Business Opportunities Versus Employment: Which Is Right for You?

Business Opportunities Versus Employment: Which Is Right for You?

 

 

When it comes to making a living, there are two options: being in business for yourself or being employed by a company or an individual. Of these two options, there is considerable latitude in what is considered being in business for yourself, especially if you take advantage of business opportunities. Some business opportunities so closely mirror employment, that many people mistakenly believe them ‘jobs.’ But business opportunities are not in this category. To understand the difference, read on as this article will explain in detail how things work with business opportunities versus regular employment.

 

Household expenses concept

 

Firstly, most business opportunities will require a person to fill out 1099 versus a W-2, which is the tax form used for regular employment by companies. Both types will alert the IRS that you need to pay your taxes, but 1099 does not allow for deductions as a W-2 does. When you use 1099, you must pay for your taxes on your own. It is one of the significant disadvantages of working with business opportunities, especially if you make a lot of money. To try to avoid problems, make sure you keep a close record of all your business transactions. Also set aside 35 percent of your salary for taxes. You can put this in a savings account so you can accumulate interest. Hopefully, you will have enough write-offs that you’ll be able to pocket your savings once tax time comes.

 

Secondly, most business opportunities do not offer ‘guaranteed’ 9-to-5 employment, as most hire you as an independent contractor. It is the case whether you are working business opportunities at home or in an office. If you must fill out 1099, you are in business for yourself. Anyway, some business opportunities offer such a steady stream of work that you not being hired as an hourly employee is not a problem. However, many others have jobs now and then. In these cases, you will want to try several sets of business opportunities, so you can always have a steady stream of work to support yourself.

 

Work from Home

 

Lastly, business opportunities tend not to offer health insurance. Granted, nowadays many ‘regular’ employers also won’t offer health insurance but being able to get some form of health insurance seems to be more typical with full-time jobs. With most business opportunities, you will not get health insurance no matter how many hours you work. However, there are exceptions, but they are quite expensive exceptions. In these situations, all that has happened is that the company offering the business opportunity has struck up a ‘deal’ with an insurance company. You are still paying as if you had signed up for the insurance yourself without the aid of a company.

 

In conclusion, the main differences between business opportunities and regular employment are found in the areas of taxes, work structure, and health insurance. Indeed, these differences may make some conclude business opportunities are not for them. For others, it may not matter as much because the freedom offered through business opportunities outweigh the disadvantages.

 

We hope this information was beneficial. You can have anything you want if you are enthusiastic about putting in the time, effort and plans to get to your goals. Discover the secrets why the rich stay rich and the poor stay poor. Click Here to view a video with more life tips!

 

In closing, we invite you to share your comments on this and our other posts. If you find the information useful, please Like & Share us and subscribe to this channel for an update as we reveal new strategies. Remember to keep an open mind and Shift 4 Freedom.

Author: Shift4Freedom

I am assisting people with personal financial prosperity with the educational systems and online tools. My partnerships with MyEcon and IMarketsLive (forex training) have encouraged people to reach their financial dreams.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: