Some people are able to enjoy their life with only one job, but most of us need at least two jobs to make ends meet. A side hustle is an additional source of income that can help supplement the bills. Even if you are comfortable with your primary income, having your own business provides huge tax benefits. The beauty of a side hustle is that it gives you autonomy over your time and what you’re worth. I just want to share a few of the key benefits of having a business on the side.

One key thing to note is that when we are talking about a side hustle we are not talking about a second job.  Working as a teacher during the day and then as a cashier at a store in the evening and on weekends will not provide the benefits we are looking for. The key to success in this endeavor is to own a business that you can build and get the associated tax benefits from.  This doesn’t necessarily mean you need to start a business from the ground up because there are many opportunities such as delivery driving or gig work that will meet these standards.

One of the greatest things about owning your own business is that you’re in control.  Well, that’s not entirely true depending on the nature of your business.  If you doing delivery driving or gig work you do have a lot of control over when you work and how much you work, however, many businesses have a little more control over your schedule than you would expect.  For example, I have a few rental homes, and in general, I can schedule maintenance around my schedule and things run pretty smooth.  This is not always the case, We had a tenant that moved out to avoid eviction and left the place in shambles.   My family and I spent almost all of Christmas Break that year cleaning out, repairing, and remodeling to get it to rent-ready without losing too many months’ rent.  The point is that when you provide a service that customers count on, you will be accountable to the customers and when the service is needed.  Disasters aside you still maintain a large amount of autonomy and control over your schedule and work environment.

Another key benefit is that your efforts build your personal equity.  We often talk about the benefits of building equity in a home, but building equity in yourself is equally important.  When we run a business we are building relationships, reputations, and experience that we can leverage for even greater success. Even if the initial business does not succeed, the relationships, reputation, and experience are there to help give us a head start in the next venture. In addition to the intangibles, many businesses generate income and assets that heal to build our wealth over time.

Finally one of the great benefits of owning a business relates to the tax benefits.  Did you know that you are able to write off a portion of your home for a home office, many vehicle expenditures, travel, and vacations, as well as the obvious business expenses?  You are also able to self-direct some of your retirement funds

This is a photograph of The Tax and Legal Playbook by Mark J Kohler

and invest in your startup. The tax benefits are huge, but you need to be careful to make sure you are doing everything right. and that is beyond the scope of this post.  The best resource I’ve found is Mark J. Kholers book “The Tax and Legal Playbook” If you are starting a business or already have a business this book is a must-read to make sure you are getting the most benefit from your business.

In conclusion, owning your own business is a great way to make more money and control your own destiny. You can also enjoy tax benefits that you wouldn’t have with a normal job. Now’s the time to start thinking about how you can get in on the action!

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