Why is it that you have more potential to make money as an entrepreneur or small business owner than you do working for the man? Here are my top 5 reasons.
1. You Obtain All Money from a Project
Chris Hanks, faculty member of The Entrepreneur School, often cites the stat that says you must generate 3 times as much money as you make at a company. If your salary is $100k a year, you must be bringing in $300k of business. This pays for your health insurance, supplies, and profit for the company. But in working for yourself, if you generate $300k of business, you keep $300k. Granted you will have marketing costs, supplies, and other overhead, but you keep more of the money earned as an entrepreneur.
2. You Control Your Workload
When I worked for a company, I had a set list of tasks to perform in any given week. If I did those tasks in 2 days, I would make the same amount of money I did if I stretched those tasks out over 5 days. But if I am working for myself, if I complete my tasks in 2 days, I get paid for those tasks and can focus on new business for the other 3 days. Additionally, I can work extra hours and make more money bringing in new business.
To read the full, original article click on this link: Top 5 Reasons you make More Money as an Entrepreneur | The Entrepreneur School Blog
Author: Erik Rostad
