We all have those dream ideas for our “bucket list” – and for many the idea of financial freedom and becoming a successful entrepreneur is pretty near the top of the list! With this in mind I thought I’d share a little inspiration for any budding entrepreneurs out there with the top 10 Reasons to start your own business…
So, if you have a good business idea, but haven’t yet started your own business, know that as well as the (hopeful) financial rewards from your endeavour, there are other benefits to starting out on your own.
1. You might have the ability to work from home: Not every business venture can be started from home, but there are many that are. Take a look at these home-based business ideas, as examples. What does this mean for you? Well, if you are a parent unable or unwilling to go out to work, you can run your own business while looking after the needs of your family. If you are tired of making that pesky commute to work, you will be able to cut out those tiresome journeys and traffic jams. If you ever wanted to improve your work-life balance, for whatever reason, then you can create the opportunity to make that change.
2. You can be your own boss: Okay, so there are pros and cons to this. The success of your business falls down to you, which can come with a great deal of pressure. If you have the diligence to stay on task, work hard, and do all that needs to be done to make your business a success, you can reap the rewards of your courage and hard work. You can control your own destiny and play by your own rules.
3. You can pursue your passions: One of the advantages of starting your own business is having the opportunity to turn a hobby into a money-making idea. So, if you love to write, you could become a freelance writer. If you have a knack for any kind of craft, you could set up an e-commerce business and sell your products online. If you enjoy photography, you could hire yourself out to weddings and christenings, or sell your pics Peter Parker style to local news media. Life is too short to be in a job you hate, but by turning your passions into a business idea, you should, in theory, attain greater job satisfaction.
4. You can prove yourself to others: All those people who said you wouldn’t amount to anything? Those teachers at school or those critical members of your extended family? By starting your own business, you will (metaphorically) force these people to eat their own words. You will have done something that many people are afraid to do, and whether you succeed in business or not, you will still have shown courage by starting out in your own endeavour.
5. You will grow as a person: Running a business isn’t easy, but if you meet the challenges facing you, and overcome them, you will grow! You will learn new skills, build resilience, gain self-confidence, and become a more independent person. And not only are these facets useful in business, but they are useful for many other aspects of your life too. In short, starting a business could be life-changing!
6. You can create jobs: As wonderful as you are, you probably don’t have the time or the talent to do everything alone. While you could outsource some of your daily tasks, you might eventually choose to take on employees, especially when trying to grow your business. There are all kinds of things you need to consider during the hiring process, but the rewards for yourself, the economy, and most of all, the people you employ, are worth the hard work and effort you will have to put in at the outset.
7. You will meet new people: If you’re a people person, then hurrah! If you’re a natural introvert then you’ll be challenging yourself! You will be able to meet and talk to all kinds of people within business. You can network with other entrepreneurs and professionals at business meetings and industry events. You will make contact with outsourced firms, suppliers, and your customers. Then there are the people you might employ, be that on a part or full-time basis. On a professional level, there are all kinds of people you will meet, and occasionally, you might also develop friendships to improve your social life too.. And if you’re not a people person? Well, you might want to consider this article, as you won’t get far in business if you don’t make some effort to get along with others.
8. You can inspire others: There might be people within your family or social circle who look at you and think, “well if she can do it, then so can I.” You might be the catalyst for others to start out for themselves, changing their lives because of the example you have set in changing your own. And you can inspire people in other ways. You can inspire your children to work harder, especially if your hard work has resulted in business success. And you might be able to inspire your employees, helping them reach their potential through your training and role-modelling.
9. You will have the power to give money: Sure, you could make money from your business and use it to both grow your company and give you extra benefits in life, but why not be a little more philanthropic within your approach. Should you make a profit, you could share some of it with others. So, you might donate to local charities or you could give something to fledgling entrepreneurs looking to start their own businesses. Not only are you doing a good deed, but you will also see the rewards. Aside from the personal rewards that come from giving you might gain positive media attention from your charitable giving and you might make beneficial friends in business if you support other startups. Giving is good on a moral level, but it’s also very useful on a business level too.
10. You can make the world a better place: So there’s charitable giving and being an inspiration to others, and both of these things have life and world-changing benefits. It’s also worth looking at companies that made the world a better place. The founders of each company started out with one mission: not to make a profit, but to better the world around them. Read the article, and think about what you could do. Could you do something to better the lives of others? Or could you adapt your idea, and use it to make a positive change to the world, whether locally or globally? There are all kinds of reasons to start your own business, as we have already discussed, but this could be the greatest of them all. One person can make a difference and with your own business, that person could be you!
Final word… So, what do you think? On both a personal and philanthropic level, there are many reasons for starting your own business that go beyond financial gain. If you haven’t yet grabbed the proverbial bull by the horns and started out in business, you might now have at least one reason to consider doing so. There is advice here on registering a company inside the UK if this post has triggered your interest. It could be the best thing you do today, or failing that, tomorrow!
“Vision without action is merely a dream. Action without vision just passes the time. Vision with action can change the world” – Joel A. Barker