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Ready to make that leap of faith? 

Today is the day to finally start your own business and reap the benefits of leaving your comfort zone. 

Motivation to start your own business starts with wanting to try something new. 

Beginning with an idea that excites you and materialised by planning and creating a detailed business plan, starting your own business may not be as complicated as you think. Are you asking yourself, should I start my own business? This might just be your sign to start your journey to being the CEO of your own company.

We’ve collated our top 12 reasons for starting a business to overcome any self-doubt you might be feeling.

1) You Get To Champion An Idea For A Product Or Service You Fully Believe In

Building and growing a community of consumers is a huge perk of starting your own business. 

As well as being in control of your success, you can share your new venture with like-minded people that also believe in your vision. Fulfilling your passion and dreams through your own business gives you the power to oversee your path and business journey.

Starting your own business and sharing a product or service you truly care about with the world is an unmatched feeling of satisfaction and pride. 

2) You Get To Be Your Own Boss

Say goodbye to mundane day-to-day tasks with little reward, it’s time to be your own boss.

A huge advantage of starting your own small business is the flexibility that comes with it. Whether it’s setting your deadlines, deciding how you want to sell or creating your own working environment, it’s all up to you. 

3) You’ll Experience A Change In Motivation

Sick of feeling unmotivated at work? There’s nothing quite like the feeling of believing in a product or service to feel excited about your day. 

Your business operations, activity, and path depend on you, an element of owning your own business that will help drive you to make each day as productive as possible. Watching as your outputs lead to promising and successful rewards will act as the catalyst for the continued enthusiasm and passion you have for your new venture.

Whether it’s waking up excited for your day to begin, or reaching and celebrating goals in your business journey, newfound motivation is widely experienced with your own business. 

4) You’ll Be One Step Closer To Financial Freedom

Financial independence is one of the most common motivators for starting your own business. It indeed takes determination and preservation to finally feel a sense of financial comfort, the ultimate achievement for all independent business owners.

Cultivating financial freedom starts with being your own boss, as there are no limitations on how hard you can work to achieve all your business goals.  

5) You Get Complete Ownership Of Your Work Life

Starting your own business means you can do what makes you happy, starting from how, when and where you work. 

Obtaining total ownership of your work-life means no more last-minute rushing to meet deadlines and pleasing company standards. Controlling your lifestyle and schedule elevates both your personal and professional life as you can make both work harmoniously together.

Starting a business is hard work, and a flexible schedule may not happen right away, but knowing the long hours you put in are directly benefiting you and your family is a huge advantage of starting your own business. 

6) You’ll Achieve True Job Security

The fate of your business journey is solely in your hands. That means you don’t have to work towards a promotion or be concerned about losing your position in a company. When you start your own business, you’re investing in your future, guaranteeing your own job security. 

7) You Can Exercise Your Creativity Without Restriction

Starting your own business not only provides new challenges every day but encourages you to push your productivity and creativity to new levels.

Stimulating your mind with activity within your business fuels your creative side with no restriction, creating the perfect working environment.

Being your own boss lets you make mistakes and directly learn from the outcome, constantly developing your understanding and knowledge of what it means to own a company.

It’s important to continuously stay creative through your business opportunities and solutions to adversity. 

8) You’ll Become An Expert In A Whole Manner Of Areas

One thing about starting your own business is that you have the opportunity to become an expert in a broad range of skills.

A huge part of running your own business is constantly adapting and learning to understand a wide set of skills and expertise.

Want to become a pro in your industry? Launch your own business to pick up knowledge and abilities you might not have thought you ever could.

Although you might have to take on a whole manner of areas at the beginning of your journey, as you and your small business grow, outsourcing these skills might be the best option. 

You might think your job role will entail daily operations, financing, and customer service. Here’s our list of skills and areas you will soon become well experienced in, as a small business owner:

  • HR decisions 
  • Inventory management
  • Social media management
  • Accounting
  • Graphic design
  • Marketing
  • Influencer management
  • Copywriting
  • Data analysis

9) You May Even Get Tax Benefits

The good news – government programs support and encourage small business entrepreneurship!

This means you can take advantage of tax breaks and tax incentives for your small business.

Government programs aim to reward your business endeavours with tax benefits, although it’s important to consult an accountant or financial planner to ensure you appropriately launch your business to reap the benefits.

Do you identify as a woman or are you a minority? You should consider accessing a wide variety of programs aimed to support and nurture your venture. This may include grant funding and rewards to help get your small business off the ground. 

We’ve collated the top small business tax benefits and deductions here:

  • Business insurance 
  • Contract labour
  • Education
  • Advertising and promotion 
  • Home office 
  • Office supplies and expenses 
  • Utilities 
  • Business meals

10) You’ll Get To Take On New Challenges Every day

Discovering new approaches and perspectives to your working life is a huge advantage of starting your own business.

Although it may be daunting to leave your comfort zone and start a company on your own accord, the benefits will eventually outweigh the risks. As a business owner, every day will bring challenges as no two days are the same.

This means every working day should be treated like a lesson, something you can continuously learn from and evolve with. 

Major setbacks can always be overcome with the right advice and guidance. Here are our most significant challenges for small businesses: 

Money management

The financial side of your business is entirely left to you, capital and funding may put pressure on your personal and professional environment. That’s why it’s important to invest time and energy into cash reserves and capital funding when needed. Money management is vital for the success and longevity of your small business. That’s why it may be worth your time to seek professional help.

Fatigue

Being your own boss is hard work, the long hours and demands can be difficult to manage and maintain. Exhausted entrepreneurs aren’t assets but can cause drastic negative overall impacts to your business. Fatigue not only damages your decision-making and cognitive skills but acts as a roadblock to achieve your goals and objectives. 

Regardless of passion and vision, running a small business can be tiring and lead to burnout. Always remember to prioritise yourself and your wellbeing, finding a pace that keeps the business running smoothly and you too!

Recruiting the right people

Developing your business plan is one part of starting your small business, once you’re off the ground it’s time to consider the right people to help you grow. Recruiting employees that share your beliefs and brand ethos can be difficult to find but it’s best to start with an interview process that filters the right from the wrong. 

11) You’ll Get The Opportunity To Improve Your Industry

Building a community of consumers who trust in your brand not only propels your small business but improves your industry. You can offer a product or service that encourages the industry around you to evolve and develop with a shared desire to progress. Pushing your industry forward with innovations and ideas is a huge win when starting your small business. 

Get inspired by these business owners that helped change the industry they served: 

 Max Levchin at PayPal
Vivian Kaye founder, KinkyCurlyYaki
Jennifer Lambert and Jihan Thomas, co-founders of SWIVEL Beauty
Sean-Doyle
Sean Doyle at British Airways
Sharmadean-Reid
Sharmadean Reid founder, WAH Nail and The Stack

12) You Can Start Multiple Businesses

Once your business is running smoothly and making strong returns, you might consider furthering your venture into different avenues of your industry or an entirely new direction. The biggest advantage to starting multiple businesses is diversifying the risk outcomes as each business won’t assume the risk of others. Along with putting your expertise to work, life won’t ever be boring. 

Looking to become a serial entrepreneur? Learn from these famous serial entrepreneurs and the businesses they own: 

Elon Musk
Alex Chesterman
Oprah Winfrey
Sir-Richard-Branson
Sir Richard Branson

Feeling inspired? Now is the time to start your own business with the support, advice, and guidance from My New Venture. Find out what your next steps should be here.

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