Being an entrepreneur and a small business owner can come with situations that make you forget totally about the world of investment. It is expected that you make profits and at the same time, experience losses in some aspects. In this case, delving into the investment market makes this journey easier.
Understanding the fact that your company is not the end game but a means to live the life you wanted will help you make useful investment decisions. As you are constantly overwhelmed by the daily operations of your business, take a break and think about your goals and consider the following key investments, both for yourself and your company.
- The Business of You
Startup entrepreneurs usually take on a large part of the business operations by themselves forgetting to outsource. In most cases, they act as the strategist, lead thinker, team builders, marketer and even customer sales rep. Doing all of these improves the business growth, only that it makes it difficult for entrepreneurs to invest in themselves.
As an entrepreneur, investing in your workforce and employees might be a great asset to your business, but investing in yourself is more beneficial. Investing in yourself helps you focus more on your business, build enough expertise and wisdom to drive your business forward.
Here are six simple ways you can invest in yourself as an entrepreneur:
- Take online courses
- Read extensively
- Teach others
- Take care of your physical health
- Tax Accountant is Your Friend
As a startup owner or entrepreneur, your single biggest personal expense is your income taxes. When considering increasing your net income, the best thing you can do is to evaluate options that help you lower your taxes. By evaluating options that help lower taxes and making small changes to personal and business life, you can increase your net income from 10 per cent to 50 per cent.
It is also important to constantly check the status of your business with the relevant business registration agencies and also the legal ownership of your company. Here are ways you can reduce your taxable income:
- Start a retirement plan
- Change your business structure
- Save money for healthcare needs
- Employ a family member
- Adopt accountable plans
- Diversify in Real Estate
One of the best types of investment according to Forbes because it offers equity ownership over time. Buying and owning real estate is an investment strategy that can be both satisfying and lucrative. One of the primary ways in which you can make money as an investor is to become a landlord of a rental property. Small office complexes, apartments and warehouses all can provide a diversified real estate portfolio that could generate an income for life if you needed it.
Here are five simple ways to invest in real estate:
- Rental properties
- Real estate investment groups (REIGs)
- House flipping
- Real estate investment trusts (REITs)
- Online real estate platforms
- Invest Broadly in the Stock Market
Aside from real estate, investing broadly in stocks is another way of serving yourself better. However, in this case, you are investing your hard-earned income which means you have to dedicate some amount of hours each day to investigate market trends and companies.
Here are types of stocks you can invest in:
- Large-cap stocks
- Income stocks
- Preferred and common stocks
- Hybrid stocks
- Growth stocks