Benefits of Starting Your Own Business

Why would anyone consider starting a business if they have a secure job and living comfortability?

Being Employed, You Are Only Paid 20% Of Your Market Value! 

Discover how to get paid at market value by starting your own business!

Starting your own business brings you:

  • Income Security,
  • Time freedom,
  • Ability do something you are passionate about,
  • Tax savings etc…

Since young, I always had a certain impression of being in business. My father has a conventional small business, although money was never really a big issue in the family, nonetheless, I knew that sometimes we had to be extra careful with money when cash flow wasn’t good.

Besides that, what I didn’t really like was the fact that he had to spend a lot of non-office hours entertaining customers and suppliers which I didn’t like.

So it gave me an impression of starting your own business generally leads to no income security and requires a lot of commitment.

That held me back from starting my own business for a long time as incorporating it provided me with a steady monthly income that was “comfortable” and I didn’t have to commit as a business did. I didn’t realise that there are many business ideas out there that would suit our particular personality and needs.

I was excited I came across my first business idea to venture which offered the ability to have a consistent stream of income and an income that would supersede my corporate income which I could work at my own flexible time.

Besides that, that business idea didn’t require a lot of capital to start. I was immediately attracted to the business idea. In this business journey I discovered, the beauty of starting your own business. Sure there are some challenges, but I assure you, the benefits way supersede them.

Income Security & Time Freedom

When I was in corporate, I constantly challenged the boss that I was not paid enough for the amount of work I do for the company. Sure enough, later on, I found that through studies, someone who is employed only gets paid 20% of what he is worth in the market.

That got me excited!

As I got in the business, true enough, our income is no longer decided by anyone else but ourselves. Sure, I was initially afraid I didn’t make it. Nevertheless, the first thing I did was to get my family to understand and offer support (emotionally even sometimes financially).

But I told myself, the moment I learnt how to generate this income myself, then I would no longer be short of money! Wouldn’t that be security? Sure, I started off by saying my fathers’ business has no income security. Isn’t this an oxymoron statement?

No, I realised that there are different categories of business, there is the self-employed and the business owners.

What is the difference?

A huge difference. Being self-employed, one would have to constantly run the business. No doubt you may have more control and flexibility of time than a job and have learnt to leverage manpower. Nonetheless, if you went away for a holiday for six months or a year. Your business would have probably deteriorated if not vanished when you returned!

A business owner sets up a system in the business. The system requires a lot of patience to establish, however, when in place, the business owner can go on a holiday for six months or years. When he returns, the business has not only generated income but has also grown. You don’t need to be there on a daily basis to watch it.

So which category would you like to be in?

  1. In a job, where the income is controlled by the company? Every effort that you give, you make your boss richer.
  2. self-employed, where you learn to leverage. You have employees contributing their time to make the company work but you have to constantly supervise them.
  3. business owner, where you, not only leverage time, have a business system where you can walk away and still earn passive income yet it grows year after year.

By having a business system, it doesn’t mean that you need to build a mega-corporation. These systems can also fit into small business ideas.

Do something you are passionate about

I actually loved working in corporate, it affords me the ability to learn and grow, gain experience. In fact, I do not regret my time spent there. I was afraid of losing these as a trade-off to focus 24 hours on just making money in business. Scary isn’t it?

You would be surprised, I learnt that business is really fun and I learn to appreciate it like a game. There is a lot of learning involved. What is more interesting is that I get to choose to do something I am passionate about.

For example, if I like computers, I can choose to be involved in this area. So it become my vocation, rather an a chore! Best thing is that, you get to employ people to do the things that you are not good at or don’t like doing.

Initially, I thought of that as manipulating or using people.

Well, you are if you are not paying them or underpaying them.

I believe that we all need to learn to work in teams and leverage on each other’s god-given strengths. You don’t have to struggle on your weakness alone!

Most importantly, when you are doing something you are passionate about, you are happy and time passes by easily. The side effect of that is an abundance of money comes your way! Trust me… no skills are required to be successful!

Tax Savings

As I quit my job, I remembered attending a training course by a multimillionaire. What shocked me the most was despite his high income, he was only paying the tax amount that I was paying when I was working incorporate. I was just so amazed! As my income is only a fraction of his.

How did he do that?

Well, you will eventually learn how being in a business has a tax advantage as you are not taxed on income but on profits. I would urge you to read “Rich Dad Poor Dad” by Robert Kiyosaki who explains this very well.

True enough, I could be earning the same level of income in business and incorporate. Nevertheless, I could be twice wealthier when I know how to structure my taxes. I made sure I got a good tax consultant when I got into the business. Never regretted paying for that service!

So, remember the retirement plan that I talked about? Well, isn’t that savings easier to achieve, even though I may not have increased my income? Hack! I even get to go on trips on business expenses and save taxes!

Nonetheless, don’t forget what I said, you get paid more in business as in a job you are only paid 20% of your market value.

I hope the dollar figures are ringing in your mind…

If these benefits do not start to provoke you to start considering a business idea, then probably the corporate has trained you well in believing that you need the job. I totally respect that and wish you all the best.

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