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.
[Tweet “Your business making money is key to all other benefits of a #smallbiz”]

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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7 Reasons to Start a MLM Business (They aren't all Scams!)

MLM-companiesThe following is a guest post from my friend Michael Hale.  Michael is passionate about financial freedom for all and believes that we can overcome anything.  He loves to connect and meet new people.  He has built a global MLM business.
I invited him to write this post, because I believe there are a lot of incorrect assumptions out there about MLM businesses.  Sure there are pushy people who deceive others and make unfounded claims… but those people exist in any type of business.
I believe that for many people starting a MLM business is the best way to get started. There are many different ways to gain financial freedom by starting your own business.  I hope this article helps you determine what path is right for you.

What are you thoughts and experiences about running an MLM business?

Share your thoughts in the Comments


Michael Hale

Micheal Hale

The essence of the American Dream is to own a business. For many people it seems an elusive dream to be your own boss. Most never attempt to start a business because of the barriers to entry, specifically the need for start up capital and the need to eat while the business is not yet profitable.
Many entrepreneurs do find a way to raise the capital. They often buy a franchise or start out on their own. Entrepreneurs often overlook the multilevel marketing (MLM) industry. Let’s examine 7 reasons why MLM is a very good choice for business ownership.

  1. Return on Investment – Unlike most other businesses, the barrier to entry is very low. Most MLM companies allow you to get started for just a few hundred dollars. Yet you can develop a six figure or maybe even a seven figure income if you are willing to work very hard for several years.
  2. Low Overhead – There is no need to rent an office or store. You run your MLM business from you home. No need to hire employees, no need to make payroll, no franchise fees, no royalties to pay.
  3. Coaching and Mentoring – Most MLM companies have a system of coaching and mentoring. This usually involves local team meetings with training, larger seminars and conferences, and one-on-one coaching as needed. Some coaching systems also provide options for online training, as well as audio and video training resources.
  4. Freedom – With MLM you can live and work anywhere you want. Want to live and work at the beach? You can do that with MLM. You can live in a small town where there are few opportunities and earn a six figure income.
  5. Learn by Doing – You can keep you day job to put food on the table while you are gaining experience at developing your business. No need to risk it all.
  6. Income for Future Generations – You can’t put your job in your will, but you can put your MLM business in it. Your heirs can assume control of your MLM business, or you can sell it, just as you would any other business.
  7. Solve Problems for People –  With any business, you must be meeting a real need people have. Most people, whether they will admit it or not, have a need for more money. Virtually every family has at least one of the following financial problems:
  • student loans
  • credit cards maxed out
  • inadequate retirement savings
  • inadequate college savings
  • inadequate emergency fund
  • lack of job security

If you are looking for a new business idea, take a hard look at several reputable MLM businesses. You might be surprised at what you discover.

What is your "one thing"?

Photo Credit - Beverly & Pack

Photo Credit – Beverly & Pack

This is Labor day weekend.  A time for one last fling at the end of summer.  Americans will be grilling and hanging out with friends and family.  This holiday was created to celebrate the American worker.  But the American worker is struggling, living paycheck to paycheck and spending the majority of their waking moments in a job that is not their passion.  If only the American worker could discover their “one thing”.

What is the “one thing”?

It is the “one thing” that you will “go to the the wall for, work without pay, stay up late at night, sacrifice short term pleasure and most of all multiplies the energy that you invest in it.

Have you ever been in the middle of a project or endeavor that brought out the best in you?  The vision and your passion for it caused you to work longer and go farther than you ever thought possible?  What was it that fueled that passion?  What if your career could be filled with that kind of passion?
Chances are… that this project deeply connected to something that was important to you.  I remember when we were constructing the first permanent building for my church, Cornerstone Church of Augusta in 2000. I had a tremendous passion for the project.  On that project, I worked all day as a paid employee for one of the contractors and then worked late into the evening as a volunteer.   I did this for weeks and while I was physically exhausted.  It was incredibly fulfilling. I was so excited to be a part of something bigger than myself and to see what was being accomplished.
So what was the source of that passion.  This project connected to a number of things that were important to me.  First, it connected with my skills and work that I enjoyed.  Second, I had been involved in the work of a “mobile” church and was ready for a more permanent facility.  Third, I had time, energy and money invested in the project.  Finally, I value my church family and it was an opportunity to serve them.
Now back to the question, What if your career could be filled with this kind of passion? What could you accomplish?  How fulfilled would you be?  What kind of difference could you make in the world? Do you have to settle for “punching a time-clock” to make a living?
These are significant questions.  We do not consider them very often.  So let’s take a little bit if time to explore this possibility. There are two things required for this to become reality in your life.  First, you need to know and understand what your “one thing” is.  Second, you need a plan and way to make that “one thing” your career and provide the financial means for you and your family.

So here are some questions to help you discover that passion.  (We will look at how to make that your career in later post.)

  • What are you most thankful for?
  • What is most important to you?
  • What do you want written on your gravestone?
  • What are your pastimes and hobbies?
  • What do you like to read?
  • What do you like to watch on television?
  • What is your personality like?
  • What activities bring you the most fulfillment?
  • Who do you admire?
  • What are your greatest strengths?
  • What are your greatest weaknesses?

I encourage you to write out the answers to these questions.  Then read them back to yourself and look for common themes.  As you examine your life through these questions your “one thing” will emerge.  Then write out your “one thing.”
Now I know that this will probably not literally be only one thing.  For me my “one thing”  consists of two main parts.  First, I want the time flexibility that allows me to be significantly involved in my relationships with God, my family and my friends.  Second, I want to invest in helping others fulfill their destiny.  It is this vision and passion that motivates me to embrace life each and every day.
May you discover your “one thing” and commit to finding a way to make it your career.  The world needs more people who are living from their passion rather than “punching a time-clock.”  There is hope.  It is possible and You can do it!

Have you defined your “one thing”?  What is it?

Share your thoughts in the comments below

– Brian

If you want a jumpstart on a plan to make your “one thing” your career check out these books

48 Days to the Work You Love: Preparing for the New Normal – Dan Miller

Day Job to Dream Job: Practical Steps for Turning Your Passion into a Full-Time Gig – Kary Overbrunner