Why set up a business?

Here’s why over half a million people set up a new business last year…

The idea of setting up your own business can be exciting, inspiring and very scary. For some, it’s just a dream that will never become a reality. For others, as much as the concept of being a small business owner incites fear, it’s also a challenge they’re willing to tackle. If you’ve been toying with the idea of striking out on your own, there’s no better time than the present. Here are several reasons why others have taken the plunge and set up their own business.

You’ve got an awesome idea

Your product or service is unique; you know exactly who your target audience is and that they’re going to LOVE what you’re offering. The concept is often the hardest part, once you know what your business will sell, or do, you’re on your way. From the initial idea, you can begin to develop a brand and begin trading.

You can learn how to complete official paperwork, manage accounts and become a marketing whizz, but remember, a business is nothing without a strong concept. Once you’ve got that, you’re on to a good thing.

Why set up a business

You can see a better way of doing something

As humans, we love to complain – about everything. If you’ve discovered a better, more efficient, cheaper or more exciting way of getting a job done, then turn it into a business, and encourage others to join your way of thinking.

When the first “compare the market” websites came into existence, the process of buying insurance, holidays and hotels changed drastically. Consumers realised that one website could save them time, money and energy when buying essential services. As a society, we want what we want and we want it quickly and cheaply. If your business can save consumers cash and simplify day-to-day tasks, then you’re onto a winner. The same goes for products, if you’ve designed something that does a better job than the competition, consumers will flock to you. There’s no reason not to get started.

You’re bored of your day job

Job satisfaction is paramount to a happy existence. There’s only so long you can last in a working environment that isn’t fulfilling your ambitions or goals. Setting up a business is the perfect way to incorporate what you’re interested in, or knowledgeable about, into your work life. If you’re passionate about something, you are more likely to dedicate the time and energy needed to make it succeed. Explore your interests, is there a credible business idea there? What do you need to do to get started? Research your options and start working towards something you’ll never tire of.

Read our blog on when to quit your day job to see if you’re ready to go solo.

You can be your own boss!

Anyone who’s ever had an employer they didn’t get along with has dreamed of what it would be like to never have to answer to anyone else again. Setting up your own business means you’re the boss, you can organise the way tasks are completed, set the deadlines, and throw yourself a work drinks night whenever you feel like it! Your office is wherever you choose, and you’re free to keep whatever hours suit you. Night owls rejoice!

This freedom can be overwhelming and result in procrastination, but ultimately, being a business owner is an experiment in scheduling and multitasking, except you are the one completely in control. Give yourself a verbal warning if you need to, just get it done. Once profit is being made, you’ll be glad you put in the hard work.

To be your own boss, you need to understand your skills and weaknesses. Be honest with yourself, what can you bring to the table? What might you need to outsource?

Why set up a business

It’s really not that hard, so why not?

That’s not to say it’s easy, but if you believe everything the media and statistics have to say, you’ll never get started. 50% of businesses may fail in the first year, but who’s to say your project can’t be the other 50%? Depending on your business idea, you might not need a large capital to get started. Establishing yourself as a sole-trader is free and setting up a partnership involves signing a single document and £20.

The key to creating a start-up is being aware of everything you will need before you even begin. Get organised, plan, and don’t get disheartened by setbacks. Google wasn’t built in a day, all corporations started somewhere.

Want to make it work? You’ll need some guidance

Seeking help and advice in the early stages can mean the difference between success and failure. Lucky for you, we’ve got just the thing! My New Venture is chock-full of expert advice to help you on your entrepreneurial journey. We’re dedicated to making sure you’re in the 50% of young businesses that succeed. Click here to learn more.

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