Many people dream of starting their own business, but only a fraction of those people take the leap and throw their heart and soul into a new venture. Often, the lure of a safe paycheck every month is enough to keep us working for someone else’s dream for all our lives – but it doesn’t have to be.
Starting a business (even one you only intend to be a side-hustle) is one of the best things we can do for ourselves and our future. When we start a business, we put ourselves out into the world and take control of our lives in a serious and often scary way! So, if you’re looking for an excuse or the extra push to take the big leap, here are 10 reasons to start a business:
1. Freedom
Starting your own business allows you to have control over your life. You will be your own boss. This means you can decide when you work and how you run your business. If you go full-time in your business, you will no longer have to work to someone else’s schedule or do things that feel counter-intuitive to you.
Being the owner of a business means that you have the freedom to make decisions for yourself and the business. You will be able to find ways to make your business more efficient (and better!) than other businesses offering similar solutions or products. You’ll be able to work only with the clients and customers who click with you and your brand, not just anyone your boss tells you to talk to.
2. Income
Yes, being in control of your own income can be scary – but it’s also empowering. If you’re someone who likes the idea of having control over how much you make, you’re ready to be your own boss. When you have your own business, you can make as much mony as you possibly can. Your income isn’t limited by your salary or how well others think you perform. If you grow your business so it can serve more and more customers, there’s really no limit to how much money you can make. It might take a little while to get there, but it is absolutely worth the effort!
You may also be able to get tax breaks as a small business owner. Things like phone services, travel mileage and professional organization membership can often be deducted. Not only will this help improve overall profits, but you may see personal benefits, too.
3. Do What You Love
Okay, so you don’t have to do what you’re passionate about when you start a business. In fact, sometimes turning your passion into your business isn’t the right move. But, regardless of whether you want to turn your passion into profit or simply start doing something you like so you’re in control, the fact remains the same: you get to decide.
So many people would kill to have a job that they well and truly love, and when you start your own business, you can have just that. Make it something you can be excited to tell your customers about, and you’ll find marketing and selling yourself, your services, or your products that much easier.
4. Make a Difference
Your new business could be the answer to a lot of people’s problems. You’ll provide solutions that will change people’s lives, in a small way if not in a big way, you may provide employment, boost the economy, you may donate to good causes (tax benefit and feel-good benefit), and you will give your family a better life. What could be better than all that?
5. Choose Who You Work With
We touched on this above when talking about freedom, but it’s worth touching on again in a slightly different context.
We all know that when you work for someone else, you don’t get to choose your colleagues. If you don’t like one or more of your coworkers, you either have to suck it up or find yourself another job. Being the boss of your own business means that you get to choose who you hire, and if you don’t think someone is the right fit for you and your business, you can decide to let them go.
When you fill your company with people who are as passionate about the business as you are, they will give you more confidence in the product or service you are offering and pass that on to your customers.
6. Challenge Yourself
Look back at your life over the last 3-10 years: how much has changed? If you feel like the last few have been the same, and you’re in a rut, it may be time to give yourself a new challenge. Running your own business will come with its challenges, of course, but that just means it never gets old. Every time you overcome a challenge, you get a real sense of achievement, and each challenge can only make you stronger. Do you love the rush that comes after finishing a project or being the person to save the day at work? If so, you’ll love being the boss!
7. Pride
What do you feel proud of in your life? What do others say that impresses you? It doesn’t matter what business you’re in; if you grow a successful business, you will feel immense pride and be respected by your family, friends, and the wider community.
Creating something successful from nothing is an amazing feat – if you dread the “so what do you do?” question at parties and gatherings, being your own boss is a great way to forget that embarrassment and move on happily for good!
8. Change Your Lifestyle
Starting a business is also a good way to change your lifestyle, especially if that “9 to 5” life is getting you down. Being your own boss allows you to have some more flexibility in your life.
Of course, this doesn’t mean you’ll have a ton of free time right from the get-go – remember the adage: an entrepreneur is a person who will work 70 hours a week for themselves so they don’t have to work 45 for someone else! Of course, you’re in control, so if you want to design a business that works largely at night, so you can spend the day or afternoon with your kids, you can do just that.
You may want to travel more, be active in the community instead of sat at a desk, or work at a desk from home instead of on your feet all day somewhere else – whatever your needs, you can design a business to suit.
