With the tech boom and shows like Shark Tank, pop culture has never been more focused on entrepreneurs. Being a small business owner is a badge of honor, and something many people aspire to. But are you ready to make the leap.
Here are 7 ways to tell if you’re ready to be an entrepreneur:
1. You want to make a difference
Many new startups are socially conscious. Whether it’s giving a portion of your profits to charity, or giving away your products, many entrepreneurs are trying to leave the world better than they found it. But did you know that just being a small business owner can help your community? Small businesses drive the bulk of GDP and new job creation in the U.S. By starting a business, you’re creating jobs, putting money back into your community, and maybe even creating future small business owners. Not bad for a day’s work.
2. You need a break from the rat race
Working in a large company isn’t for everyone. In fact, it can get pretty monotonous. Your hours are set, what you do is set, and a lot of times there’s not much room for innovation. If the idea of going to work and executing someone else’s vision doesn’t sound appealing anymore, you may be ready to step out on your own and become an entrepreneur.
3. You want to earn money on your schedule
When working a regular 9-to-5 job, your salary is capped (unless you work on commission). But when you’re an entrepreneur, many times you get out of it what you put in. If you want to make just enough money to maintain your lifestyle, that’s possible. But if you’re looking to grow your business to a $1M in revenue, that’s possible to. The key to growing your business is hiring the right people, and having a great financial advisor.
4. You have an innovative mind
Most of the innovation in the world happens in small businesses. Large companies know what works, and that’s what they do. But when you’re small you have room to test new ideas, try things out, and even make some mistakes. If you’re constantly thinking of new and better ways of doing things, write them down. One of them could be your million-dollar idea.
5. You want to do what you love
Having a job that you love is actually quite rare. We’re all told to follow our passion, but sometimes it’s just not possible to spend all day playing video games. But what if you started a company training people to be competitive gamers? Then you would be paid to play video games all day. The key is to find what you love to do, and then figure out a way to build a business around it.
6. You would be a great boss
Since small businesses are responsible for the bulk of new jobs, that means most small business owners are employers. Being a boss is something to take seriously. You’re responsible for teaching someone what it means to work, what it looks like to contribute to a business, and how to work well with others. If working with people is something you enjoy, entrepreneurship is a path to that.
7. You have a passion for learning
As a small business owner you’ll never stop learning. Even if you’re hiring people to do some of the work, you still have to learn enough about it to hire responsibly. You could learn everything from real estate and manufacturing to SEO and web development. As an entrepreneur the education never ends.
If you’re ready to make the leap and become an entrepreneur, get a free consultation today and we can help you setup your business for success.
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Read on how to deduct the cost of a business party while also being conscious of potential tax deductions.
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The various taxes that small businesses have to pay out each year are significant, so it’s important to be aware of every opportunity the tax man gives you to reduce your bill. So be sure to consider whether any or all of the items in this checklist apply to your business and discuss them with your bookkeeper and accountant to ensure you are documenting and claiming every deduction available to you.
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With tax season approaching, you will want to take advantage of any and all deductions legally available to you. And if you aren’t satisfied with this year’s write-offs, you’ll want to start looking ahead next year to ensure you are aware of and actively documenting everything you could be deducting.
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But by being proactive and following some simple steps, you can make it much more difficult for criminals to steal your money or your identity. Read about implementing some measures to protect you!
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Now is the time to start thinking about the coming year, and what changes you could make to reduce your bill next time the taxman comes around.
Take a look at several ways businesses are reducing their tax burden.
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Take a look at five tips that could make the difference in whether your financial reports tick boxes or truly help drive growth.
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Accounting and invoicing for general contractors have always been a paperwork-intensive process, tracking various construction-specific tasks like estimates, sourcing subcontractors, handling change orders, and partial-completion invoicing.
Let’s take a closer look at what makes construction invoicing different – and difficult – and consider a few highly-regarded apps that are worth considering, not only for invoicing but potentially for the entire end-to-end construction process, from submitting bids to paying contractors to customer relations.
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Filing as an S Corp eliminates the self-employment tax on all income that many small businesses pay, while at the same time keeping some income out of reach of things like Medicare and Social Security taxes. It offers you the opportunity to take part of your income as a W-2 salary, with the associated federal program taxes, and the rest of it as distributions that are not subject to those taxes.
As with most “great deals,” though, there are potential pitfalls. It’s important to take the process seriously and abide by the rules in order to reap the benefits while avoiding some very serious penalties.
Let’s take a look at the benefits and potential pitfalls of filing as an S Corp, and how you can pay yourself in a way that maximizes your tax benefits while minimizing your compliance risks.
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Filing as an S Corp eliminates the self-employment tax on all income that many small businesses pay, while at the same time keeping some income out of reach of things like Medicare and Social Security taxes. It offers you the opportunity to take part of your income as a W-2 salary, with the associated federal program taxes, and the rest of it as distributions that are not subject to those taxes.
As with most “great deals,” though, there are potential pitfalls. It’s important to take the process seriously and abide by the rules in order to reap the benefits while avoiding some very serious penalties.
Let’s take a look at the benefits and potential pitfalls of filing as an S Corp, and how you can pay yourself in a way that maximizes your tax benefits while minimizing your compliance risks.
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