Okay, so you work for the “man” but always wanted to start your own business. I know. I know. It is extremely difficult to gather enough courage to persevere. What if you fail? What if you don’t have enough money to pay your bills? What if you can’t feed your kids, keep a roof over your head, or pay off the mountain of debt that effectively buried you?
Yes, there are many reasons not to start your own business. They involve impending doom – a personal catastrophic event akin to nuclear destruction. An implosion, if you will. What-if questions buzz around in your head like a hawk circling its prey. Of course, there are many reasons to be afraid. There are many reasons to question your sanity when considering starting your own business.
But what happens if you don’t? What will happen in 10 years if you are in the same situation as you are now because you didn’t start your own business? Then what? What would the future be like if you didn’t take the risk and risked everything today?
If you don’t want to be in the same place financially, mentally, and emotionally as you are today, or even worse, then starting your own business needs to become a priority. But don’t kid yourself. This will be a monumental task, probably one of the most difficult tasks you have faced in your entire life.
It will command all your resources and time. You’ll have to make some massive sacrifices. That will not be easy. I’m not sitting here trying to screw you over it. But it will be worth it. There are many reasons why you should start your own business now without hesitation and waiting a moment. In fact, there will never be a perfect moment for it. Never.
Table of Contents
21 Great Reasons To Start Your Own Business Today
You have the opportunity to make more money
No matter what others think, if you work for someone else, no matter how big that company is, your opportunities to make money are limited. Unless you’re at the helm of a Fortune 100 company with an endless array of stock options, your earning potential is severely limited.
However, as an entrepreneur, you have the opportunity to make a lot more money than if you work for someone else. Maybe not at the very beginning. But considering you’re in charge, you have a choice as to where the profits go. Of course, the profits can come back to you after reinvestment. As a business owner, you will make a lot more money than usual over time.
It gives you the opportunity to add real value
The most successful people and companies in the world have created the greatest added value. If you want to be successful, you have to do the same. However, as an individual working for someone else, it’s difficult to add the kind of value that you can add by starting and running your own business. It just doesn’t work the same way.
When you run your own business, the value you create is yours and yours alone. You don’t help line someone else’s pockets. It benefits you while also helping others out there who need your expertise. If you dig really deep and create a product or service that improves the lives of others, your success will fall off the charts.
It gives you the opportunity to connect with others
When you build a business and genuinely work to help people solve a problem or fill a need, you eventually connect with others. It’s a natural occurrence. And as humans, we have a need for connection. We need to feel that what we do affects others.
Whether you are starting a business that produces products, offers services, or provides valuable information, this is a natural way for you to connect with others. And when your work genuinely addresses a need to help others and deliver real value, that’s when the strongest bonds and connections are formed. That’s how you find friends for life.
It brings you the freedom of time (in time)
As an entrepreneur, you have the freedom of time. Not at the beginning. But once your business is up and running and things are going smoothly and you can find the right people to help you achieve your dream, you will now have more time to devote to the things that are truly important in your life You have more time for your family or a trip to a distant destination.
You can choose how you spend your day. In the beginning, it won’t happen. But imagine the freedom that would give you if money just flowed freely and time as your ally rather than your enemy.
It’s your gateway to (eventual) financial success
It is by no means easy to start a business. It requires an enormous amount of effort, skill, and persistent action. In the beginning, it can be difficult for you financially. It will make you risk everything sometimes. Maybe one day you find yourself in an overwhelming situation and wondering how to sort practice
You will gain the ability to delegate to others
As your own boss and owner of your own company, you can delegate roles to others. How will you spend your time? Where do you best spend your time with the most efficient results? You can live by the 80/20 rule and delegate the busy work to others on your team so you can focus on the big picture.
This is a great way to build your business. If you run your own business, you can make such decisions. You don’t have to listen to the so-called expert advice of others. You decide. As long as you make the right decisions, there is no limit to how big you can grow this business.
You benefit from tax deductions
When you start and run your own business, you get a number of tax deductions that you don’t normally get when you’re employed by another company. Depending on where you live and in accordance with your community’s local, state, and federal regulations, these tax deductions can make a big difference in your overall tax situation.
All the money you invest in yourself to grow the business and all related business expenses are of course deductible. You should find a great financial advisor and accountant in your area and meet with them as often as possible to grow your business. There will be a steep learning curve at first.
But over time, you will develop the tools necessary for explosive growth.
You get an opportunity to invest in yourself
At the beginning of any career, it may be necessary to work for others. They invest their time to grow their business. You see it blossom and flourish before your eyes, and your work has a real impact on their bottom line. But running your own business gives you an opportunity to invest in yourself instead of someone else’s dreams.
When you run a business, the time you spend working on everything related to your business is an investment in yourself. You’re not helping someone else grow their bottom line, you’re helping your own grow. In return, you work on your dream. With every step, you build a legacy and lay a solid foundation for the future.
It offers you an opportunity to develop an asset
When you start a business, it doesn’t initially seem like you’re developing an asset. At first, it may seem like a frustrating expedition, having to learn from many costly mistakes. But a company, if properly developed, can turn into a very large asset.
When you put your time and energy into growing something, there’s no telling how valuable it can become. With every month you grow this business, it becomes more and more valuable. Depending on the revenue and the industry you’re in, your business could be worth 10 to 20 times your annual revenue if you were to ever sell. That’s huge.
It helps strengthen your character
There’s a pride in ownership when you run a business that just doesn’t exist when you work for someone else. This pride of ownership compels you to show care and attention to detail in all your work. You know deep down that every step you take and every decision you make with the company reflects back on you.
