I owned a business from 1972 until I sold it in 2006. I sold one of the best stores to folks who thought running a business would be easy. That was a turn-key operation that they tanked within two years. So before you quit your day job you might think twice about the easy life of running a business. And forget about the hours you put in, you work until you get everything done, then you can sit down and deal with the government--sales tax, payroll tax, property tax, federal unemployment tax, state unemployment tax, state disability.

A business owner pays income tax, not on what they take home as a draw but on the profit the business generates, plus the business owner gets to pay their share of Social Security and Medicare plus the business share of those as well so for SS you pay 12.4 percent instead of 6.2 percent and 2.9 percent for Medicare instead of 1.45 and don't forget the income tax on your profit.