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Becoming Your Own Boss » shawnandkellyhodgson.com

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Nov 29

Becoming Your Own Boss

It’s unfortunate that most people will only know life as an employee, working to fulfill the dreams and making money for someone else.  For many people, the predictability and monotony of this lifestyle is sufficient. However, there are others who possess an entrepreneurial spirit but just need the motivation to unleash it. There are so many advantages to becoming your own boss but it all hinges on finding the right opportunity and making that first crucial decision of getting started. Once someone decides to start their own home based business, they often never go back to the “rat race”.

Why Should I Be My Own Boss

be my own boss working from home with your own online businessOne of the biggest advantages of becoming your own boss is the flexibility in setting your own schedule.  You no longer are locked into a 40+ hour work week (plus commute time) that must be squeezed into a predetermined schedule. Let’s face it, family life imposes increasing demands on your time and many people experience frustration in not being able to do what they want to do because they have to physically be at work. They’re tired of missing out on pivotal events in their children’s lives and caring for children or elderly parents requires flexibility. It’s becoming necessary to fit work around your life, not your life around work.

There is only one characteristic one needs to succeed – motivation. But once someone who decides to work from home with their own online business, they’ve won half the battle. Yes, being your own boss requires a lot of self-discipline and careful goal planning to keep on track towards profitability.  But once the initial set-up stage is over, and you start realizing a profit, that often is enough motivation to keep working towards your goals.

On the other end of the spectrum are the workaholics. This is an absolutely disastrous attitude to have when you remember why you started your own online business in the first place. Burnout is inevitable. Our suggestion to this dilemma is don’t try to do everything yourself and don’t be afraid to ask for help. Get a mentor who has succeeded in your chosen business and learn what does and doesn’t work to save yourself time and money. You can also outsource your administrative or technical tasks to free your time to focus on your KPI’s (key performance indicators).

Tax Benefits of Working From Home With Your Own Online Business

One of the biggest perks of being your own boss is being able to lower your tax bill, legally.  Employees There are tax benefits to working from home with your own online businesswho are paid a salary generally are limited to very few deductions on their yearly tax returns.  However, small business owners are allowed a variety of deductions for money they are already spending.  For example, when you set up your home office you receive a deduction for that space. Under the right circumstances, car expenses when used for work can also be deductible, as are office expenses. There are so many legal deductions available. You just need to do a little research or hire a tax expert to take advantage of every deduction you can. Just make sure to understand the tax laws and make sure that you keep the proper documentation.

Need help deciding how to start your own home based business? We’ve helped dozens of people to succeed in starting an online business and can help you every step of the way. If you’d like a free 30-minute consultation, you can reach us at http://shawnandkellyhodgosn.com

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