Don’t wait to start your dream.

This is a new year, a new time to shine. COVID-19 and the Great Resignation have taught us that now is the time to follow your dreams – specifically becoming a business owner. If you have an idea, a service, or a product you believe can help improve the lives of your community or a target group – don’t wait to start your dream.

We understand how intimidating this venture can be. Many disgruntled employees are feeling inspired to create their businesses. The U.S. Census Bureau reported that 5.4 million new business applications were filed in 2021, surpassing the 2020 total of 4.4 million. 2022 is your time to join the millions of new business owners following their dreams and becoming their bosses.

We are ready to help provide the resources needed to help get started in the right direction. If you’re still on the fence about taking that leap, we’ve created ten reasons you should start your business now!

Control Your Schedule

One of the perks of becoming your boss is managing your schedule to better suit your needs. Of course, in the beginning, stages of your business, you will be busy as can be – but you’ll eventually find time once you’ve determined what works best for you. You do not have to stick to the usual 9-5, Monday through Friday grind. Depending on your business and service, you can work half days, take off Fridays, work 11 to 7, etc. You have free reign to determine what schedule works best for you.

Find Personal Fulfillment

If these past two years have taught you anything, it’s not to wait to pursue your passion. The saying is true, “do what you love, and you’ll never work another day in your life.” Since graduation, we’ve been fed this statement as we maneuver through the rat race. It is easy for some to stay in the rat race and work until they’re in their 60s for a company, but for others, they see their future shifting in a different direction.

While not an easy career choice, becoming an entrepreneur gives many a feeling of fulfillment in their work. Be happy and satisfied with your work by taking your talents to new heights. Be joyful in what you’re doing for work by creating and managing the business of your dreams.

Tax Benefits

Taxes can take up a large portion of your business revenue. Depending on the business you decide to create, there are many substantial tax deductions that you can utilize in your books. These tax deductions can help you significantly when filing your IRS bill.

Business Use of a Home:

According to Publication 587, you cannot deduct items related to your homes, such as mortgage interest, real estate taxes, utilities, maintenance, rent, depreciation, or property insurance, as business expenses. To qualify to deduct the costs for your business, you must use part of your home:

Exclusively and regularly as your principal place of business;
Exclusively and regularly as a place where you meet or deal with patients, clients, or customers in the ordinary course of your trade or business;
Regularly for specific storage use;
For rental use;
As a daycare facility

Business Use of a Car:

According to Publication 463, you can deduct car expenses if you use them for business purposes. You must divide costs based on actual mileage if you use it for business and personal use.

Meals & Entertainment:

You can also deduct 50 percent of the cost of business meals if you, the taxpayer, or an employee of the taxpayer, are present and the food or beverages aren’t too extravagant. Lobster dinners for anniversaries cannot be deducted, but maybe a business dinner with an associate can be.

Rent Expense:

You can deduct rent as an expense only if the rent is for the property used for the business. If you have equity in the property, you cannot claim a deduction for the rent.

Interest:

Business interest expense is the amount charged for using the money you borrowed for business activities. Limits and special rules may apply.

Taxes:

You can deduct federal, state, local, and foreign taxes directly attributable to your business or business as a business expense.

Publication 535 can provide further details on deductible business expenses that you can utilize when filing your business taxes.

Financial Independence

One of the perks of being your boss is achieving financial independence. Of course, you will determine how much money you make depending on the hours you’ve put in and your revenue stream.

There’s no guarantee your business will take off, but it may be significantly more than what you’ve been making as a regular employee once you notice traction. With your hard work and determination, your business can be lucrative. If you put in the effort, you will see the results. As your business grows, so will your wallet.

Improve Your industry

The beauty of entrepreneurship is recognizing a problem and creating a solution. The reasons for starting your business may go beyond profit and are geared to total industry improvement. According to the Wall Street Journal, the pandemic resulted in the permanent closure of 200,000 U.S. establishments during the first year of COVID-19. Reportedly, barbershops, nail salons, and other providers of personal services took the most brutal hit – accounting for more than 100,000 establishment closures between March 2020 and February 2021.

