Deciding to start your own business is a leap of faith. It requires pushing out of your comfort zone and trying something new. If that idea excites you, why wait around? You’re ready to take the leap and be the CEO of your OWN COMPANY. It’s a lot of work and there are some risks, but the potential for rewards is huge. If you’re not convinced yet, here are 10 of the best reasons for starting your own business.
1. Each 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. 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. 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’ll be following your passions.
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.
3. You can pursue social justice or support non-profits.
One of the most fulfilling parts of becoming an entrepreneur is setting up your company for social gain. You can opt to support non-profits, charities, or community efforts with your profits. Or you can set up your business to solve a problem in your community or in the world at large – whatever your passion may be.
For example, consider Snowday, a company started by teach-turned-entrepreneur Jordyn Lexton. It’s a food truck, but it’s doing more than just filling the hungry bellies of passersby. Snowday employs young people that have been incarcerated (which makes it harder for them to find work) and helps them gain valuable skills and experience on the job. Starting your own business gives you a unique opportunity to make the world a better place.
4. You can achieve financial independence.
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.
5. You can control your lifestyle and your schedule.
Perhaps you’ve spent years in the corporate world and you feel ready to turn over a new leaf after years of reporting to a superior. Starting your own business can give you a more flexible lifestyle and schedule so you don’t feel like you’re running in circles on that corporate hamster wheel. You can opt to schedule meetings around your family schedule or you can opt to work from home – the sky’s the limit when you’re the boss. You still have to get the work done, but nobody’s looking over your shoulder making sure you do it their way on their time.
Starting a business is hard work, and that flexible schedule may not happen right away. Even if you’re working long hours, however, you know that you’re doing it for yourself and your family and not for a distant boss or shareholder.
6. You can start from scratch.
This is your business! You make the rules. You’re not restricted by the standards and procedures of your 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.
7. You’ll get tax benefits.
Starting your own business takes funding and it may take some time to turn a profit, but you can start taking advantage of some substantial tax breaks right off the bat. Government programs support small business entrepreneurship and seek to reward these endeavors with impressive tax incentives. You’ll want to work with a financial planner or an accountant to make sure you’re setting up your business in a way that will allow you to get the benefit of these government programs.
Note that there are also a variety of programs aimed specifically at business started by women and minorities, so you may be able to get grant funding and other benefits to get your business off the ground.
8. You’ll have true job security.
The stress of climbing the corporate ladder is real. You never know whether you’ll be promoted or whether you may be handed a pink slip – 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. Moreover, should you choose to start a family business, you could be providing jobs for other members of your family, as well. Your destiny is in your own hands – no more layoffs in your future.
9. You’ll become an expert at a broad range of skills.
Part of running your own business is learning to wear a lot of different hats, especially early on. You’ll have to pick up a lot of new skills, from HR decisions to inventory management to customer service. You’ll soon become a pro in your own industry, as well as a pro at a variety of new skills you’ll learn on the job. As your business develops, you’ll continue to pick up new knowledge and abilities. You’ll know how every tiny aspect of your operation works. You can’t get that kind of experience anywhere else.
As your business grows, you may opt to continue manning the helm for those tasks you enjoy – whether that’s graphic design or accounting – but you can outsource those tasks that you dread. You can also turn those skills to new tasks. Who knows? You may even want to start another business!
10. You can be creative.
It’s up to you to decide what your business will produce, sell, or which services it will offer – that’s exciting! Rather than following the formula of those who came before you, you’re looking at a chance to develop a concept or an idea that nobody else ever has. Even if you stay mainstream with your product or service, each day as an entrepreneur allows you to find new, outside-the-book ways to problem solve. Innovation and creativity are necessary traits for a successful entrepreneur, and you’ll hone those skills daily.
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 own future is empowering. What are you waiting for? The time is now!
AOF’s Director of Business Advising Luis Ramos is available to support your business with customized coaching on the most pressing business challenges