Profit Along the Way - Additionally, you have collected the extra profit along the way which you may have put into a SASS pension, further reducing tax and building wealth (another conversation with your wealth manager). This is a somewhat simplistic example, but it makes the point of how leveraged owning a business is when it goes according to plan. 4. Community Impact - Many people care deeply about making an impact in the community. For many, this is as important as making money and brings them even more joy. By definition, most businesses are supplying some service that the community needs to function or bring more ease and happiness to the people in the community. Doing a good job with your product or service makes people's lives easier and contributes to the well-being of the community. In fact, when we step out of our homes, almost all the services we are using beyond the government supplied services and those nature provides fall into this category. So owning a business that does a good job at a reasonable price is a tremendous way to be of service to the community. 5. Family Legacy - Many people don't just want to earn money for themselves but want other family members to benefit as well as be able to leave wealth for future generations. A business is a multi- dimensional vehicle for achieving just this. While you are in the business, the wealth being generated can be used to benefit the whole family. Family members can come into the business to learn certain skills, get their first jobs or just earn pocket money. A business is a great vehicle to sponsor programs and events that other family members may be involved in. You may also be able to help family members abroad who want to come to the UK with things like work permits. So there are many possibilities to benefit the family while you own the business.
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