Thursday, 24 December 2015

Top 5 Reasons To Be In Business For Yourself Right Now

This week I want to cover what I think are the Top 5 reasons that anyone should be in business for themselves, in some capacity, right now.
1. Technology
10 years ago the technology wasn't there to conduct 50% of the business that we do today. Broadband internet, Google, and email on your cell phone were not around 10 years ago. Love or hate the rapid advances in technology (and the subsequent hit to your pocketbook for upgrading), we can now be more productive than any generation of business owners before.
 
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2. Shift in employee/contractor status
There is a tectonic shift taking place in the nature of the workforce. In 10-15 years, there will be a great many people, who used to be working as employees of one company, that will be forced to become independent contractors; moving around from project to project, within and between companies. Working from anywhere in the world will become the norm, as software, the web and collaboration tools become commonplace and easily integrated. Check out the August 2007 in Business Week (http://www.businessweek.com/magazine/toc/07_34/B40470734futurework.htm)
article on the future of work that elaborates on this. The great benefits of this shift in the workforce, for those that will take advantage of them, are:
A. There will be a great deal of talented people available to work – as a business owner this is a GOOD thing, as you can now procure the people you need much easier than ever before
B. The cost of payroll compliance will likely decrease
 
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3. Tax advantages
It has been said many different times and many different ways by countless experts and gurus, but the tax advantages of being in business for yourself are better than those of an employee. Simply put, many of the things you pay for with after tax dollars as an employee are able to be fully or partially deducted as pre-tax business expenses. Legitimate travel for sales calls, business lunches and countless other costs (which the business owner can enjoy the benefit of) are tax deductible expenses.
 
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4. Globalization
Globalization is a big fancy word that tries to capture the economic changes that are happening as countries such as India, China and Brazil play increasingly more significant roles in the economies of their trading and non-trading partners alike across the world.
Globalization has opened up many more doors than it has closed for aspiring and existing business owners alike. For example, if you want a software program designed or a machine tool set up, the speed and cost with which you can bring them to market are faster and cheaper than ever before. You have the ability to easily serve other markets with your products and services and make more money FASTER than even 1 year ago, and it's only going to get better.
Take a glance at Thomas L. Friedman's book The World is Flat, for an in depth look at all things 21st century globalization.

 
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5. PROFIT Opportunities Galore
Plain and simple, making money is a pretty important aspect of being in business. As the world continues to spin faster, their will be a constant stream of new problems to solve and needs to fill-which is what being in business is all about. The bigger the problem you can solve for the largest number of people will determine how much money you will make.
Think of the healthcare or education systems here in the U.S. These are HUGE problems that are just waiting for a savvy entrepreneur to step up to the plate and provide a solution that solves even 5% of it.
 
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Give this week’s Top 5 some thought over your Thanksgiving dinner. I hope that you see the same opportunities that I do and make the choice to take advantage of them.

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