Everything big all starts from small. Whether it’s a multinational firm or a self-owned family business, you have to begin smalltime, because that’s where you’ll learn all the secrets and trades of the business. A lot of times, though, many entrepreneurs have been discouraged of doing so because of the seemingly challenging tasks of market research, startup cost, staffing, and other issues associated with putting up a business. Actually, the problem does not lie on these issues but the lack of focus and attention. Simply put these entrepreneurs are just too busy looking at the far end of the line that they get too excited—and even intoxicated of the sweet smell of success—that they fail to take note that the fruits of success will never be achieved. So, why is it always good to begin with a startup business? Consider the following:
One of the most profound reasons why entrepreneurs go solo is the sweet taste of freedom—of being their own boss. Likewise, opening your own business frees you from the need to get a franchise or to obey whatever the dictates the mother company has in terms of marketing and operations. Although there’s nothing wrong with franchising, in fact, it offers a very slim chance of success, especially if the franchise is opened on a new location. With a startup business, the owner has a sort of financial independence with the freedom on the owner’s part to strategize and expand the operations.
Starting Small Allows you to focus on one idea at a time
One of the many hindrances that big-time companies encounter is that they are too full of ideas. Most often than not, they want to implement everything, from their Web site up to their home page. If you are a startup entrepreneur, remember to take time and take a breath. According to online marketing guru Rich Brooks What’s great with being a startup business owner is that you can take one step at a time. You have the choice to work things smoothly together and accomplish one thing after the other.
Tax Benefits on Starting a Small Business
It’s always a source of pride and excitement to jumpstart a career as an entrepreneur. But aside from the personal and emotional benefits, opening a business could also mean a financial windfall to you, too. Small businesses offer owners a number of tax benefits, thereby minimizing tax liability every year. For example, according to Kristie Lorette of Houston Chronicle http://smallbusiness.chron.com/advantages-disadvantages-starting-business-scratch-816.html, using a part of your home as your business office could make you eligible for a home office tax deduction. You may also take a part of your car use for business purposes. Your business may also shoulder part of your health insurance bills, if you have any, while your retirement plan deduction may have a significant effect on your taxes, too.
Serves as a stepping stone into bigger opportunities
Small business is just your stepping stones to opportunities that are way, way bigger, more profitable and more exciting than you could ever imagine. Once you have mastered the basics of establishing your business and building up your brand, customers, etc., it will be easier to expand your market and improve your products and services. The important thing is, you need to know how to catch and sustain the attention of your market. Indeed, those who have started out small will have more room for expansion and eventually reached a larger company that has the greater skills in managing a business because of being able to grow it.