Starting a business is an overwhelming yet incredibly rewarding endeavor. To know that you have built something from scratch, a business that has true long-term value is a feeling that is difficult to replicate. Although there will always be reasons to doubt yourself, and the timing of it, there are many reasons to start your own business. Here are some reasons to consider starting your own business, and see if these resonate enough to make that decision.
1) You have the time
The biggest resource you have on your hands is time – starting a business is definitely hard work, there is no getting around that. Dedicating the amount of time needed to get a business up and running is definitely a drain, but if you are committed, it is definitely doable.
2) You’re passionate about something
If you are willing to invest the time, it needs to a product or service that you are passionate about. A business will not survive if there is not a drive to succeed, and to propagate something that is truly meaningful. Take some time out to really think through about what you are passionate about, and how your potential business could contribute to that.
3) You have the capital
Both time and money tend to dictate when you will open a business. Acquiring capital for it will likely be an arduous task, but if you have some resources ready to invest, then starting a business will be much easier. Understanding what kind of revenue your business will generate, how much time it will take to potentially break even, and other scenarios is essential.
4) Increased flexibility
One of the biggest benefits a business offers is a greater degree of flexibility and independence. Though you may need to dedicate more time in the beginning to get operations up and running, over time, that will decrease. Owning your own business provides a sense of freedom and flexibility that is hard to find anywhere else.
5) You need a challenge
For many, working a routine 9-5 leads to complacency and a sense of boredom. Starting a business will be one of the biggest challenges you will face. If it seems like your professional career is stagnating, and you want to be challenged, then starting a business is one way to do so.
6) Increased tax benefits
There are many different tax benefits associated with owning your own business that make it an appealing option. Write-offs for expenses, as well as associated costs for starting a business can fall under this umbrella. The US Small Business Administration has some tips for deducting start-up costs, and understanding more about what tax benefits may be available to you will be a good factor in decision-making.
7) You won’t have to wonder about the “what-ifs”
There are always opportunities out there that aren’t pursued, and you are left wondering what could have been. If starting a business has been a professional goal, do not let it fall by the wayside. Yes, there is chance of failure but at least there will not be a sense of wonder associated with this goal.
8) Strike your own work/life balance
Another extremely important factor in making this decision is the ability to control both flexibility and work/life balance. Most other forms of employment do not allow for that, but this will make a huge difference to both your professional and personal life. Being able to control how much time you dedicate to work is a luxury that few can afford.
9) No risk = no reward
Starting a business is both risky and challenging, that much is true. But without taking the risk, you will not know what can be gleaned from the opportunity. Perhaps there will be great rewards, or success, or invaluable experience gained. Either way, you have no way of knowing what the opportunity will bring unless you choose to pursue it.
10) Push yourself out of your comfort zone
Part of continued and successful professional development and growth is learning to push yourself out of your comfort zone, even when the thought is terrifying. Starting a business will be one of the biggest tests of this, and there is valuable life and professional experience to be gained from doing so. Starting a business will mean pushing your limits, and understanding what you are capable of in the pursuit of success – and that is a new gift in and of itself.
Starting a business may seem like a nerve-wracking endeavor, but it can yield some truly great rewards and valuable experience. It may never be quite the “right” time to take a risk and set up a challenge, but there will always be a sense of wonder if this stone is left unturned.
Tax Tips for the Self-Employed
529 Savings Plans
The Advantages of Being an S-Corporation
Understanding Your Balance Sheet
How (And Why) to Create Your Business Budget
How to Invest Your Business Profits