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

Partnerships and S Corporation Taxes

What’s the difference between partnerships and S Corporations? Need help with your Schedule K-1? Learn more and get tax answers at H&R Block.

Resources to Understand Your Small Business

Taxes are an essential part of maintaining a successful small business. Find helpful tax and accounting resources for small businesses from H&R Block's experts.

Paying self-employment tax

Does self employment affect your tax rate? Learn how to file self employment tax, like who should file it and when, with the help of H&R Block.

Freelancing? Self-Employed? Avoid These Tax Mistakes

Taxes for the self employed can be complicated. Learn the ins and outs of tax filing for freelancers, bloggers and contractors with the experts at H&R Block.