Are you dreaming of growing a fledgling business into a powerful money machine? But, you also favor a stable job and income. You do not feel comfortable to leave your day job, but you are also eager to start your own business. The perfect solution is having a side business.
The Benefits of a Side Business #1: Additional Experience
The added experience of running a successful side business will enhance your CV. You can use the managerial skills needed for managing your company in your place of work and you will also gain more business experience, financial savvy and risk management.
The Benefits of a Side Business #2: Side Revenue Stream
Having an additional or side revenue stream is always welcome. Your business may have the potential to bring in a substantial income and if you do not have the time to do it full-time, you can always get a partner or co-founder.
The Benefits of a Side Business #3: Income Tax
Many purchases can be written off as business expenses, including office supplies, office space at your home and business miles driven. Your side business can account for quite a few tax deductions, you just have to be aware of how it works.
The Benefits of a Side Business #4: Take Control
The more revenue streams you have, the better. If one does not work, you still have other to fall back on. A side business gives you more control over your life and you do not have to be dependent on that raise, promotion or bonus that was promised to you but never materializes.
The Benefits of a Side Business #5: Better Life
Your side business may even earn income when you are on vacation. If you hate your job, you may even find that you can quit your job and do your business full time.
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