For many people, 2020 has been the year to consider going out on your own and starting a small business, or adding a profitable hobby to your repertoire. Yet, with so many people unemployed right now and the economy struggling to come back in many industries, more than a few people are asking about the actual benefits of starting a small side business. Well, there are clearly pros and cons to starting a small side business. However, even now, the advantages that come from having your own business are simply too good to pass up.
The most obvious advantage that comes from starting your own small side business is the fact that you can write off a lot of purchases and overhead as business expenses. This means you can write off office supplies, home office space, furniture, mileage, meals, your business cell phone, Internet access, business trips, and so much more. Want to see your possible business refund? Then go to https://taxfyle.com/small-business-tax-calculator/ and calculate your small business taxes.
Side revenue stream
The next best thing to getting a business tax refund is being able to generate a side revenue stream. Even if you’re only making a few extra $100 a week, this adds up. Moreover, any additional cash that can be put toward other expenses, added to savings, invested, or put in your retirement fund is money well-earned and spent.
Along those same lines, when you have more than one income or revenue stream, you have a little more control over your life and your career. For many, the additional money made from their small side business is enough to quit their current job or reduce their hours at a job they loathe. What’s more, even if you stay at your main job or source of income, not getting a raise or dealing with volatile co-workers doesn’t matter as much anymore because your main job is no longer everything.
Experience to add to your resume
Your side business also allows you to build upon skills you already had and assume new roles. Once you start a side business, you’ll gain managerial experience and more. Likewise, if your side business is extremely successful, then that’s just another thing you can highlight on your resume moving forward.
Last but not least, starting your own side business means you’ll likely be happier. Multiple studies have shown that when it comes to happiness, an overwhelming percentage (77% to be exact) of business owners are more satisfied than the average American worker. In contrast, the average worker isn’t too happy with their job, as indicated by the 52% of workers that were unhappy with only their daily grind. Unless you fall into the 48% of American workers who love their jobs, you may want to consider adding a little joy to your life by starting your own business—nothing too big, just something small and on the side for now.