Here are my top 3 reasons why, done right, I think starting a business isn’t just a good idea – it’s absolutely ESSENTIAL for mums who want to improve their financial situation in 2013.3 Financial Benefits Of Starting Your Own Business1. Preparing for the futureWith interest rates so low, property values STILL through the floor, most share values barely increasing year on year and pensions (state AND private) constantly in a state of uncertainty, we are all stuck with the same dilemma about where to invest our hard-earned cash to secure a decent future for our families.What used to work just doesn’t work any more, and the smart people are turning to business-building as a source of long-term wealth instead.When you have your own business, you have far more options than those people who are relying solely on a) a state/company/private pension being enough to live on in old age or b) the hope that their house will be worth enough to buy a decent pension in later years (which could mean moving out of the home you love anyway).Starting a business now and being prepared to spend time and effort building it properly really is the thoughtful (and sensible) way to stay in complete control of your own future.Whether it’s pulling a healthy annual income from your business for years to come (and investing it safely) or building a business you can sell on eventually for a nice lump sum, thinking long-term now is an absolute must.2. You can increase your income – with no limitsOnce you understand the concept and accept the fact that YOU are both RESPONSIBLE for and in CONTROL of your own earnings, there really is no ceiling.You don’t have to wait to see if you will get a 2.5% payrise this year(exciting!) or whether the company has made enough profits to give you a bonus at Christmas – because you pay yourself!Yes, you have to work hard and learn how to do new things – but all that is perfectly within your reach and there are a huge number of ways you can find out what you need to know – not just coaching programmes like mine, but free resources on the internet, in the library..it just takes a bit of effort to get started.If you can follow a recipe and carry out the instructions as told, you can do this!The great thing is you can use a business to get what you want from the rest of your life as well.Personally, at the moment, I change how I run my business and what products/services I offer, depending on how much time I need / want to spend with my family.However, back in 2007, after my first child was born, I decided I wanted to treat my husband to a new car (he had never, ever had a new car – always used – and I knew he had always dreamed of owning an Audi!)I really wanted to give him something special as a thank you for supporting me in my new business venture (and through my pregnancy and labour) but we had never had enough money to spend on such an ‘extravagance’.But because I now owned my own business, instead of thinking “We can’t afford that”, I was able to start thinking “How can we afford that?”I spent some time working through some numbers and decided to add some extra services (at a premium price) to my offerings and to market them to clients that I knew could afford them and would appreciate the added value I was giving them.Within a couple of months I was able to take Karl to pick his Audi – and I was absolutely ecstatic (so was he!). Neither of us would ever have been able to negotiate such a salary increase in any ‘job’!This is also a process you can use whenever it comes to unexpected expenses or tax increases – at the moment you might be thinking “Aagh, the cost of living is sky rocketing and we’ve had our tax credits reduced – that’s it, no more expensive hair appointments and we’ll have to go back to the tracing paper loo roll”With a shift of mindset, and your own business you can start to think “OK, I need to make an extra £X every month – what can I create easily and happily within my business that will generate MORE than that so it doesn’t matter?”It really is a powerful position to be in – rather than being a victim of what other people put on you, you decide how things are going to be.Ask yourself what you could do this year to increase your cash flow (after all, there are only so many cuts we can all make to the shopping bill – especially with a family).Even on a small scale – if you work full time, think about what venture you could set up in your spare time that would bring in an extra £100 – £200 a month. Even that would help, right?Do it right, and those £00’s turn into a few £000 over a year!3. You can keep MORE of what you earn by paying LESS taxYes, I know, I’m telling you how you can make more money than you do currently, so how would you pay less tax?Generally speaking, governments try to encourage business and investment (because that is the key to restarting economic growth), which means that tax laws are often quite favourable to the small business owner.And when you consider that Income Tax and National Insurance are probably your biggest single expense (childcare costs aside!), having a business can be an incredible advantage.Even having a part-time business can help because you are allowed to deduct certain expenses (many of which you might be having to pay anyway) from your taxable income.For example, a proportion of telephone, mobile, internet, mileage expenses, stationery and printing costs and a certain amount for the ‘use of your home’ can all be deducted from your income before taxes are calculated as long as they truly reflect the proportion used for your business purposes.Even equipment such as a new laptop, iPad, iPhone, office equipment etc. is included in this rule as are investments to your own professional development such as coaching, consulting and training (such as the programmes I will be running later in the year, for example).Depending on how you set up your business (as a sole trader / limited company etc.) you could potentially also deduct other personal expenses such as health insurance and childcare costs – and you can often claim additional tax relief if you do pay into a private pension plan.Now, I am giving you these nuggets to open your eyes to the possibilities – you MUST seek the advice of your own accountant with regard to what you can and cannot claim as a business expense.Everyone’s circumstances are different and your accountancy fees are an expense you must see as an investment (and they’re tax deductible too!!).So, sorry – no excuses… !If you’ve been using the uncertain state of the economy as a reason for not starting a business, I hope I’ve just kicked that argument into touch (you know me and my rugby!!)And if you already have a current business or are toying with charging for a ‘hobby’, I hope these benefits above have further inspired you to do the homework, play with your numbers, and think BIG.Now, go do something you love, get paid well, and have FUN!