The New Year is in full swing, you’ve made your list of 2011 goals and now sit looking at one that as rolled from year to year – start your own business. Make 2011 the year that you follow through on your resolution to yourself to become an entrepreneur. Whether you go full time or part time, why not start a new business now?   

 

Here are our top five reasons for you to start a new business now: 

 

1. You’ll never have to ask the boss for a raise again! You are the boss and there is no limit to the amount of money you make. Your personal hard work will reap its own reward. True, a downside to this is when you’re self-employed your paycheck – in the beginning – may not be as big as it was when you were employed but the payoffs are exponentially higher! 
2.  You’ll never face the unemployment line again. If you have always felt on edge wondering if you’d be the next one to go in a round of downsizing, worry no longer! To be realistic many start-ups don’t succeed so if you’re looking to open a new business make certain you have done your homework and that your idea is viable.   
3. Have WiFi? Can work! Unless you own a storefront business, you won’t have to worry about hopping in the car and dealing with the commute. As long as you have access to internet, you are probably good to go. While it’s comfortable to sit home and work in your pajamas, we caution you – get up, get showered and dressed and take your virtual business seriously. You’re an entrepreneur and a professional, dress and act like one even if you’re only commuting to your kitchen table. Additionally, make certain you’re going out to networking events. If you don’t network, you won’t succeed. 
4. Tax write-offs. Need a new computer, Smartphone or office supplies? If you need them for the running of your business, you can write them off as legitimate business expenses. If you drive to and from client meetings, keep track of your miles as that is also a business expense. Rule of thumb is to keep receipts for all that you purchase and make note of it as being a business expense and talk to your accountant, BASC Expertise, to make certain your expenses qualify as a business expense. 
5. There’s no time like the present. Years ago you needed thousands, if not more, to start up a business, today you can start on a shoe string. A business today can start up lean and run lean thanks to how inexpensive technology has become. In today’s economy the businesses that you approach as clients no longer frown on working with start-ups or sole proprietors.    

 

If you have an idea that has been churning around in your mind for a while, now’s the time to make your dream of entrepreneurship come true. Even though you may be starting up on a shoestring, you want to make certain you have access to a strong support team like BASC Expertise. Before you open the doors, check with a professional to see whether your business should be incorporated as a sole proprietorship or an LLC and myriad other questions and items you should have in place so that your business will be deemed a legitimate operation by the IRS. 

Related articles

• 10 Reasons to Start a Business This Year (online.wsj.com)