the list goes on. It all started with a vision, a concept in the mind of someone with passion and the purpose to carry it out. Your business could be the necessary catalyst for positive change in many, many lives. What is your big idea? The world is waiting!
6. Challenge and reward
Make no mistake about it, entrepreneurship is hard, very hard work. It is challenging, but immensely rewarding. The initial stages of starting your own business could be the most difficult you will ever work through and also one of the most rewarding experiences. As an entrepreneur, you can see the direct results of your work, immediately and over time. Successful entrepreneurs see challenges as opportunities to succeed. It may be time to step into faith, step away from the perceived security of a steady job, and enter the world of entrepreneurship. There are countless organizations whose primary mission is to help you succeed on your business journey. The point is, yes, there are challenges, but despite the challenges, you don’t have to go it alone. Ask any entrepreneur and they will assure you that the rewards far outweigh the challenges, any day.
I sincerely hope that you are motivated to start your business, either as a part-time vehicle for additional income or as a full-time company. There are countless resources available to help you with your endeavor. As I say goodbye, I want to share with you one of my favorite Teddy Roosevelt quotes from a speech delivered in 1910.
~ “It is not the critic who counts: not the man who points out how the strong man stumbles or where the doer could have done better. The credit belongs to the man who is actually in the sand, whose face is marred by dust and sweat and blood, who tries bravely, who makes mistakes and falls short again and again, because there is no effort without error or defect, but who knows great enthusiasms, great devotions, who dedicates himself to a worthy cause; who knows, at best the triumph of great achievements, and who, at worst, if he fails, at least fails while daring so much, so that his place will never be with those cold and shy souls who do not he knew neither victory nor defeat. “