Should you stay as an employee, or should you find other avenues to earn income? The answer might seem obvious to most, but you don’t see them diving into the business world. Because maybe it’s intimidating and tricky outside people’s comfort zones.
Well, both comfort zone and complexities require adjustment periods and learning curves. You wouldn’t know if you won’t try it. Here are the reasons you should start a business rather than work a 9-5 job:
You are your boss, and you are other people’s boss. You get to provide income for others, equipping them with the capabilities to put food on their tables. It does entail a mountain of responsibilities, but that comes with the job. It’s much more justifiable to stress out over a business you worked hard for than stress out over some boss you work for.
If you do not have any idea what kind of business you want to start, you can begin with franchising. There are many franchise opportunities out there. If you have the capital and are into the construction industry, you can start by looking for hydraulic franchise business opportunities. A franchise is a great way to start because you will be trained about the business’s ins and outs, you get trained, and you can take advantage of the opportunities.
Having a business will help you with many financial benefits, such as securing a loan for products that might help enhance your business. You can afford the life you desire by having to get higher returns on your investment.
You get to own your time. When working for an office job, your time is not yours for at most 9 hours, excluding overtime. This means you are trading your time for taxable income. Time is limited, and eventually, the time you have will be a currency too, with higher value. So use it wisely, invest your time in a business that you will own.
Lesser Taxable Income
Since starting a business is highly encouraged by most governments, its taxes are relatively lower compared to employee-generated income. This in itself is an invitation for people to invest their money in a business rather than just tucking it away from economic cash flow.
The higher the risk, the bigger the rewards. Having a business is indeed a risk. However, this is also true for so many things. This alone is no reason to shrink from any business opportunities. You can gain more from your capital than working an office job and spending on things that would ease your sorrows for having to work every day in a 9-hour shift.
Starting a business is an avenue for learning. Not only do you learn things, but you may also profit along the way. It’s quite different from going to college or university, where you get to pay to learn. With starting a business, learning has the element of permanence since you experience it yourself, a first-hand account. If you’re into learning and profiting at the same time. Then it’s time to invest in something that piques your interests finally.
You have a financial goal, and that is to be financially stable by the time you’re too old to work. This goal is much more achievable when you get to invest in a business of your liking. Paid all your debts by a specific time, have a yacht, or pursue your dreams; these things require financial stability.
Money will eventually depreciate. This economic fact is well-established. Good goes up, and the currency may go down. This fluctuation is unpredictable, and this means the best time to invest in a business is now. Time is always of the essence, and you wouldn’t want to end up someday and regret not starting a business earlier. So start one now; it’s never too late.
It is best to have a safety net for rainy days. Relying on your savings for this won’t cut it. As mentioned above, inflation is a real thing. By the time you need to spend your savings, its worth would already have been lesser than last year’s value. Having a safety net formed from passive income is much more viable and advantageous in the long run.
To grow old is a certain thing; you wouldn’t be able to hustle effectively by that time. The goal is to be financially equipped and confident that you may have high-generating passive income to cover your needs and expenses. You get to relax and rest from the arduous task of money-making.
There’s no shame in being an employee but think of it as a stepping stone to gain capital to invest in a business that you can call your own. The goal is to earn, and business is the perfect avenue to achieve this. Though it would be a learning process at times, the rewards are higher when the risks are high. It may be tempting to have a 9-hour job till you’re not able to work anymore, enjoy the benefits of years of service, which would not be sustainable in the long run. However, you can instead invest your money and let it work for you.