Want to Be an Entrepreneur? Here Are Tips for Starting a Small Business

November 17, 2015 : H&R Block

Follow your passion. Do your own thing. Be your own boss. It’s a great time to take a closer look at what it means to go into business for yourself. Today, freelancers represent 35% of U.S. workers and collectively earned $1 trillion in the past year, according to the “Freelancing in America: 2016″ a study conducted by Freelancers Union and Upwork. In the age of internet-based job marketplaces, sharing economy gigs, and multi-level marketing roles, your opportunity to starting a small business is vast.

Best Industries for Start-Up Businesses

Here’s a closer look at which industries are ripe for a start-up business (it’s not just tech), who is taking the leap and some of the best places for starting a small business.

LLC or S Corp?

Of course, it’s also important to look at how being an entrepreneur affects your taxes. We delve into the biggest differences between two common options: the LLC and S corp (corporation). There are differences between LLC and S corp’s tax liability, structure, requirements, and costs. Which one is right for you? This guide may help you decide:

Click to view larger image

Like this infographic? Use the code below to embed it on your site:

Related Topics

Related Resources

Tax Implications of Starting a New Business

The startup tax or new business tax is a topic many new business owners shy away from. Don't get caught off-guard. Review these tips provided by our tax pros.

I am an independent contractor without my own business and I have a question about filing my independent contractor taxe

How should you file taxes as an independent contractor? Learn more from the tax experts at H&R Block.

Filing Small Business Taxes

Do you need help filing taxes for your small business? Learn more about preparing a W-2 and get tax answers from H&R Block.

Bitcoin, Taxes, and the Modern Entrepreneur | H&R Block

Many entrepreneurs find themselves wondering exactly how Bitcoin is taxed. Our H&R Block Tax Pros are prepared to assist self-employed filers with Bitcoin taxation.

H&R Block

H&R Block