Is Your Job Hanging On by a Hair?
Is Your Job Hanging On by a Hair? Follow Warren Buffett’s Advice
This blog post goes out to all the people who are thinking about diving into the “small business ownership” pool, but are afraid to commit. This post is for those people who are still employed but are worried about the Sword of Damocles hanging over their head by a hair. In other words, the pink slip, the dread “ax” is just a hair’s breadth away.
If you still have a job but are worried about the security of that job, this blog post is for you.
Now is the Time to Own a Small Business
Now is the time to keep your day job and start investigating the option of owning a small business on the side. Why do this? Well, if nothing else, you’ll be following the advice of Warren Buffett. He says,
“A lot of great fortunes in the world have been made by owning a single wonderful business. If you understand the business, you don’t need to own very many of them.”
People always think that Warren Buffett made all his money in the stock market, but really he has never thought about it that way. He says, “I never attempt to make money in the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years.” Still think he’s all about the stock market? Not.
Why Small Business Ownership is a Great Option
Owning a small business while you still have a day job has huge benefits. The biggest benefit, of course, is that you have the best of both worlds: the income security of your job and the growth opportunity of your small business.
All of that aside, here are some other major benefits of small business ownership:
Tax Advantages
The small business owner has far more tax advantages than the employee. The deductions for small business are amazing. We help many people start their own small businesses, and help them gain tax deductions of up to $5,000 in the process. This is especially true if the person is still employed.
More Control Over Your Future
You can’t control what your employer does, but if you start a small business on the side, you have a “cushion” in case your employer decides to downsize or goes bankrupt. The key is to get your small business going while you still have a day job or some assets you can invest.
The Economy Never Stops
Bubbles keep bursting in the stock market, but the economy never really stops. People always have to eat, clothe themselves, and entertain themselves. Though the stock market is related to the economy, when the market crashes the economy still proceeds, even if at a slower rate. Small businesses service the economy, even in a recession.
Get a Larger Return
As an employee, your investment options are somewhat limited. A small business gives you access to much higher rates of return-the rates of return that the rich access on a regular basis.
The list of benefits of small business ownership is too long to be covered in just a brief article, but know that there are many. If you are interested in exploring the options of small business, give me a holler.
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Photo credit: Warren Buffett
