This is a guest post from Jenna Sherman. Opinions expressed by Engineering our Future contributors are their own. Whether you’ve lost your job, can’t find suitable work opportunities, are having trouble choosing a college major, or you're unsatisfied with your current career, it may be the perfect time to transition from an employee (or student) to entrepreneur. According to recent statistics, approximately 25 percent of U.S. entrepreneurs are between the ages of 20 and 34 — and plenty of businesses can be started while you’re still in college. Some of the best business ideas for college students include tutoring, consulting, coaching, editing, photography, web development, and dropshipping. Whatever the reason may be for the setback in your career or college education, this article from Engineering Our Future will convince you to launch your own business and make the switch from employee to entrepreneur. As long as you’re motivated to succeed and have a great business idea, you can become an entrepreneur at just about any age.
1. You’ll Shape Your CareerPeople start their own businesses for a variety of reasons, but one of the best benefits of entrepreneurship is the ability to start from scratch and shape your career journey. Starting a business allows you to pursue your passion and launch a career you’re truly excited about, whether it’s art, philanthropy, health and fitness, technology, teaching, writing, or music. If you’re unsure of where to start, make a list of the projects you’ve worked on and enjoyed. Which of your skills came in handy as you completed these projects? What can you do to improve these skills and build new ones?
2. You’ll Qualify for Tax BreaksGetting a business up and running is hard work, but as an incentive, you’ll qualify for various tax breaks as an entrepreneur. New small business owners can deduct as much as $5,000 in startup expenses during their first year of operation, and other tax deductions pertain to education expenses, charitable contributions, travel costs, and home offices. If you won’t work from home as a small business owner, however, rental payments can also be deducted.
3. Financing is AvailableBootstrapping and crowdfunding are two common financing strategies used by new business owners, but additional funding may be available to you depending on your situation. A few places to look for small business grants include:
- The Economic Development Administration (EDA).
- Local Small Business Development Centers (SBDCs).