For many, the mere thought of opening a business of their own would stop them in their tracks. What they do not realise is that there are many benefits to starting a business. Take a look at Brad Sugars’ perspective of these benefits from his chat with Dale Beaumont. Brad Sugars is the Chairman of Action International, currently the 16th fastest growing franchise in the World and World #1 Business Coaching Company.
What do you think are some of the major benefits of having your own business?
I am so passionate about business that I could easily write a whole book on this question alone. These are some of what I consider to be the most important benefits of business ownership.
It’s the Only Vehicle to Create Serious Cash Flow
How much money would you need invested in the share market (at say 10 per cent growth) to cover all of your family’s lifestyle expenses? At least one or two million, right! How long would it take you to save that amount of money? Even with real estate, you would need to own a dozen or so properties outright, which will probably take ten to twenty years to build up. However, with business, provided that you have a strong desire and some street smarts, it is possible to create an asset which produces ten to fifteen thousand per month in cash flow, in a year or two. Then you can leverage yourself out of that operation and repeat it again with another business. To me that’s accelerated wealth.
With Your Own Business You are in the Driver’s Seat
You are the one that is in control of decision making and the leadership of your team, which gives you the satisfaction and peace of mind of knowing that whatever you put into the business, is whatever you are going to get out of it. Plus, you are working every day to make yourself rich, rather than to make the boss rich.
Business Gives You the Ability to Buy Back Your Most Valuable Asset: Time
A wise friend once said, ‘Once you’ve spent your money you can just keep making more, but once you’ve spent your time it’s gone forever’. Business allows you to put together systems and then employ and train a team to do the work for you. That way you don’t have to physically show up in order to keep the business running, instead you can spend time travelling or with your family. Of course if you love showing up you can, but it’s good to have the choice.
A little bit of knowledge in business goes a long way. I’ve found that it doesn’t take much to out-perform your competition in business. Like it or not, most business owners do a poor job of running their businesses, so you only need to do some basic common sense things to totally win in the minds of your customers.
Where else can you get all of the tax benefits that business ownership brings? Of course tax systems vary around the world, but in general they’re selfishly structured in such a way as to favour the people that have their own businesses. From the government’s perspective, why would you want to deter the goose that lays the golden eggs?
Most Importantly to Me, It’s Fun.
I love playing the game. I love the challenge of marketing, team building, sales, accounting and cash flow management. I love the fact that I get to deal with so many different things. If you haven’t already, you’ll fall in love with it too when you see the results it can get for you.
For more of this interview and benefits to business startups check out “Secrets of Male Entrepreneurs Exposed!“