And when you genuinely care about what you do and genuinely care about your customers no matter what’s happening in your store, it helps build your character. You learn and achieve new understandings about things, growing, shaping, and shaping your character along the way. It’s very real and very empowering.
It gives you the opportunity to learn new skills
As an entrepreneur, you need to constantly educate yourself and expand your knowledge of your craft and your industry. As an employee, you can acquire skills, yes. However, depending on your position as an employee, this is probably not a requirement. However, learning new skills is a great way to increase your knowledge and become a more valuable employee, as you can see.
Still, as an entrepreneur, not only do you have an opportunity to learn new skills, it’s almost a necessity. Part of this is investing in yourself. And with each new skill, you learn, your ability to improve the business you are starting will increase significantly. It won’t happen overnight. But eventually, it will happen.
It gives you the opportunity to gain hands-on entrepreneurial experience
Business schools and economic theory can teach you a lot about the business world. It can allow you to learn important lessons from entrepreneurs who have weathered some of the toughest times in their lives. But it won’t give you the real knowledge that you can only get by working for yourself.
When you start and run your own business, you have no choice but to acquire all the real-world knowledge that awaits you. If you don’t do this, you will end up failing. Although you have almost no choice, it is a series of invaluable experiences that will help mold and mold you into a better person, that will allow you to better understand your desires and dreams and understand exactly what it is needed to be successful.
It allows you to overcome great obstacles
As an entrepreneur, you will face many obstacles. And these won’t just be small obstacles. You will encounter big stumbling blocks and even fail a few times. Maybe you’re running out of money and feel compelled to quit, even at the best of times. It will be extremely difficult and will take a toll on you emotionally, physically, financially, mentally, and even spiritually.
However, when you are backed into a corner and have no choice but to succeed, deep down something else takes over. You tend to gradually overcome these major obstacles. And with every major obstacle you overcome, you become a better person, better attuned to life, to the people, and to the world around you.
You get a shot for recognition
While no one should start a business just for recognition, when you start your own business you have a chance to be recognized for something you love from the start. Because when you’re doing what you love, you’re doing everything you can to do it the best you can.
That doesn’t just mean you’ll receive recognition through an award or through a governing body. Even if you only get credit from your customers for doing a great job, that’s all you need to feel some sense of accomplishment that comes with something like that.
It gives you the opportunity to create a real legacy in life
Running your own business gives you an opportunity to leave something behind. You can work on building a legacy as you build your business, something your children will remember. It doesn’t happen overnight; it happens over time as you work to build and grow this business.
Every time you’re passionate about what you do, you have a serious chance of building something of real value for people to remember you for. It’s not just a paycheck. While the money is nice, it’s not why you’re doing it. And when you’re passionate about your business, you can really build something remarkable.
It gives you the ability to inspire others
In the past, there have been many people who have inspired others by starting a business and staying with it. And some of the most famous people who have failed have inspired us the most with their stories. When you decide to start a business and really stick with it, some incredible things happen.
While I’m not going to sit down here and tell you that it’s easy in every way, it’s fulfilling as it helps you develop the tools to truly succeed in life. And when people around you see you doing it, they’ll be inspired to do it themselves. You realize that really anything is possible if you put your mind to it.
It helps you spot real talent in other people
Every entrepreneur is forced to really understand people and to recognize real talent in other people. Whether you hire these people as employees or just work with them, there’s a good chance you’ll meet some incredible people over the course of your business relationships.
And you’ll find that your business is only as good as the people you hire. This will force you to really learn how to identify the really talented people and differentiate them from the rest. You will find this skill invaluable to the success of your business.
You will discover the methods of building a solid team
You are only as good as your team. However, spotting talent and building a solid team don’t necessarily go hand in hand. You need to identify each employee’s strengths and weaknesses and make sure you put them together in small teams that thrive across the work environment.
You also need to make sure you have a healthy work environment for team members. This has as much to do with you and your state of mind and emotions as it does with them. Happy employees will thrive. If you sow an environment of fear and excitement, you won’t be able to build a solid team.
It enables you to design your ideal working environment.
One of the best parts of starting and owning your own business is the ability to create the work environment you desire. Not what others want. You can do this if you wish to establish a structured atmosphere. If you intend to create a fun environment for employees to be creative and thrive, you can do that too.
It depends on you. You can call the shots. You don’t have to go through anyone else to approve it. It is your wishes and ideas that will be realized. Anything you host can come into play because you are at the helm of the business. At the same time, this is tremendously empowering and inspiring.
It provides the path to fulfilling your purpose in life
Building a business is one of the surest ways to fulfill your purpose in life, whatever that may be. When you build a business around your personal mission, and that mission is to help others and spread a lot of value around the world, some tremendous things tend to happen.
While the learning curve may be steep, there is a cathartic sense of release to get closer to your deepest desires. This isn’t just about money; This is about doing something worthwhile in life and leaving behind something that people can remember you for. It is not only your legacy but also your mission – what you have always wanted to achieve in life.
It’s a surefire way to become an authority in your field
One of the natural byproducts of starting and growing a business is that you become an authority in your field. You spend so much time immersing yourself in the field and understanding all of its annoyances that you can’t help but become an authority. You’ll learn everything you need to know about the subject and master it along the way.
In return, people will ask you for advice. They become a central repository for all things pertaining to your business, field, and niche. People take notice. So do search engines like Google because people start sharing and linking to your content. Over time, of course, your popularity will increase with your income.
To Your Success!