It’s inevitable. After enough time doing routine tasks day after day, you may wake up one day and ask yourself if what you’re doing is really as futile as it feels. The terrible truth is, there’s good chance it is – at least from a financial sense. And while money isn’t everything, there’s something to be said for putting in the same amount of work but seeing a drastically different result 10 or 15 years down the road.
Compared to what, you ask? Compared to owning your own business. The simple truth is that the common workplace is lacking in 4 key areas. While you’re putting in your time at X-Y-Z Corporation, there are legions of self-employed entrepreneurs out there that have some pretty compelling advantages over your work-a-day world.
Unlimited Income Potential. What if you could not only replace your current job but, if you are really good at what you do, no one could limit how much you make? Sure, there’s a risk that you could really suck at being a successful business owner but at least it’d be in your control to do something about that, wouldn’t it? But being a business owner means that if you get good at driving sales and controlling costs, no one comes along and says you only get to keep “X”. Instead, you get to keep it all.
It’s Your Lifestyle – Not Your Boss’s. Let’s face it - jobs can be stifling sometimes, and you’ll find yourself having to bite your tongue if you have a bad boss. Owning a business can be a different type of challenging, but when you’re running the show, you have much more control over your work environment and schedule. You may still miss the occasional kids’ soccer match, but not nearly as often as you did working for “the man”.
The tax savings – Being the owner of a closely held small business can have a huge positive impact on your tax bill. You’ll be able to deduct a lot of your expenses so long as you follow your accountant’s advice. Want to deduct a significant portion of your auto expenses? Travel, meals & entertainment? Depending on the business, all of that and more can be deducted off the profits you pay taxes on. Of course, you'll want to follow standard accounting practices. But the bottom line is that as an employee, you simply don't have these same advantages.
Retained Equity. Now for the really big reason your job sucks - the brass ring so-to-speak! The best reason to own and build up a successful business is that one day, when you’re ready to move on to something else, someone will want to pay you for the proven revenue stream you’ve created. That’s called equity and it can be 3, 5 or even 10 times the bottom line income of the business depending on the industry and other factors. Try asking your boss for a piece of the company when you leave - probably not going to happen! Even if you have a good profit-sharing plan, it’ll likely pale in comparison to the amount you’ll get for a successful Franchise business.
Now, all of this assumes you operate your business to success of course, but that’s a completely different subject. You’re much more likely to be successful if you don’t try to go it alone – start by checking out the franchise ownership option. A franchise can provide you all the help you need to get started along with ongoing support and coaching. EGL has a very experienced management team to help you every step of the way. But just like in the job market, when you own a business, you live and die based on your ability to be productive, hit deadlines and please your customers. Just replicate your current success in a business and you too could avoid the Job That Sucks!