3 reasons to start your own business

There are various benefits to running your own business in Victoria.

As 2016 draws to a close, you may be considering what your new year's resolution will be for the coming 12 months. Many people choose personal goals, such as getting fit or organising their finances, but maybe you would like to shake up your professional life in 2017?

Australian Bureau of Statistics figures show there were more new businesses started in Victoria across 2014-15 than in any other state or territory in the country. Is 2017 the year when you join Australia's entrepreneurial ranks?

The typical small-business household had over $1 million in assets in 2010.

Let's take a look at some of the common benefits of starting your own business.

1. Be your own boss

The 2014 Citibank Small Business Pulse survey revealed that 'being your own boss' is considered the biggest advantage to running an organisation. Nearly 8 out of 10 of respondents listed this as the top benefit, while 77 per cent also cited increased independence.

Having more control over the big decisions that affect your business' future may seem daunting at first, but it can also provide better motivation, morale and a greater sense of job satisfaction.

2. Flexible working

The stereotype of a small-business owner working 7-day weeks in order to keep their operation afloat may not necessarily be true, according to a recent Xero survey. In fact, the company found that 94 per cent of parents said they spend more time with their children now then when a company employed them.

Furthermore, Australian SME owners will take an average of 3 weeks off work during the festive season this year, compared with 2 weeks for standard employees.

Starting and running a small business. Running your own business means you may have more time to spend with your family.

3. Building assets for the future

You may be sacrificing higher salaries in the short term, but you are more likely to be building a valuable nest egg for the future.

A Western Sydney University study revealed that while Australian business owners reported lower weekly incomes than regular wage earners ($1,975 compared with $2,173), they had significantly more assets. The typical small-business household had over $1 million in assets in 2010, which was 63 per cent more than the $673,000 for the average salaried family.

Are you ready to run your own business?

These are just 3 of the reasons why Australians choose to start their own business, but taking the plunge isn't always easy.

As your organisation grows, you'll need access to business development and strategic planning services to ensure you optimise market opportunities.

Would you like to learn more? Talk to a member of the team at WMC Accounting to discuss our range of business, tax and audit, and specialist services.

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