PEDESTRIAN.TV has partnered with business.gov.au to get you geared up for success. If you’re chasing more info on registering a business, choosing a business structure, running the thing, building a business / marketing plan, then head HERE.
P.TV picked a lot of your brains not too long ago. Even with the advent of the term ‘side-hustle’ alone, we’ve had our suspicions that a lot of y’all are entrepreneurially inclined. It makes sense seeing as we’ve grown up with a lucky few the likes of Zuckerberg and Spiegel changing the world as we know it.
One third of those surveyed in our 2017 Millennial Research Report said they were currently chipping away at a side-hustle in some way, and two thirds reckon they want to get one off the ground sometime soon.
Given the rise of this mindset, we thought we’d outline a few of the best benefits of being your own boss. Don’t get us wrong, there’s certainly risks involved with starting your own business. You can reduce those risks, however, by seeking information from resources like business.gov.au. So on that note, GO GET IT, FAM.
PICK YOUR OWN CAREER PATH
Ever been severely frustrated for being stuck in the same role for a while? Tired of doing the song and dance your manager wants you to? Patience isn’t something us ~millennials~ are great at (probably because of growing up with internet etc, leading us to expect everything to happen instantly, but that’s a story for another day). Well, when you’re your own boss, that stunted sensation disappears into thin air.
TIP: If you fail to plan, you plan to fail. Start your business off on the right foot HERE.
MAKE USE OF TAX DEDUCTIONS
We shan’t get into too much detail about this as it ain’t something you could properly cover in an article without it being the length of a thesis, but as a business owner (at its very most basic level) you may be entitled to claim deductions when it comes to tax time. This all differs depending on the product / service you offer, as well as the structure of your business, but in layman’s terms it’s an overall benefit to being your own boss.
Make sure you’re across the ATO’s expectations of you as a business owner before committing to something just so you’re clued-in. Consulting an accredited accountant will help too.
HINT: Learn about tax deductions and what expenses your business might be able to claim HERE.
CREATE THE BUSINESS YOU WANT
We’re always answering to someone in life. When we’re born, it’s our ‘rents. Then it’s teachers. You get it, right? As soon as we enter the workforce, we have a new set of people to answer to – the only difference is that we’re there to make money for ’em.
Regardless of what stage of life it is, or who else we’re reporting to, there’s always going to be another person we have to answer to: ourselves. Have a think about it – we’re always going to answer to someone, so it may as well just be answering to yourself. Being your own boss means that you can think outside of the box, show off your creative flair and choose the direction of your business.
SUGGESTION: Learn how to set goals and objectives for your business HERE.
WORK WHERE / WHEN YOU WANT
Yes, we’re sure you would’ve given this some thought if you’ve considered starting up your own thing. But, have you really thought about it? Depending on the type of business you start, you could legit sit pool-side in Bali and answer a few emails while having your morning coffee, while still keeping your business afloat.
Then again, you can also create your own little zen space in your home to operate out of. Or, if you’re all about that corporate life, you can rent an office in a suburb that you’re into. The options are endless, unlike those of your current job (soz-not-soz).
One thing to keep in mind though is that you won’t be doing less work (operating your own business will, of course, be quite time consuming), but you have the benefit of keeping on top of things from where ever you want.
IDEA: Learn about choosing the right location for your business HERE.#12;
HAVE A SECURITY BLANKET
Sure, starting up a business of your own has its risks. If you’re a sole trader, for instance, everything falls on you – money, employees and the like. Everything could go belly-up if you’re not careful with your decisions (which, of course, you will be – you’re a superstar after all).
Working in a traditional employment scenario, however, has its risks too. Job security is a big deal these days and, depending on the situation you’re in, it can have a hefty emotional toll. This question might hit home for a lot of you: who’s most likely to put their neck out to ensure you’ve got a job? The answer is always going to be you. Running your own business means that your future is in your own hands.
TIP: Identify different types of risks and how to manage them HERE.
LEAVE A LEGACY BEHIND
Working on the assumption that your damn-fine self has a brilliant business idea, it’s possible that it’ll grow beyond just yourself. Ultimately you and your business could expand into areas you haven’t even imagined. That’d be nice, wouldn’t it?
So, if you’re game on creating a legacy (as well as reaping the plethora of other benefits of being your own boss) then we reckon it’s time you got cracking. No, not just being motivated for a week then forgetting about it for a fortnight until you remember again and start beating yourself up for not putting energy into it – we mean REALLY getting stuck into it.
business.gov.au has a host of tools, templates and information for those wanting to start a business, and for those who are already in full swing. They can help you with registering a business, choosing a business structure, running the thing, building a business / marketing plan and a whole lot more. Opportunity might come a’knocking every so often, but most of the time you’ve gotta get out there and find it – head HERE to do just that.
Photo: pixdeluxe / Getty.