Starting a business often mystifies people because when they think business, they think of large corporations such as Walmart or Apple.

In reality, most businesses are small businesses run by real people all around you. They’re the babysitter down the street, your friends that mow the grass for the neighbourhood, they’re the people getting paid for their videos on Youtube. Those are small businesses run by real, everyday people.

Small businesses dominate the Newfoundland and Labrador economy, all you have to do is walk around your community you will see numerous small businesses.

Too often people get caught up in what they feel business should look like versus what it actually is. Chances are, you don’t need accountants or lawyers to get started, you probably don’t even need a business number. The only thing you need is to be passionate about helping people solve a problem, that’s where your business idea is going to come from.

So why should you start a business?

Self employment, or the now trendy term “entrepreneurship”, provides you with opportunities such as the following:

Passion

What’s your favourite thing to do? Imagine spending every day doing just that. Starting a business allows you to grow an idea you’re passionate about and make a profit off your passion.

Ultimate Decision Making

Who has final say? You do. You get to be the captain of your own ship. At the end of the day you are the boss and you get to make all decisions for your business.

Tax Benefits

Running a small business from your home allows a few tax benefits because you’re able to claim expenses related to your business, including a portion of your other bills if there is space in your home dedicated to the business.

Unlimited Potential

Ever wanted to make a million dollars. Go for it. Who is going to stop you? The potential to grow and profit from a business has no boundaries. As long as you’re willing to put in the work, the potential for your business is unlimited.

It’s a new type of economy, it’s time you embrace what you’re passionate about and turn that passion into what you’ve always dreamed about.