What Are the Benefits of Running Your Own Business?

Written by kathy burns-millyard | 13/05/2017
What Are the Benefits of Running Your Own Business?
Running your own business lets you work when and where you want. (young business woman on white call phone image by Anatoly Tiplyashin from Fotolia.com)

If the thought of running your own business excites you, it's not surprising. There are many benefits to running your own business, and when you look at a few of these closely you may wonder why you haven't started yet. Running your own business can be challenging and even frightening at times, but when you focus on the benefits instead, you may find it is the ideal choice for you.

Income Control

Running your own business puts you directly in control of your income. With a regular job, you're paid a set hourly wage or salary, and the time spent at work determines your paycheck. You can be incredible productive one day and particularly lazy the next yet still earn the same amount of money. When you run your own business though, your income its directly affected by the level and quality of your work. If you are lazy and don't get much done, you may earn no income for the day. If you are focused and productive instead, you may earn enough income to support your family for an entire year.

Flexible Schedule

When you run your own business, you get to set your work schedule. If you own a retail establishment that must be open during specific hours of the day, you can assign an employee to work the hours you don't want to. If your business isn't dependent on specific operational hours, your schedule can be even more flexible because you can choose to work in the middle off the night, for example, and take a long nap in the middle of the day.

Location Independence

Many small businesses can be purposely structured so that work can be done from whatever location you'd like. This works particularly well for home and Internet-based businesses where work is conducted or delivered online and through e-mail. With improved Internet phone technologies, phone-centric businesses have this advantage as well. Business owners can talk to clients and vendors from anywhere with an Internet connection, meaning your office can be at home one day and on the beach halfway around the world the next.

Tax Deductions

Businesses of all sizes have tax advantages that employees do not. Depending upon how you structure your business, you can often pay for many expenses and deduct those payments from your taxable income. If you maintain a car for business purposes, for example, you may be able to deduct the car payment, insurance and maintenance fees from your taxable income thus reducing the overall amount of taxes you'll pay.

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