20 Reasons to Start Your Own Business

By October 10, 2019 December 10th, 2019 Guides and Information

Today, starting a business is easier than ever before due to advance technology. There are more opportunities that are available in the market. Hence, it is now possible for you to fulfill your dream of becoming a business owner.

Are you one of those people who are destined to become an entrepreneur? Perhaps from the time that you have graduated from school, or even prior to that, you are already eager to start your own business and make it successful. Nothing can stop you from turning your dream into a reality.

However, there are some people who are afraid of starting their own business. They are scared to take the plunge because it is full of mysteries. Don’t be one of those people who regret not having a business of their own. You have to be responsible for your life as well as your dreams.

If you are an entrepreneur, then you probably know that there are numerous reasons why you should not get yourself involve in any type of business. They say that it is very risky, you can’t have enough sleep, you will accumulate a huge amount of debt, your social life will be greatly affected, and there’s so much more.

But despite having these uncertainties, there are still some people who are interested in the startup world. There are a lot of reasons why you should take the leap and start your own business.

If you are really interested in becoming an entrepreneur, then keep in mind that there are a lot of benefits that come with it. There are numerous reasons why you should start your own business. Here, we’ve collected 20 of the most captivating ones. But no matter what your reason is, you should not hold back. You should start taking steps in controlling your life. And the best way to do this is to take control of your career by starting your own business.

1. More Spare Time

It will probably take some time before you can enjoy this. During the early stage, you probably need to work for more hours with lesser pay. However, once you become an expert, then you can create an effective schedule where you can enjoy the freedom of being an entrepreneur.

Having more spare time means that you can be with your friends and family more often. But remember that you can only do this after you have already established your business. During this time, you will have several employees working for you and they will handle most of the important responsibilities. Never expect that you will have more spare time unless you reach this stage. The fact is you have to anticipate much less.

2. Enjoy Many Tax Benefits

As an entrepreneur, you can take advantage of some tax incentives. You will be able to write off some of your expenses including food, travel, telephone bills, and a lot more. Most startups can even benefit from government incentives. An accountant can help you in understanding what tax benefits are available for you.

As an employee who depends on his salary, there are only little things that you can do when it comes to controlling your tax payments. This is a fact of life that you have to accept. Apparently, there are some things that you can do to change your tax such as special savings accounts, deferrals, retirement plans, etc. Unfortunately, there are only limited options.

On the contrary, building your own small business can definitely change your tax situation. The government is continuously supporting small business owners. You are given the chance to write off any additional amounts of your income, provided that you get your own accountant. You could enjoy additional perks if you choose to hire family members, even if the task is only minimal. The tax write-off is very beneficial to your business. Additionally, by hiring your family members, you can build an excellent team that can bring success to your business.

3. Share Your Story

Most often, if you tell other people that you have your own business, they become excited and feel curious about this. They want to know what is the key to making a business successful. How did you do it and what is its current status? You can share your story with them. Be sure to include everything from your failures to your successes. Contrastingly, if you are working in a corporation, there is not much to tell.

If you start your own company, then you can consider this as an extension of yourself. You can create a story about your company which consists of your life, dreams, and objectives. Having your own business gives you the opportunity to put your story in the limelight.

It gives you a nice feeling to be totally responsible for writing your own story. As the years go by, you will look back at your failures and successes. This can make you feel proud because you chose this. You have accomplished something big rather than just sitting around doing nothing. Do not let other people write your story, you have to do it yourself.

4. Establish a Sense of Pride

Sometimes after you have accomplished tough tasks, it makes you feel proud. Pride is not totally bad. The fact is it can boost your self-worth. You are giving credit to yourself after successfully doing something worthwhile such as building a successful company.

Starting a business is not an easy task. You have to work hard so it can move forward. As an entrepreneur, you should not easily get discouraged when facing challenges. Keep on believing that you can accomplish big things. Have you experienced feeling great after accomplishing something successful? You once had a vision and when you have accomplished it, you can proudly say “I did this.”

On the other hand, it’s difficult to feel proud when you are accomplishing tasks for your employer.

5. Create Your Own Job Security

Have you experienced being laid off or getting fired from your company? If so, then you will know what this is. As an entrepreneur, you are always secured knowing that you are your own boss. Remember that you are running the show, hence, no one will fire you or let go of you.

If you have special skills and extraordinary talent in certain industries, then it would only be practical that you should start your own business. By starting your own business, you don’t have to worry about getting laid off from a company. Simply because you are the boss. Additionally, since you are the boss, then you are in charge of making important decisions in your company. It’s ok to make some changes every now and then. There are several companies that experience failure because they refuse to evolve.

