20 Reasons to Start Your Own Business
Nowadays, becoming an entrepreneur is easier than ever before. Technology has been responsible for opening markets, narrowing the world, making it possible for a lot of people to strike out on their own in the industry that they want.
Furthermore, even how inspired some people are, they are still afraid to take the leap. You should avoid being one of those people who looked back and filled with regrets for not starting their own business. Now is the best time to take control of your life and your dreams. There are numerous reasons for starting your own business and here we are going to give you 20 of the most compelling ones. But no matter what your reason is, you should not hold back. Now is the time that you should start taking steps so you can take control of your own life. And there is no better way of doing this than taking control of your career by starting your own business.
If you are an entrepreneur, then you have probably heard a million reasons why you should not go into business; you could get into debt, it is very risky, you can ruin your social life, you will lose sleep, and the list goes on and on. But despite having these uncertainties, people are still enticed to join the startup world. This is because there are even more reasons why you should take the leap and start your own business. Below you can find a few of them:
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1. Spare time.
It is a fact that starting your own business will take some time. At first, you will have to work for longer hours with lesser pay. However, if you will learn how to do it right, then you could become an expert on your schedule and most importantly, the freedom that comes with being an entrepreneur is incomparable.
2. A story to tell.
Whenever you are telling someone that you are running your own business, most probably they would like to know what you do, how you do it, and most of all how it’s going. You can always provide a tale or two and the best part of it is you will get to determine the chapters of your story. On the contrary, if you are working for a corporation, then most likely people will have lesser input.
3. Tax benefits.
If you are living on a salary as an employee of a certain company, then there’s little you can do when it comes to controlling your tax situation. This is just a fact of life. However, there are some things that you can do to change it such as special savings accounts, deferrals, retirement plans, and others. But your options are only limited. Nevertheless, starting your small business can surely change your tax situation. Right now, the government is supporting small business and most likely it will continue to do so.
Entrepreneurs including freelancers can take advantage of a few amazing tax perks. They can even write off expenses such as food, travel, phone bills, part of car payments, and so much more. Additionally, some startups are even eligible for government incentives. Always ask your accountant about the tax benefits that you can enjoy or you could educate yourself about the tax law.
You can feel great after you have done something successfully. First, you had a vision then you were able to execute it successfully and now you are reaping the benefits by proudly saying “I did this.” On the other hand, you can’t feel proud of the numerous request for proposal that you have filled out for your employer.
5. Your posterity.
Whether you are a bus driver, plumber, or a doctor, it’s difficult to imagine passing your career to your loved ones. However, if you are an owner of a business, then you can feel proud of passing it to the next generation because you are the one who created it.
6. Job security.
Have you ever experienced being fired, downsized, or laid off? If you have experienced these, then you probably understand what this is all about. With entrepreneurship, you can also assure that you are secured since you are your own boss. You are the one running the show so you won’t have to worry if the company is going to let you go.
If you have skills in a particular industry that is in demand, then you don’t have any excuse on why you should not start your own business. You won’t have to worry whether or not you will be laid off, or when you will be promoted because you are the boss. Being your own boss has also another advantage. Aside from the fact that you will not be laid off, you will have total control of your company’s decisions.
By having your own company, you will have the chance to change with the times. A lot of companies fail because they refuse to evolve. And when you are only a mere employee then there’s practically little or nothing that can be done about it since you are employed by someone else. On the other hand, if you are an industry leader who takes charge of his own company, then you have the resources and the ability to decide so you can stay current and competitive.
Entrepreneurs are just common creatures. As humans, we love meeting each other, exchanging stories, and learning about each other’s experiences. When you become an entrepreneur, you will find that your number of friends and acquaintances also grows. Founders need one another in order to survive and most often they discuss the different challenges that they are facing.
Are you passionate about your industry? You might think that the only way that you can network with the superstars in your industry is to have a big company. But most often, it is actually the opposite. This is because it is not just the size of the company that matters to people. Just by being an owner and being in control of your destiny, you have already proven that you have what it takes to make it. This characteristic of a colleague is very appealing. Being an owner of your business means that you have a lot to offer when it comes to negotiations and collaboration. This means that more people will be tempted to network with you. Remember that the bigger your network, the more people will be attracted to network with you. Your lists of contacts, colleagues, partners, and references will continue to grow.
