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What are the benefits of starting my own business?

Starting a business can be scary. But great rewards await entrepreneurs lucky enough to create successful small businesses -- benefits you may miss out on if you remain a wage earner for the rest of your life. Although only you can decide if you're ready to quit your job and plunge into running your own business, here are some of the rewards of going out on your own:

  • Independence and flexibility. You'll have more freedom and independence working for yourself. And once your business is firmly established, you'll probably have the flexibility to make sure you don't miss the moments and events that matter most to you in life.

  • Personal fulfillment. Owning and running your own business can be more satisfying and fulfilling than working for someone else. Many successful small business owners find they enjoy the respect they earn from their peers for having the courage to go out on their own.

  • Power. Don't be surprised if power is one of your goals. When it's your business, you can have your employees do it your way. If power is important to you, think about how to use it in a constructive way.

  • Money. The risks of forgoing a steady paycheck can pay off when you own your own business. You can get rich in a small business, or at least do very well financially. Although most entrepreneurs don't get wealthy, some do

5 Reasons to Run Your Own Business

  1. You Control Your Own Destiny-When you're in the driver's seat, you are making the decisions on how best to steer your company into the future. This might be overwhelming for some and one must know when and how best to delegate. However, when you are able to make your own decisions about how best to operate day-to-day, this leads to creating a culture, a brand and an organization.

  2.  You Can Find Your Own Work/Life Balance-entrepreneurs say that owning their own business lets them set their priorities. they make their own schedule, allowing them to spend time with family and friends.

  3. You Choose the People You Work With- They Surround yourself with positive people who give them confidence and optimism needed to keep moving forward. Weed out the people that put out negative vibes. The smaller your organization, the larger choice you have about whom you work with.

  4. You Take on the Risk – And Reap the Rewards-You learn to recognize good opportunities from bad ones. You also learn to create exit strategies for bad situations and how to maximize the good ones. T

  5. Your Income potential is unlimited-When you are a business owner, your income is never limited. You are only limited by your imagination. It's easier to reach financial freedom when you are your won boss. There is no cap on your money.

9 Smart Ways To Spend An Extra $1,000

A few things to think about once the money starts coming in from your new business. it can be tempting to blow it all on fun and luxury. Think twice. Here are nine ways to spend a $1,000 that will help you become more financially secure.

  1. Pay Off Credit Card Debt

  2. Open a Savings account and save it

  3. Make an extra payment on your mortgage or student loan

  4.  Boost your emergency fund

  5. Start investing

  6. Get healthy- Get a personal trainer

  7. Get a personalized plan from a Certified Financial Planner

  8. Protect yourself with insurance.

  9. Improve your home

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