As an employee working for a company, there is not much that you can do about it. However, as a leader in your company, you are capable of doing anything you want so you can keep up with the latest trend while being competitive.

6. Leave A Legacy

By building your own business, you can prepare for the future. You are creating a legacy for your family. The success that you have earned today can be a great foundation for the future of your family. Aside from leaving an established business behind, you are also setting a good example. If they want to become successful, then they must be responsible and determined.

On the other hand, if you are just an employee, then it will be hard to pass your career on to your children. But if you are a business owner, then this is something that you can pass on to your children and their children. It can make you feel proud that you have established it.

7. Do Good Deeds

Although this is not only meant for entrepreneurs, it is certainly a benefit. Since you are the owner of your company, then you can control where your profits go. If you want, you can give them to charities or any non-profit organizations. This is one of the best perks of being a business owner.

8. Create Networking

Entrepreneurs love meeting each other. They love sharing stories and learn more about each other’s experiences. As an entrepreneur, you will gain a lot of friends and acquaintances along the way. There will always be new ones who will seek your advice in order to survive. You will be sharing the challenges that both of you have experienced.

9. Get a Mentor or Become One

One of the best experiences of being an entrepreneur is you’ll get the chance to have mentors and become a mentor yourself. You can learn a lot of valuable things from these perceptive mentors. As you become more skilled, you could become a mentor yourself and share your knowledge and experience with someone else.

Learning a lot of things from the experts and extending your help to newbies can give you a wonderful feeling of satisfaction. As a beginner, you won’t have to worry if you have less experience because the entrepreneurial community will always be there to lend you a helping hand.

10. Become an Expert

This is more related to mentorship. Regardless of what kind of industry you are involved with, you can become excellent at it if you’ll just try to stick with it. You can help beginners by writing about your expertise.

11. Explore New Experiences

As a human being, it is only natural for us to enjoy having new experiences. But most often you won’t be able to experience a lot of things by staying inside your cubicle. But when you are running your business, you can always assure that you will have new challenges in life.

12. Develop New Skills

As an entrepreneur, there are a lot of things that you must learn. Some of these things include social media, SEO, pay-per-click, and other types of marketing techniques. Although you may not want to learn these things, they are a must if you want to survive. Other skills that you need to learn are balancing a budget, creating a spreadsheet, and numerous skills that you must force yourself to learn. Although learning these skills is quite challenging and may take some time, yet it can definitely pay off. These skills are priceless, and they will stay with you throughout your life.

13. Receive Recognition

There are local, regional, and national organizations that value the hardships of entrepreneurs. To show their appreciation, they give entrepreneurs various types of awards. However, this should not be the only reason why you want to build your own business. But wouldn’t it be nice when you can receive some recognition for your hard work.

14. Become More Determined

Everything that you do for your business can create a huge impact on your life. Perhaps you might be the type of person who is not good at committing to changes. But when you start your own business, this can definitely change. You will become more determined and dedicated to your goals. If you have your own family, then you can become a good husband and father because of the determinations that you have acquired.

15. Learn to Reinvent Yourself

Some entrepreneurs have started various businesses and sold them to other companies. If you have experienced selling a company, then you may find yourself reinventing all over again. On the other hand, if you were an employee working on your cubicle, then you don’t get the chance to recreate yourself. The best thing about being an entrepreneur is you can do whatever you want to do.

16. Gives You Financial Freedom

The truth is, one of the greatest reasons why people decide to build their own business is to obtain financial freedom. There are a lot of definitions of financial freedom. It could be unlimited cash, retirement supply, or having the cash to buy whatever you want. Fortunately, as an entrepreneur, you can achieve all of these. Although money cannot buy you happiness, yet it can help you find happiness.

17. Create Job Opportunities

It can make you feel satisfied knowing that you were able to provide several job opportunities to a lot of people. Because of your ideas, your employees earned a living, which in turn was used to support their families. Ultimately, you give them the chance to fulfill their own dreams.

18. Build Your Own Brand.

Being recognized for something can give you a wonderful feeling. You could be known as the software guru, the marketing guy, or any other names. No matter what it is that you are recognized for, it’s fun creating that brand and gaining recognition for it.

19. Change the World

When someone starts a business, we often hear them saying that they are going to change the world. Perhaps this is something impossible to accomplish if you are just selling products in a kiosk. However, there are entrepreneurs such as Bill Gates, Elon Musk, and others who have changed the world in their own little or big way.

20. What Is Your Reason?

Here, we have given you different reasons why you should start having your own business. How about you? What is your reason for starting your own business? For sure, it will be a good one.

Lydia

About Lydia

A keen money saver and online digital marketer. I love all things online from a good deal to the conversion rates of an email marketing campaign :).