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Advantages Owning a Business

Advantages Owning a Business

Master of your fate. It’s true that owning a business is stressful but so is being an employee. Endless meetings about stuff that seems unimportant is one of the frustrations of being an employee. If you own the business YOU get to decide when to have meetings and what to have them address.

Business owners always have to worry about cash flow. The costs and responsibilities seem endless…and expensive. Well…everything costs money…especially things that are worth it. Young people who inherit businesses always want the private club memberships the original owner skipped. These types of costs may NOT be your choice either. See? You get to decide what is worth the cost at least some of the time. It’s empowering and satisfying.

Taxes on the other hand are not as much fun but as a business owner you also get to claim more deductions. And you have to make money before you owe income taxes. Making money is always better than not making money.

Some of us don’t want to be retired. We knew an older guy who literally worked until they carried him out the door on a stretcher shortly before he died. He left a smoking cigarette on the edge of his desk and a nice nest egg to his surviving family members. A paper company human resources manager did a study of what happened to employees after they retired either voluntarily or mandatorily at 65. Those that sat down in front of the TV lived an average of just 2 years. Others who had plans and goals lived for a good many productive years. If you own your business no one can force you to retire before you are ready. You are also unlikely to get bored. Boredom can kill you. Smart folk avoid it energetically.

While there are risks in owning a business, it can also be very rewarding and not just financially. The constant challenges help your mind stay agile adjusting to changing conditions. If you despise routine, owning your own business means you will always be pushing yourself at a new challenge. Don’t worry. It’s good stress! One of the most difficult tasks of managing a business is managing working capital and a good way to deal with this is with an ABL loan, also called an ABL Credit Facility. They can really take the stress out of this task.