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

Related Topics

H&R Block

H&R Block

Related Resources

A Beginner’s Guide to Starting A Business

When you’re starting a business, the growing list of tasks on your to-do list can seem like a daunting challenge at best, and overwhelming at worst.

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.

Families First Coronavirus Response Act (FFCRA) benefits small businesses and families

What is FFCRA? Learn what the Families First Coronavirus Response Act means for your small business with this advice from H&R Block’s tax and accounting experts.

How Should Independent Contractors File Taxes?

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