4 Little-Known Perks of Running Your Own Business

Starting a business has many benefits even beyond the obvious.

When you own your own business, you take on more risk because you are responsible for your own success. But many of the benefits of entrepreneurship are obvious. You'll be your own boss, of course, which means that you can set your own schedule and there is no limit to how much you can earn. You're also in charge of your own destiny.

Beyond these perks that most people know about, though, there are even more benefits of becoming a business owner. In fact, here are four little-known perks that you may not have thought about but that can be the cherry on top when it comes to the sundae of being the CEO.

1. You can choose how you want your retirement plan structured

If you work for a company, you can either participate in the retirement plan they offer or you can opt out. But when you own your own business, you have many more choices for what type of investment account to use to save for your future:

• You can opt for a Solo 401(k).
• You could choose a SEP IRA.
• Another option is a SIMPLE IRA.

Each of these different plans has unique benefits and people who work for employers can't access them.

2. You can take advantage of added tax breaks

As a business owner, you can take advantage of many tax breaks that people who work for employers are not able to use. For example, you could structure your company in such a way that you do not have to pay Social Security taxes on all of your income. You can also claim more deductions for business expenses, including deducting up to 20% of your qualified business income.

This added flexibility can help you to keep more of your hard-earned money instead of sending it to the IRS.

3. You can hire people to help you

If you work for an employer and you are assigned a task, you have to do it. You can't subcontract it out. But when you are a business owner, you get to choose what work you do. As long as you have enough money coming in, you can hire people to do the tasks you dislike. Hate filing or setting your own appointments? Hire a secretary. Don't want to handle sales? Hire a salesperson.

4. You can get access to better credit card rewards and perks

As a business owner, you also have the option to sign up for a business credit card. These can sometimes come with more perks and more generous rewards than credit cards available to consumers alone. You can also opt to charge all of your business purchases -- and chances are good that these will add up to more than the purchases you personally make. You can earn much more generous credit card rewards that way.

Of course, none of these benefits are reason alone to open your own business. But if you are already a business owner, or thinking of becoming one, these are just some added benefits that you should be aware of that you may not have considered before.