Why You Should Own a Business

Do you own a business?

I’d guess that most pastors, missionaries, and Christian leaders do not.

I’d like to give you 10 reasons why I think you should consider it.

1. A business can add an additional stream of income. I’ve talked extensively in these newsletters about the importance of having multiple streams of income. I advocate having enough streams of income that if one dries up, the others can cover your basic expenses.
2. A business can protect you if you lose your job. Jobs are not guaranteed. Most of us in ministry know this first-hand. Your church/ministry/organization may have the funds to pay you now, but they may not be able to pay you 6 months from now. Many church leaders learned this during the pandemic. Having a business allows you to be in control of at least one of your sources of income.
3. A business can give you great flexibility. This is ideal for those of us in ministry. You can come & go as you please. And you can make extra money on the side in a way that is conducive to your ministry schedule.
4. A business can allow you to work in ministry for free or for reduced pay. I had a pastor email me last week saying he’d love to work in his ministry for free. He wants to start a business because he knows it could eventually facilitate his dream. Perhaps the Lord calls you to work in a ministry that can only offer part-time pay or very little pay. With a side business, you could gladly accept that assignment without concern about where the extra money might come from.
5. A business allows you to provide jobs to people in need. You may have people in your congregation that are looking for work & now you potentially have a business that’d be a great fit for them. Your business becomes not only a ministry to your customers but also to your employees.
6. A business, as it grows and you add employees, can eventually run without much of your involvement. This provides even more time & income for you to pursue your ministry calling.
7. A business provides a service to your community. And as you’re thinking about what business to start, you can even start businesses that you know would be a blessing to your community.
8. A business has major tax advantages. If you have employees that run your business for you, the IRS allows you to pay yourself just for the time you work & take the rest of the business profits as a dividend, thereby saving on self-employment tax (assuming you are an LLC filing as an S Corp). There are many other tax savings as well.
9. A business can involve & benefit your children. The IRS allows your children to get paid by your business without paying payroll taxes (up to a certain amount). This assumes your children are at an age where they can meaningfully contribute to your business. My 14 & 16 year old daughters love preparing my direct mail for me in my business and I’m glad to pay them to do it. It also benefits your kids by modeling for them starting & running a business since the Lord might lead them to do the same one day.
10. A business creates a big mission field for you & your family. You employees, your clients, your vendors, and everyone else you work with become people you can openly share Christ with. And you don’t have a boss that is getting on to you about being too open about your faith.

I could go on & on, but having multiple businesses has been life-changing for me and my family.

Whether you have a very small business that earns $500/mo or a larger business that earns $50,000+/mo, having a business is an awesome way to earn extra income to support your ministry, if that’s how the Lord leads.