Deciding to start your own business is normally the result of several triggers that have made you finally say – ‘that’s it, I need to do something myself’!
You may be approaching that point now, or you may have taken the leap a year or so ago. I wanted to highlight my top ten reasons for starting your own business, with the hopes of either giving you motivation to go for it or reminding you why you did it in the first place.
- An opportunity to make a change for the better
Trigger points… It could be a slow burning feeling that you can provide a better or more ethical service in the same industry as your employer, or it might be a sudden realisation that you’re spending time away from family and missing out on important personal goals.
Whatever it is, you know you can make a change for the better by becoming your own boss and starting your business.
2. Gain control over your career and job security
Running a business and gaining customers isn’t risk free, but it is exciting. You choose your hours, days, and customers. You choose your networking opportunities, the social media you use and when to take time off.
Because you’re in control of your own career and no longer beholden to someone else’s ‘why’, you will always be motivated to maintain that job security. That means every day will be motivating!
3. Pursue your passion, your way
That niggling feeling of ‘can I really make a career out of this?’ will always be with you unless you give it a chance. Your passion will never leave you, you have the chance to make it a bigger part of your life. How does the saying go? If you love your work, you never work a single day, or something like that.
I recently spoke with Kate Bell, founder of Zip Us In, who developed her business to solve a problem she had with her clothes not zipping up when she was pregnant or carrying her child under her jacket. You can listen to Kate’s story on YouTube: From Prototype to Product
Once again, you’re in control of how you do it. You have that autonomy that was missing in your old work life.
4. Support non-profits, get involved in social issues or help solve community problems
One of the most fulfilling things about running your own business is that you can choose where to direct your profits. You can do this by spending time in a volunteer role that your previous employment wouldn’t have allowed for, or by pledging to donate a percentage of profits each year.
This is another example of taking control.
5. Give your clients or customers the practical help they’re looking for
Untie your hands and help who you want, when you want! You have a wealth of knowledge and understanding that is highly valuable to your network. You can choose what to charge, and what to give away for free.
It’s really quite liberating.
6. Achieve financial independence
This doesn’t necessarily happen quickly, but it does happen if you work at it, lay clear plans and stay focused on your goals.
If you aspire to build wealth, you can. As you grow your business, the more valuable it becomes as an asset. You could plan to sell the business down the line, retire from it whilst still taking a wage, or pass it on to a family member. Either way, it’s valuable.
7. The tax benefits
You’ll need to ask an accountant or financial planner to help you make sure you set your business up in the right way to be rewarded with certain tax breaks.
Before your business turns a profit, you can take advantage of tax incentives from the early days.
Ask your expert adviser about the best way to take your income. This was one mindset barrier for me leaving my corporate role until I established how much less income I could take from my business compared to an employed salary but have the same net cash to spend!
8. Develop your expertise in a broad range of roles
My own experience in business is that I wanted to make sure I maintained an understanding of everyone’s role. You may already know that I held positions in marketing, business strategy, finance, operations and health & safety.
Your current job may not be what you excel at. Running your own business allows you to explore your skillset more freely, and identify where you add most value to your own business.
You don’t need to do everything all the time, but certainly in the early days, you will quickly gain insight into all aspects of business. Later on, you’ll know which jobs to delegate or outsource to specialist businesses and which ones you want to continue doing yourself.
9. Let your creativity flow
It’s your decision what products and services to offer, how to develop them, who to bring into the business alongside you and how to market it.
You could become a TikTok wizard or an expert blog writer. You may have a talent for graphic design that was never really used before because it wasn’t in your job description.
Enjoy the opportunity to make something your own, be innovative and get creative with your business.
10. Set your own culture
The culture of work environments can be finely balanced. Some are outright toxic whilst some are far too informal. Did you embrace the culture of your last employer? Did the tone of voice align with your own? Was there enough support, leadership, guidance, encouragement, communication?
All these things come into play with business culture, and you get to set the tone. What kind of business owner do you want to be?
Start something today for the future
It only remains for me to say that if you can start something today, there’s less chance you’ll look back and wish you started sooner.
“Someone is resting in the shade today, because you planted a tree years ago”.
You may enjoy my video that showcases an entrepreneur’s journey with Regina Johnys and Kellie Peters, where you’ll hear the story of how they started a successful Data Consultancy.