9. Learn New Skills
Starting a business means there’s a lot you don’t know – in other words, there are skills you’ll need to pick up as you go. These are things you would have never learned as an employee. Learning these new skills “on the fly” is exciting, as it means you can research something new and learn the minimum to get by. Later, you can dive into the topic in more depth or simply pay someone else to do it for you. This could be something like marketing, graphic design, or finance.
10. Express Yourself
Starting a business of your own can also allow you to express yourself and get creative with your service or product. You don’t have to follow anyone else’s rules. You can find a way to work and develop your business that is best for your industry and target market.
You will also be able to choose when you want to add to what your business provides when you start to learn what your customers want or need, without the restrictions you would get from the top managers in a corporation.
Top 5 Traits of Successful Entrepreneurs
Entrepreneurship is often seen as very glamorous and exciting, and while it can be both, the road to success also rife with challenges, long nights, and stress. While all entrepreneurs are different, there are some key traits that most entrepreneurs all share. It’s these traits that give them the inner strength to keep pushing forward even when other people in the same position as them would quit.
So, what are these 5 traits, and why must you have them to succeed?
1. Passion
Many people tell you that to be successful, you’ve got to be passionate about what you do. While this is the case, many people struggle to find their footing as an entrepreneur because they believe that if they don’t work in a field they love, they won’t be successful.
But what about all the serial entrepreneurs, and entrepreneurs that made millions from something that’s seemingly boring? What you actually need is a passion for being successful and a passion for solving problems for others. You’ve got to want to make things better and easier for the people you serve. If you’re passionate about that, it doesn’t matter if you’re making the next supercar or high-comfort work boots – it will be exciting to you.
2. Self-Discipline
Have you ever met or heard of a successful entrepreneur that came from nothing, but was also happy to roll out of bed past noon every day? Not unless they also stayed up until 5AM. That’s because successful entrepreneurs have self-discipline in spades. They are the people who wear their stress and tired eyes due to their workaholism as a badge of honor, at least until they become successful enough to realize that it’s time to let other people do the hard work for them, so they can spend a little more time reaping the rewards (or starting another business)!
3. Risk Tolerance
Again, have you ever heard of a successful entrepreneur who said, “and when I failed, I decided to just get a job and forget about it for a couple of decades.” No! That’s because entrepreneurs have an incredibly high risk tolerance – they’d rather be completely dependant on their own ability to make money for themselves and their employees than earn a lower wage working for someone else in a “safe” position. Successful entrepreneurs know that being in their comfort zone means they aren’t making progress, and so push themselves constantly to grow. It’s this constant growth that leads them to success.
4. Creativity
Not every entrepreneur has to be the next best artist, writer, or director, but you do have to have creativity in spades. Why? Because you’ve got to have the inquisitive nature to wonder not only if you can make something better, but the creativity to wonder how, and then go after that solution.
Then, you’ve got to do that again and again as your business grows, constantly creating new services, products, or new ways of offering them – you’ve got to be able to see your limited resources and continue to make something out of nothing. It’s this creative thinking that allows entrepreneurs to create the solutions that make their companies money.
5. Persistence
Finally, the last trait an entrepreneur needs is persistence. In fact, they usually need persistence to the point of stubbornness. Of course, all entrepreneurs have stories of how they “failed,” and the ideas that didn’t pan out – but an entrepreneur isn’t stubborn that they’re right about what they’re doing and offering, they’re persistent in their pursuit of success.
When something goes wrong, their first thought is, “how can I get around this?” Not, “why did I fail?” A key trait in successful entrepreneurs is persistence and the pursuit of always asking better questions; why did this happen, what I can we do to make this better, who can do this better than me? If you, too, can embody this persistence, you will achieve your goals.
So, if you’re on the path to becoming an entrepreneur or are already one, and feel like you’re not yet embodying all the qualities you need to, these are the five core traits you need to keep in mind and strive to achieve every day.
Of course, everyone has a do-nothing day once in a while, and a day when they’d rather give up and do something easier, but these 5 traits will keep you pushing forward until you reach your version of success.
Starting your own business will not be easy, and it certainly won’t be free of stress, but the pride and thrill of creating something from nothing will outweigh all the difficulties!
I am Ryan Grandberry, I have done my bachelor’s in English literature, and further on I did my master’s in biotech. My most preferred genre of writing is health and biotech. I have been writing from the past 6 years about articles, web content, and blogs. In my career and education, I like to play along with work. I have also been a teacher in the past for 2 years.