8. Doing good.
Although this is not for entrepreneurs only, yet this is definitely a perk. You have total control on where your profits are going and if you want, you can even allocate your profits to others. Choose any charity or non-profit organization to sponsor. Or perhaps you can personally give back to the community. Honestly, this is one of the best parts of being an entrepreneur.
As humans, we love having new experiences. However, we can’t experience new things if we are inside the cubicle. All of these can change when you are the one running the show. By starting your own business, you can always guarantee that you will be experiencing new things and facing new challenges.
One of the best experiences of an entrepreneur is having mentors and getting to be a mentor themselves. Learning from the experts and having the opportunity to help those who are less experienced can give you a satisfying experience. Based on the experiences of several entrepreneurs, the entrepreneurial community is enthusiastic in giving back and lending a helping hand.
11. Becoming an expert.
This point is just similar to mentorship. No matter what you do as an entrepreneur, if you try to stick with it, then most likely you will become very good at it. This provides you with a sort of soapbox, so you should use it. Most probably, you will get the opportunity to be interviewed for your expertise, write your story and spread your message.
People will probably ask you how you learn your skills such as social media, SEO, PR, pay-per-click, and other types of marketing strategies. If you want to start your own business, then you will be forced to learn these skills otherwise you will not survive. In the same way, you will also be forced to learn negotiating leases, balancing a budget, building a spreadsheet, and numerous other skills which you can pick up along the way because you are the only resource you have. Sometimes developing new skills can be hard and will take some time, however, it can pay off in spades. Remember that these skills are priceless and will remain with you throughout your life.
When you are working with someone else, you always have an excuse when it comes to learning new skills. When someone asks you to do something which you don’t have any experience with, you will instantly lead them to the “right” person. However, with your own business, you will learn how to become the “right” person for any tasks. This means that if you want it done right, then you should do it yourself. As a small business owner, there are a lot of new things that you will learn. Keep in mind that learning new things can keep you sharp, making it easier for you to acquire new skills. Remember that this is not just about being successful in your career but also being successful in life as well.
Everything that you have done as an entrepreneur can greatly affect your personal life. Most probably, you are poor at committing to changes before. But after being an entrepreneur for a long period of time, you will be forced to become dedicated and determined to causes. Now you can probably stick to a plan easily. Because of this determination, you can become a better father and husband, to your family.
Literally, there are several national, local and regional awards that recognise entrepreneurs in different industries. However, this should not be the only reason that you should start your own business, but it can certainly make you feel great when you receive this recognition.
15. Financial Independence.
Honestly, this is probably one of the greatest reasons why people get themselves involved in a business. The fact is, this is a good thing. It is important that you should aspire for financial independence. But how would you define financial independence? This is when you have unlimited cash potential, retirement stockpile, or have the money to purchase whatever you want. With entrepreneurship, you can do all these things. Although it is true that money can’t buy happiness, however, it can make finding happiness much easier.
Throughout my whole career, I was able to start and sold a lot of companies. Also, each time that I sold a company, I’m being presented with the chance to reinvent myself all over again. On the other hand, if I had accomplished a law degree and I’d become a lawyer, then I wouldn’t have any room to recreate myself. However, as an entrepreneur, I get the chance to be whatever I want to be.
17. Change the world.
As what every entrepreneur would say, “I am going to change the world.” However, we cannot imagine how a cell phone accessory kiosk can change the world. Nevertheless, there are others that do succeed including Sergey Brin, Bill Gates, Elon Musk, as well as several other entrepreneurs who have actually changed the world whether in a small or major way.
18. Create jobs.
You can feel satisfied knowing that you are responsible for the success of your employees. Your ideas have given them the opportunity to earn a living, as a result, your employees were able to provide for their family and achieve their own dreams.
19. Your brand.
Being recognised for something can be extremely enjoyable. Most probably, people will refer you as the software guru, the retail maven, or the marketing guy. Whatever it is that you are being recognised for, it’s enjoyable to build that brand and earn that recognition.
20. Your reason.
We have given you a list of why you should get a business. However, what really matters is your own reason for starting a business. So, what is your reason? For sure, it will be a good one.