Top Seven Reasons to Own a Business
Updated: Dec 7, 2021
My wife, who is a surgeon, specializes in rural medicine and works out of town during the week. I am blessed to work from a home office, which means I get to take our daughter to school every day.
And since I control my schedule, I also get to attend every sporting event, music recital, and father-daughter event throughout the year. How many times has your job prevented you from doing that?
One of the biggest reasons I left corporate America was to regain control of my schedule. Now, I spend my time with candidates helping them realize their dreams instead of attending exhausting meetings that never seemed to involve a customer.
Taking back control of my schedule has been one of the most impactful changes I made for my family and one of the most significant parts of my 'why.'
Control of your schedule affects so many aspects of your life. It's just hard to see when you are in the middle of it every day. These days, if I miss a family event, it is entirely within my control. Now I can't imagine doing it any other way.
Ditch the commute and spend more time doing things that positively impact your business!
We recently relocated from S. Denver to Northern Colorado, which was a lifestyle move. In CO, we are growing much faster than our infrastructure can handle, which makes commuting a dreaded task.
Add-in the increased use of cell phones and a little weather here and there, and it's only a matter of time before the accidents start piling up. The bottom line is we spend too much of our lives waiting in traffic, which leads to starting and ending our day in a bad mood. There are far more productive things we can do with our time than sitting in a car, frustrated with traffic, knowing we have to get up and do it all again tomorrow.
There are many franchising models where the owner can work wherever they want, regardless of where products or services are provided. The ownership model will determine your flexibility here.
Business ownership provides an opportunity to lower your taxable income through tax advantages and incentives. Like the adage says, "work smarter, not harder. " There may be many expenses you are paying today that are legitimate tax deductions for a business, such as rent, office supplies, travel, meals, cell phones, even tax preparation, and legal advice.
Without a business, we can no longer write-off non-reimbursed business expenses. And a lot of the tax money you pay today could be used toward buying and building a wealth-generating business. Small business ownership offers many opportunities for pre-tax write-offs, including health benefits and the ability to grow your IRA. Understanding tax advantages is a strategy. Talk to your CPA about what this might look like for you.
I am not talking about unrealistic lifestyles of the rich and famous, although it is achievable. I am talking about your lifestyle and role as the owner; the hours or days of the week you work, the control you have over your vacation time, and your work-life balance. Certainly, income plays a role, too.
If you are going to work this hard, you may as well enjoy the lifestyle you deserve!
Corporate employees are told how much time they can take off and when they can take it. They ultimately have little control over those decisions. Owning your own business means you get to decide when you want to leave and how much time you take off. You are accountable to yourself and your family.
One of the positive moves we made was deciding to take a family vacation once a quarter. That used to seem unreachable as it was twice the time I had in the corporate world. Now it is our expectation, and we spend more time figuring out what to do vs. worrying about why we cannot get the time off.
When the stock market takes a hit, it reminds us that our investment fate is under someone else's control.
When companies fail to hit earnings expectations or are affected by things we have no control over, we quickly realize that having a job was not so secure after all.
And when you hit your numbers only to have your manager change your comp plan for next year (not in your favor), it reminds us that we have little control over our income potential as well. Diversification is key to building sustainable income and long-term wealth. One of the main reasons people turn to franchise ownership is to control their income and return on their investments.
It is times like this that get people thinking. What guarantees do we have working for other people? Would I be better off just working for myself rather than depending on an employer? Is having a job like renting a home and paying off someone else's mortgage? Yes, it is.
Let's be real, not everyone has the stomach or the talent to be in business for themselves. However, for those that do, building businesses for other people without any equity, long-term stability, or control over their income is frustrating.
The good news is you do not have to take the plunge all alone. Franchising enables you to be in business for yourself, but not by yourself. You make the decisions, you impact the outcome, and you benefit from the rewards. And you can partner with a proven franchise system to help reduce your risk. You got this!
There are typically two main reasons candidates come to me for help: diversifying their income sources and directly impacting their investments.
Whether it is the unfortunate event of losing their job or a conscious decision to leave corporate America, more and more people are ready to invest in themselves and stop building other people's businesses. They ultimately want equity from their efforts and control of their income.
The second is investment diversification. As we watch the financial markets go up and down, we see firsthand how other people's decisions impact our economic future. As investors, we are at the mercy of how these companies run their business, the decisions they make, and the people they employ.
Risk is relative, and many investors feel having all their eggs in one basket (i.e., financial markets) is just too risky. For some people, franchise business ownership can provide the right balance of income and investment diversification to impact and control.
Many franchise opportunities enable the owner to keep the comfort of their job or continue to run another business if they want.
If you are interested in exploring franchise ownership, I would be glad to help you learn about the industry and sort through top matching opportunities specific to your income and lifestyle goals.
I bring ~30 years of industry experience, having owned multiple units of multiple brands myself. Since we have personally written the checks and signed the contracts, you'll get a completely different perspective and experience than working with a franchise salesperson.
Schedule a call today. I'd love to hear your story and help you figure out if franchising is right for you!
Schedule a meeting on my calendar: www.calendly.com/myfranchoice