Financial Freedom: Should You Start Your Own Business?
Phillip had three Core Desires. He wanted to spend as much time with his family as possible while his children were still young. He wanted to have financial freedom before he was 45. And he wanted to turn his hobby – restoring classic automobiles – into his full time job.
Phillip did his research, and opened the doors to his business in 1999. Today he has three shops, restoring classic automobiles for some of more affluent people in his region. He’s hired good managers, so he’d able to coach his daughter’s soccer team and drive his son to track meets, and he’s well on the way to the financial freedom that he craves.
Can this be your story? The entrepreneurial spirit is alive and well in the U.S. and all over the world. Many people see starting a business as the way to abundance and prosperity. Here are some of the advantages:
- Be your own boss. There’s something about that feeling of building something from the ground up and knowing, “I did that!” Not to mention setting your own hours and controlling the direction and philosophy of your company.
- As an independent business owner, you don’t have to pay a monthly fee to a franchise owner or answer to their corporate requirements.
- You can work from home. This is convenient if you have a family to care for, and eliminates commute time. Also, there are significant tax benefits to having a dedicated home office or work area. You’ll want to talk to your accountant about these details.
If you’ve mined out your Core Desires and know exactly what you want in life, starting your own business might be the perfect way to bring those Core Desires to light and still move toward your goal of financial freedom. But before you hang your shingle on your door, read on to my next blog so you’ll know the disadvantages and potential hazards of starting your own business.
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