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Over the past year, America has seen an increase in people quitting their jobs. So much so that economists have dubbed the phenomenon as “The Great Resignation.” Yet, surprisingly, government data indicates a record gap between the number of job vacancies and the number of unemployed people. The findings state 11 million job openings but just 7.4 million job seekers.  

 The silver lining is that there has been a record number of applications for new businesses that have been filed with the state. This indicates that people are now getting out of their comfort zones to follow their passion and start businesses. If you have ever thought about starting a business of your own, here are five good reasons for you to take the first step. 

You are in Charge of Business Structure  

One of the decisions you will be required to make as an entrepreneur is how you choose to structure your business. The business structure that you decide on will also determine the level of asset protection that you and the company will have. In the case of a Sole Proprietorship vs. LLC, A sole proprietor assumes all of the business’s risks and debts. The Really Useful Information Company (TRUiC) explains that “The main difference between a sole proprietorship and an LLC is that an LLC will protect your assets if your business is sued or suffers a loss. Most serious business owners choose to form an LLC vs. a sole proprietorship because an LLC legally separates the owner’s assets from the business.” 

Following Your Passions 

Many entrepreneurs venture into forming their businesses after working in traditional careers. Starting your own business allows you to follow your passion rather than pursue a career. Following your dreams provides a fulfillment that working for someone else may not do. In addition, you will be in control of creating a business from scratch, which will allow you to shape the company into a legacy that you are proud of. 

Be Your Boss 

Being your boss requires discipline and constant planning and restructuring of plans. However, it can be a genuinely gratifying experience since you will have no one else to answer to. Your hard work and dedication will go into building your dreams rather than that of someone else. As the owner of a business, you will have the freedom to make executive decisions that will decide the direction and speed of your growth. As you learn, you will be exposed to like-minded individuals who will fortify your knowledge and help personal and business growth. 

Opportunity to Make a Difference 

As an entrepreneur, you will be in a position of helping to uplift others. You will be in control of the staff that you hire and will have the power to promote diversity and bring about social changes. You can also opt to provide support to nonprofits, charities, or community efforts with a portion of company profits. Or you can even set up your company to help solve a community crisis– you can align your business values with that of your own. 

You Get Tax Benefits 

Starting a business requires funding, and at the offset, it may take some time before you turn a profit. However, entrepreneurs will take advantage of some big tax breaks right off the bat. The U.S government has programs that support small business entrepreneurship—they pursue to reward these endeavors with attractive tax incentives since new businesses boost the economy. To benefit from this, it is advisable to seek the help of a financial specialist to ensure the company is set up in a way that will allow for the full benefits of government programs. 

Final Thoughts 

Starting your own business will take a great deal of dedication and effort; however, the reward is often worth it. You will be in charge of your future and will have the opportunity to create a legacy and use your platform to uplift and better the lives of others in the process.