Owning a start-up can be emotionally fulfilling and financially enriching. Tens of thousands of new ventures are started each year. There are many business ideas that require less capital and less time to start than brick-and-mortar retail or service operations. So why not get going?
Opportunities to start a business in India are great. Here you will never run out of ideas for setting up a new business. Certainly starting a business is not without its trials and pitfalls. But for every reason, someone could name not to start a new venture, there are plenty of good reasons to go ahead. What follows is a simple list of five reasons to start a business.
Because You’re Passionate. Owning your own business gives you an opportunity to do what you love. Some of the best entrepreneurs are passionate about their industries. If you love cricket or football, opening an online store that sells high-end sports gear, provides an opportunity to be submerged in an industry you already love.
Even a passionate accountant could find outlets for that passion in e-commerce-based services or software businesses.
You Want To. There is something to be said for getting your own way. Perhaps, one of the best reasons to own your own start-up is simply because you want to. Even if you cannot define specifically what driving you to consider opening a start-up, you can acknowledge that it is just something that you want to do.
Long Term Scope in Start-Ups. When you are starting your own business then you do not have to worry about monthly income. Future of a start-up is really great because it is closely run by an individual and close team members. Hence, they take care that nothing goes wrong.
Get Tax Benefits Owning a business can have a tax benefit. For example, an e-commerce business based in your home can mean that a portion of mortgage payments, utility bills, computers, and even furniture may be deducted from your tax liability.
While it does not make sense to open a business for these reasons alone, there is nothing wrong with talking to your account about business-related tax benefits that could reduce your IRS liability. You can hire a good CA who can give you the best ideas of saving your tax against many expenses that you can show to reduce the tax burden.
Never Get Laid Off. Given the economic problems of the past couple of years, never having to worry about getting laid off may be just the reason you need to start a business.
Starting a business can be both exhilarating and challenging. It requires your full attention and energy. It all begins with an idea, an observation that there are a problem and the belief that you have a new solution or a better one.
Allow me to walk you through the steps Bizhumm team has provided in a free guide: How to Start A Business. Take advantage of all their business resources including printable PDFs, useful templates and checklists.