The summer is over, fall is beginning, and it is time to get back into the normal routine. But what if you decided to do something different this fall? While the kids are in school, instead of coming home from work and spending two or three hours watching TV, how about turning those evening hours into a new business venture?
Doing something more productive in your spare time can pay big dividends both in the short-term and long-term. And who knows, it might even give you the ability to say “goodbye” to your nine-to-five job and do something you are really passionate about.
There are countless reasons to consider becoming an entrepreneur, here are four of them:
Expand your Income Potential
Your job may provide you a sense of security, but it also puts certain limitations on what you will earn during the year. Although it will take some time to get a new business off the ground, once it is up and running, you can start earning extra income, which can be used in numerous ways; such as paying down debts, putting aside extra money for a vacation, investing more into retirement accounts, home improvements, and many others. Also, having the mindset that you can earn more than what you take home from your job gives you a greater sense of pride, and an added layer of security should your present employer ever decide to downsize.
Endless Business Model Options
The growing complexity of today’s economy means more potential business models than everbefore. You can go the franchise route and have a proven brand to back your venture, or you can start something on your own and become your own brand name. If you are the inventive and highly adventurous type, you may even decide to become a trailblazer and create an entirely new industry. Whatever your passion, budget, and level of risk tolerance, there is almost certainly a business model out there that can suit your needs.
Low Barrier to Entry
Another feature of the digital age is the fact that many businesses can be started for just a few hundred dollars or less. In some cases, all you need is a computer, phone, printer, and home office space. And if you need a business address to enhance your credibility, virtual offices make this possible for as little as $50 a month. The ability to start a small business for less than the cost of taking a family of four to a really nice restaurant puts it within range for just about anyone.
Tax Benefits 
Perhaps the biggest short-term benefit of becoming an entrepreneur is the tax savings. Even if you fail to turn a profit for several years, being in business for yourself opens the door to countless tax deductions. Among them include deductions for having a home office, mileage for business use of your vehicle, airfare, hotels, 50% of meals and entertainment for business purposes, and countless others. For a full list of all the ways a small business can benefit you at tax time, speak with your local accounting firm.