Every American Should Own Their Own Business

 


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My tax advisor is a very wise person. After working several years for the Internal Revenue Service, she launched her own firm and has been doing well both for herself and her clients. When we initially met one of the first things she said was, “I don’t understand why all Americans don’t have their own business”. Being that she was intelligent and born outside the United States, she knew that the basis of this country is economics and that’s where the advantages lie. After all, America is a capitalistic country is it not?

Like it or not, tax incentives and most legislative initiatives are tailored to meet the interests of industry which fuels the economy. Most of us act as if our economy is based in the best interest of individuals and families, however, nothing could be further from the truth.

Having one’s own business provides tax incentives (deductions) as well as the opportunity to be one’s own boss. It seems the biggest challenges that prevent most people from venturing in this direction are expressed as:

  • “I don’t know anything about running a business”
  • “What about benefits?”

    My best friend, Gary, was “let go” after serving twenty-one years with a reputable art school. He had moved from an entry level position in their Admissions Office to a position equivalent to that of Dean of Student Life. Despite glowing performance reviews and due to a bad economy, he was released.

    Fast forward, not only did this seemingly unfortunate situation lead Gary to find his true career passion, but he has surpassed his previous income and professes to have “gained at least 15 years to his life” due to the lack of stress. He had no previous business experience, only a desire to have greater control over his income and his lifestyle.

    It’s not recommended that anyone quit their job tomorrow and launch their own business. That would be disastrous in most cases. Rather, take your time and do your due diligence by identifying what you like to do, talking to others who are already doing it and start out slow (part-time).

    Regarding your benefits, talk to a career coach to develop a strategic and realistic plan for growing your business. You may also want to talk to your tax advisor / accountant to ensure your strategic plan includes consideration of benefits and coverage.

    Is there some level of risk involved? Of course there is. Anything worth having has to involve some degree of risk. If your circumstances are such that you want to get more out of your own efforts and the idea of having more control over your time and your income is appealing, then you owe it to yourself to take time to explore having your own business

    Make starting your own business one of your New Year's resolutions. I would be glad to support you in getting started.

    John P. Carvana is a certified Life Purpose and Career Coach. With almost thirty years as a career service practitioner, John has assisted hundreds of individuals in career transition. He is the president and founder of LPF Consulting and can be contacted at http://www.discoveredpurpose.com He also serves as the director of career services at the University of the Pacific.
    Copyright 2005 John P. Carvana, LPF Consulting

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