Excerpt from the book, Cubicle to CEO – The blueprint for starting your own business
By J. Jackson, Sr., Publisher
Statistics state that a large percentage of the population has a desire to start their own business, yet only a small percentage ever step out and take the risk to actually do so. While the allure of becoming your own boss and creating your own destiny is certainly appealing, the thought of failing, losing everything you have worked so hard to build, and putting your family at risk is not.
So what options are there for the individual who has an entrepreneurial dream, but doesn’t want to risk losing the security of a steady paycheck and benefits to pursue it?
For many who find themselves in this situation, becoming a part-time entrepreneur just might be the thing for you. A new self-started enterprise could rejuvenate you and give you an eventual opportunity to leave your job with minimal risks.
There are many advantages, as well as disadvantages to starting your business on a part-time basis, so it is imperative that you way out all of your options.
Advantages of Part-Time Entrepreneurship
Steady Income and Benefits
Perhaps the most attractive part of a regular job is the steady income and the benefits to include; insurance, vacation days, 401k (and/or pension), tuition reimbursement, professional training, etc. As a part-time entrepreneur, you will not have to give up any of these items.
Since your monthly expenses are not dependent on the income from your part-time venture, you can afford to make a few mistakes without worrying about not being able to pay your bills. You could try different things, or push your ideas to the limit, knowing that your regular income will be there in case things don’t work out according to plan.
The steady income from your job allows you to go as fast or as slowly as you want or need to go. You do not have the pressure of “I’ve got to make it” on your shoulders.
What you can write off, even as a part-time entrepreneur, is limitless. Utilizing a home office could possibly allow you to write of a percentage of your mortgage interest, property taxes, and utility expenses, among a myriad of other business expenses. Employing the services of a good accountant is the key to insure you reap all the tax benefits that your part-time venture will offer.