Do you consider starting your own business? It’s challenging but worth it. Here are ten good reasons to start a business.
Start your own (side) business, like capitalising on an opportunity, creating a more flexible work environment, or fulfilling a need in your community. Or you might have yet to learn why this sensation is pulling you. That’s OK. There’s no right or wrong motivation for wanting to start your own business. Every reason is valid.
Today’s interconnected world has opened up millions of new niches for entrepreneurs to start small (side) businesses, and countless sources of advice are available on the internet. In addition, the internet has enabled business owners to connect with their peers, learn from their mistakes, and use their successful decisions to guide their paths.
Starting a business can be a life-changing experience. If you have a bright idea or a burning interest, here are ten good reasons to start a business today.
Top 10 Reasons to start a Business
1 | YOU CAN BE YOUR OWN BOSS - AND EVERY DAY AT THE OFFICE WILL BE MOTIVATING
When you’re working for someone else, it can be tough to find the motivation to do the best possible work. No matter how much work you put in, the owners of the company will get the ultimate rewards.
When you’re your own boss, you’ll find motivation at work every day. You choose your working hours -and you can chose your working location. Following your dreams is exciting, and you’re in control of your own success. The day-to-day vitality of your business depends on you, so you’ll be driven to make each day as productive as you can and you receive a diverse crash course in every aspect of starting a business – from financial management to health and safety. You’ll know that your own hard work and drive will help you reap the rewards, and that’ll keep the fire burning in your belly to make each day count.
2 | YOU CAN TAKE OWNERSHIP OF YOUR CAREER
Pay raises, promotions, and company guidelines tend to be outside of your control. Whereas when running a (side) business, you get as much as you put into it. If you invest in heavily marketing your products, you’ll generate more sales than someone who didn’t. At your 9 to 5 job, your career growth and income is capped. The average company pay raise is about 3% each year. And that pay jump usually coincides with inflation going up so you’re not really making as much money as you think. If you’re looking to advance in your career, the easiest way to do that is to start a business.
3 | YOU CAN TURN YOUR PASSION INTO PROFIT
Many entrepreneurs start their own business to follow their dreams and fulfill their passion. Following your dreams will fulfill you in a way that working for someone else may not do. You are in charge of creating your business from the ground up, so you can shape your company to be something you’re proud of and that you may even be able to pass on to your children as your legacy.
Starting a business is risky, so it’s important to remember why you’re doing this when the going gets tough.
Research shows that twenty percent of small businesses don’t survive their first year, and nearly a third fail in the second. Half fold after five years in business. Those first few years of a business are hard, which is why passion is crucial to sustaining you.
4 | YOU CAN DISCOVER YOUR PURPOSE
Ever feel like you have no purpose at work while grinding day in and day out for a paycheck? Starting a business can bring fantastic meaning and purpose to your life—and that’s different than becoming a workaholic. When you discover your purpose and build a business around it, you’re not working anymore—instead, you’re fulfilling a dream.
Freedom, pride, excitement, and commitment collide to make meaning—that sense of purpose, of drive, of overwhelming worth. We can all agree that a life full of meaning is a desirable outcome (and it doesn’t have to live as a daydream).
5 | YOU CAN DEFINE YOUR ROLE AND WORK SCOPE
As an entrepreneur, you’ll fill many roles in your business, especially when starting out, which is why you can’t be afraid of doing the dirty work. Many days you’ll find yourself in the position of anything from leader and marketer to therapist and receptionist. So if you think you possess a range of essential talents, entrepreneurship presents a way to utilize these skills to their full potential.
Essential entrepreneurial skills include business management skills, teamwork and leadership skills, customer service skills, financial skills, strategic thinking and planning skills and branding, marketing, and networking skills.
6 | YOU CAN BE CREATIVE
Be creative. Explore new ideas. Do something that no one has ever done before. There’s no single right way to run a business. Yes, there are proven techniques and strategies, but that’s not to say they’re the only way to be successful. Creativity could be in the products and services you deliver or in the company culture you build. It could be in your work policies, or it could be in how you give back to the community. Don’t take things too seriously—have some fun here and there.
7 | YOU CAN LEARN TO FAIL AND YOU AN LEARN FROM YOUR FAILURES
Most companies fold because of a lack of market need for their product or service or because they run out of capital. When you consider that 90 percent of start-ups and 75 percent of venture-backed start-ups fall by the wayside, it becomes clear that failure is something to be addressed head-on and learned from. Here’s how you can do that: Accept responsibility for failure and don’t blame, respond accordingly to failure and learn from it and add some humor by laughing about your recent mistake.
Failure is not to be feared. It is from failure that most growth comes.
8 | YOU CAN START FROM SCRATCH
This is your business! You make the rules. You’re not restricted by the standards and procedures of a boss or corporate culture. You can offer a product or a service that fits your vision. You can also build your company according to your own ideas. Maybe you’ve thought of a way to make processes more efficient. Maybe you want to make sure your employees get fair wages and family leave time. Whatever problems you’ve encountered in the working world, you have a chance to do something different with your own business.
Many entrepreneurs say that once they’ve sampled the freedom of being their own boss and calling the shots at running their own company, they’d never want to work for someone else again.
9 | YOU CAN LIVE FINANCIALLY INDEPENDENT
Many people commit to starting a business with the dream of financial comfort. While it’s true that getting your company off the ground can take grit and result in some lean times while you’re getting started, the ultimate goal of being your own boss is cultivating financial independence. With determination and hard work, there’s no cap on how lucrative your own business can be. If you aspire to build wealth, there’s no reason why you can’t achieve that goal.
Starting your own business has several financial benefits over working for a wage or salary. First, you’re building an enterprise that has the potential for growth – and your wallet grows as your company does. Second, your business itself is a valuable asset. As your business grows, it’s worth more and more. You may decide to sell it or you may hold on to it and pass it down to your heirs. Either way, it’s valuable.
10 | YOU CAN BUILD AND HAVE JOB SECURITY THROUGH VARIOUS INCOME STREAMS
The stress of climbing the corporate ladder is real. You never know whether you’ll be promoted or whether you may remain employed when companies go through repetitive structural re-organization – these life-altering decisions are in someone else’s hands and beyond your control. When you start your own company, you know you’re investing in your future and in your own job security by building various income streams. Your destiny is in your own hands – no more layoffs in your future.
10 good reasons to start a business. And now?
You got now excellent reasons to start a business. Knowing that each day brings new challenges, exciting opportunities, and a chance to engage your passion is reason enough to start your own business. Knowing that you’ve decided to take control of your future is empowering. What are you waiting for? The time is now!
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