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Own Your Own Business

Own Your Own Business

| October 12, 2019
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Have you ever wanted to own a business?

Think about it. You have to admit it's a tempting thought. Your business could be anything - an office, a shop, a studio, a store. You could run it from your home, or over the Internet, or in the middle of town on a prestigious street with your name up on a marquee. 

But what would the business be?

Well, that's one of the wonderful things about owning a business; it can be anything you want, because it's more than just a way to make a living. It's an adventure; a journey to realize your dreams. So ask yourself: What do you love in life? What are your passions? What separates you from the crowd?

Walt Disney once said, "If you can dream it, you can do it." Our country's history is filled with the stories of dreamers who turned themselves into doers. Most of them were ordinary people, unassuming people; people looking to take a talent , hobby, or passion and share it with the world. Take the story of Debbi Fields, the founder of Mrs. Fields Cookies, who turned a fondness for baking into a multi-million-dollar enterprise. 

     Debbi Fields loved to bake cookies. Her friends and family loved to eat them. For years she baked cookies for her relatives, neighbors, and friends. but in 1977, Debbi decided to take her hobby a step further by opening a little cookie shop in her hometown of Palo Alto. Her reasoning? "I needed to share something of myself with the world," she said. "I wanted to give; to be part of things. What I had available for giving was a pretty darn good chocolate chip cookie. So, to me, selling cookies in a store was a good idea."

     It wasn't such a good idea to anybody else. "My parent told me I had no background for going into the cookie business," she said. "I had no formal education, [or] money, and it just wasn't going to work." Her husband Randy disapproved, too. Still, Debbi knew she could succeed. "When you love something, you are great at it - and I loved cookies, When I made cookies, I knew I was doing something special and creating something special." 

     After being rejected time and time again for start-up loans, Debbi finally found a bank willing to back her. She more than repaid the investment. Eventually she came to own 1,000 stores, sold 1.5 million copies of  her cookbooks, and was worth over $100 million. 

See what I mean? If you can dream it, you can do it. So how about it? What's your dream? What's your passion in life? What do you have to share with the world?

Now, you might be thinking. "It doesn't matter what my dream is. It's just not practical to think about owning a business. It's not financially feasible." 

Well, not so fast. This is where we at Stratos Wealth Partners come in. 

Here's the second wonderful thing about owning a business. From a financial perspective, it makes a lot of sense. There are plenty of advantages to business ownership, and as your financial advisor, it's my job to make sure you know about them. 

First ask yourself this question. Do you control your income?

The answer, surprisingly, is probably not. If you're an employee for someone else's business, then it's your employer who controls your income, not you. If you're relying solely on social security, or a pension, or stock dividends, then you still don't have control. It's the government, or the companies you invest in, that have all the power. This isn't an unusual thing, but it's not optimal either. Remember, we at Stratos always preach diversification. It's a tried and true strategy that applies not just to your investments, but your income, too. This way, should your main source of income change, you will still have alternate sources to fall back on. Given the continued uncertainty about our economy, everyone can use a safety net. And the feeling you get when you control your own destiny is a powerful one. 

Here's another reason to own a business: Uncle Sam will love you for it. I'm talking about the tax benefits that come from business ownership. Our government is always looking for ways to stimulate small businesses, and one of the best ways to do that is through taxes. Generally speaking, business owners pay lower taxes than employees do. If "a penny saved is a penny earned," then you can earn double owning a business - through both your income and your tax savings. We can show you exactly how you can pay lower taxes as a business owner than you do now. 

So by controlling your income and seizing tax benefits, owning a business can be one of the smartest financial decisions you'll ever make. We can help you with both. If you need more assistance, we also offer business-building ideas, suggestions for proven home-based businesses, and strategies for success. And if there's something you need that we don't provide, chances are we know someone who does, through our vast network of strategic partners.

Comb the history books and see for yourself. Think about Debbi Fields, or Thomas Edison, or Steve Jobs. All were regular people with a hobby. All were average Joes with modest beginnings. But each one decided to choose their own destiny. To make their life exactly what they wanted it to be. They started with a dream. They branched out into business. They ended as legends. 

If owning a business is something you've always dreamed of, then give us a call at (330)-666-8131. Our business is to help you work towards your goals in life. Our passion is helping you pursue yours. Remember: If you dream it, you can do it. 

Here's to your success. 

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