Having your own side business is a way of trying to secure your future in case of a sudden happening. You may get served with a termination letter from your employer, and if that job was the only survival, then your billings may start to pile up.
Also, your landlord may serve you with an eviction notice for reasons unknown, especially if you pay your rent on time. It can be because there will be renovation taking place or that place where your apartment stand has already been auctioned.
With a side business, do more as you wish since you’re the boss and you have maximum control of that business. If the unexpected happens, with the help of your side business you can quickly come with a solution.
Some reasons or perks to having your own side business includes:
It is the deduction to expect in the value of earnings by the amount of the loss or expenses. In other words, when it comes to filing returns for income tax for your side business, you can write-off expenses obtained and minus them form the total revenue to determine the amount of money to be the taxable income. With tax write-offs, you can take advantage of the expenses to include for tax deductions. You have the flexibility and freedom to write-off all expenditures from the total revenue to determine the overall profits to expect for an extended period. If you think the gains are favorable, then plan and expand your side business.
When we talk about starting your side business, the feeling of being your own boss runs throughout your mind. You have the freedom to choose when to work or when to do overtime hours since you’re only answerable to yourself. Don’t use that freedom unwisely; you may end up killing your side business. Use freedom wisely and put up targets to achieve short-term and long-term goals. You don’t need to miss birthdays again when working on your side business since you’re more flexible. You can choose when to or not work.
Flexibility and Doing What You Love
Being flexible gives the much-needed time to create your work path according to your passion with no worries of answering to anybody. If a time comes when you’re laid off from your work, you’ll have something to put all your effort in and work tirelessly to achieve all your dreams. By owning a side business, ensure you work with passion and agility to do whatever you deem fit to get positive results.
Salary and Business Control
You only receive the amount agreed alone when employed. With your own business, you create an opportunity to earn more since you have the full control of your business. The chances of obtaining a high and lucrative salary are higher when working for yourself than when employed. Business control guarantees that you’re the one who makes final management decisions for that business. You can decide on the work schedule to adopt, the financial risks to take, and the liabilities to incur.
There are many perks of having your own side business, but the choice is yours to make. Also, you become your own boss, and the profits solely depend on the effort and the input you’re bringing to your business.