Have you ever considered why the lure of starting your own LLC
is so appealing? There has to be a reason why entrepreneurs are forming more than 600,000 new businesses each year. A survey conducted by Inc.com uncovered plenty of excellent reasons to start a business.
Close to 500 small business owners took part in the survey in which they named the top reasons they prefer to be the boss of their own LLC business as opposed to slaving away as an employee. Here’s a list describing 3 of the top reasons entrepreneurs take the leap from employee to business owner.
1. The Flexibility of Work/Life Balance
One of the most mentioned benefits of starting a business is the flexibility it brings, whether that means working from any location you want, setting work hours, wearing pajamas or even sitting in bed while you work. Having the flexibility to work day or night, or part-time hours is a big attraction, especially for those who juggle obligations. Entrepreneurs typically work more hours when running the show, yet they have the flexibility to carve out a schedule on their own terms, not someone else’s. Technology also allows us to interact with clients at any time. Fax, mobile phone, Skype and internet are all elements that foster flexibility.
2. The Possibilities of a Tax Deduction
It’s surprising what the boss can write off. Business owners use IRS Schedule C to account for it the costs of doing business, and all cost are fair game. If you run a legitimate home-based business, deductions become more fruitful and open new possibilities. Here are just a few examples:
• The Operating Expenses and Supplies; Purchases to help run a business all count. Advertising or marketing consultants or perhaps real estate agent requiring trade magazines are able to deduct the costs of keeping up with the news. Maybe a part-time wedding photographer, you purchase a strobe light for better lighting or a ladder to shoot creative angles. Those count as a deduction, even if you also use the ladder to clean your gutters.
• The Cost of Travel; Travel may be deductible depending on the type of small business you have. Should you attend a trade show or conference or meetings with clients, you get to deduct your individual expenses -- and you will probably need a hotel, which is all deductible.
• The Use of Vehicles; Small business owners can always take advantage of the mileage deduction, 51 cents a mile for legitimate business activities. Suppose you want to combine your business trips with some personal trips -- i.e. stop at the post office and cleaners – it still counts.
3. You Rule Your Destiny
How fed up are you? As employees we often dedicate years of our lives to a company, only to learn we are out of a job, due to circumstances beyond our control. We are all predisposed to sudden change such as transitions, downsizing, and outsourcing.
On the flip side, small business owners have the ability and time to do what they love and focus on their passion. In a nutshell, starting your own LLC translates into freedom.
So what’s holding you back from starting your own LLC? Don’t be complacent. The moment you actually believe that your goals are possible is when they will begin to happen.