Suppose you recognize that your industry has taken a critical hit from COVID-19 or the post-recovery economy. In that case, this may be your chance to help improve the industry and jumpstart your service’s comeback surge.

Impact Your Community

Not only can you create an impact within your target industry, but you can now help improve your local community as well. You can be the business known to make frequent charitable donations or host events for nonprofits. If you want your business to be a staple in the community, give back, host events for causes, and create jobs for those in your local community. If you want to make a significant social impact, consider opening your employment to felons looking to restart their lives after incarceration.

Businesses tend to forget how they can significantly impact their community in a positive light. Help your community and be recognized as a leader by giving back and doing more for your local area.

Challenge Yourself

No one said building up a business would be easy. It can be a real challenge for some, and only those with the correct determination and knowledge succeed in this rat race. Most people who create businesses have discovered they have yet to reach their peak and need something more to push them to where they want to be. Challenge yourself and ultimately be successful in your endeavors. The more you love your job, the harder you will work to maintain its success.

Job Security

While there is always a risk of failure – as a business owner, you have the authority to call the shots for your company and yourself. Regular employees generally have to worry about company downsizing, economic shut-downs, or interoffice politics as it can affect their job. No corporate ladder or glass ceiling limits your endeavors when creating your own business. As a business owner, you will have total control over what you can do in your company.

Plenty of Startup Resources

While it may be difficult for some newly developed businesses to acquire funding, there are always resources available to help build up a new business in today’s economy. Government websites like SBA.gov are willing to provide various resources to help aspiring business owners learn more about the necessary steps to succeed.

There is a list of free small business trends and data you can utilize to help you get started on research into your industry. Consider these resources for the following market research and competitive analysis:

Statistics on Industries and Business Conditions:

North American Industry Classification System, USA.gov Statistics, Statistical Abstract of the United States, U.S. Census Business Builder

Potential Customers and Consumer Markets:

Consumer Credit Data, Consumer Product Safety

Demographics and Target Customers:

U.S. Census Bureau, Bureau of Labor Statistics

Unemployment Rates, Loans Granted, and Other Economic Indicators:

Consumer Price Index, Bureau of Economic Analysis

Employment Statistics

Employment and Unemployment Statistics

Income Statistics

Earning by Occupation and Education, Income Statistics

Money and Interest Rates:

Daily Interest Rates, Money Statistics via Federal Reserve

Production and Sales Statistics:

Consumer Spending, Gross Domestic Product (GDP)

Trade Statistics:

Balance of Payments, USA Trade Online

Industry-Specific Statistics:

Statistics of U.S. Businesses

Create the Environment You Want

As the shot caller of this business, you have authority over everything – including the environment. You can choose who to hire, fire, where and when you operate your business, and so on. Be the boss you want to be by creating an environment ideal for you and your future workers.

Conclusion

Today’s economic environment constantly adapts to accommodate consumers in a post-recovery world. If the great resignation and COVID have taught you anything, it may have inspired you to move towards your passion. Starting a business may have been an idea you’ve considered while behind the desk at your 9-5. After reading our list, we hope that you’re prepared to take the first steps in creating your own small business and become the boss you’ve dreamed of being.

Shamrok has a proven track record of assisting thousands of small and growing businesses across the United States to achieve their goals with an extensive knowledge base and years of experience teaching business owners how to succeed. Before you draw up a business plan proposal, there is still plenty of information you need to understand before moving forward. We’re here to help you along the way.

Our team of professionals has taken the time to research and create a guide to help the average person transform into a successful business owner. We’ve seen, heard, and helped thousands of small business owners grow their companies and generate the revenue needed to maintain success. We want to help those with the drive and passion to reach their goal of becoming successful business owners.

We’ve compiled our resources to help you create the business of your dreams the right way.

Learn more about the ins and outs of building and operating a startup company today.

We will provide you with a completely free, no-cost, no-obligation, no tricks step-by-step guide on starting your business. From finding and registering the company name to building your website. An accurate, do-it-yourself guide without the need for pricey attorneys or programs.

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