7 Personal Benefits of Owning a Business

BenefitsThis week we are going to dive into a brief series on the benefits of owning your own business. This is not only for those of you who have not yet started a business, but also to remind those of you that have a business about the incredible opportunity that you have.
Today, we are going to talk about personal benefits.  On Wednesday we will talk about benefits for you family, and on Friday we will talk about benefits for you community.
When I started my first business my main goal was to make more money. Now, that wasn’t a bad goal, but it was very limited and shortsighted.
First, there are a lot of other benefits to owning a business. Second, those benefits are actually more valuable than earning more money. Now don’t get me wrong, making money in business is key to all the other benefits, but it is not the only benefit.
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Here are 7 Personal the Benefits of Owning a Business.

  1. Make more money. On average business owners make more money than their employee counterparts in the same industry.
  2. Greater flexibility and freedom. Yes, there are times you have to work late because no one else is there to do it, but you also don’t have to get permission to take vacation.
  3. Residual income. A business that operates even when you aren’t present enables you to get paid on days you don’t go to work.
  4. Tax savings. Owning a business allows you to expense certain things that you use anyway before paying taxes. As an employee, everything you spend comes after tax.
  5. Ability to pursue your passions. When you own your own business, you are able to customize what you do to fit your skills passions and abilities. You no longer have to fit yourself into the position that is your job.
  6. Increased influence. As a business owner you have the ability to influence a lot of people around your business… employees, suppliers, business partners, and colleagues.
  7. Personal growth. Owning a business will stretch you and force you to learn new things. You’ll be challenged in ways you never thought possible. It is only when we are challenged by difficult situations that we truly grow.

I know owning a business can be difficult. Don’t get discouraged. Don’t take your eyes off your goals. The benefits are great. Keep pressing forward.

What benefit of owning a business would you add to the list?

Share your thoughts in the comments

  • Brian

PS Don’t forget that the Small Business Revival Podcast is coming next week.  Click below for more info.
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