Jeremy Tauri: We're in it to build our future

By Jeremy Tauri

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Business owners are their own bosses. Photo / Thinkstock
Business owners are their own bosses. Photo / Thinkstock

Have you been working on what employees call "statutory holidays"?

Or do you find that every time you want to take a few days off, you have to work twice as hard, and twice as long, the week before?

Both of these are part of the joys of owning your own business - there's no stat days, no sick pay, often no holiday cover.

Sometimes, we become so locked into getting new clients and business problem-solving that it becomes hard to remember the reasons why we started our own business in the first place.

Reminding yourself often of why being in business is awesome will help with the build-up of daily little frustrations we encounter. Here are some of the reasons why you might do it:

We have the opportunity to earn more money. No doubt you've dreamt about it. Swimming in your own pool of money. The keyword in the statement above is "opportunity".

If you can get the business formula right, hire the right people, then you can earn more than you would on a wage. There's a caveat, though: your earnings can be tied to the fortunes of the economy. Around 2005, self-employed earnings were higher than wages and salaries. Now, statistics suggest for the year to June 2013, wages are much higher. As the economy heats up opportunities, production, spending and profit should get better for the prepared business owner.

We are our own bosses. When you're self-employed there's no one higher than you on the ladder and once you've had a taste of not working for someone else, you're unlikely to turn back. You control how the work is done, when you work, and how hard. Your customers will have some say in that but being your own boss means you can choose your customers, too.

We get tax deductions for things we buy. Wage and salary earners don't get tax deductions against income, even if they use private resources for work. The cellphone, computer and other expenses of a mixed use are tax deductible to a business. Another bonus is that being able to claim GST on these items makes things slightly cheaper for the GST-registered business owner. This saves you money.

We're in business not just to earn a profit but to build a business to cash in on at the end of our term.

This business will be part of our legacy. We don't just own a business to pay our bills, we work hard to build it and sell it for a sum at the end of our watch.

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