Benefits of Starting a Business
So, you've thought about starting your own business. However, that raises one big question: how? Entrepreneurship is an incredibly broad topic, and it's easy to get overwhelmed if you don't know where to start.
Running a business can be incredibly rewarding for people who really have the passion to do it. Before we discuss how exactly to get started, here are some of the benefits of being your own boss.
Flexibility
In general, owning a business can open you up to a more flexible lifestyle. Being your own boss means you have the freedom to set your own daily schedule, rather than sticking to an employer's. This doesn't mean owning a business is easy or requires less work. In fact, running a business is arguably harder and often requires more work than being an employee. Expect to work long hours, especially when you're starting out. Despite your workload, your days will still be more flexible, which is a big plus.1
Job Security
In short, you can't be laid off or fired if you're the owner. You will have to keep a close eye on the market and how your company is doing. However, being an owner means knowing you're not at risk of losing your job without warning.1
Legacy
When you own a business, you have the ability to pass it down to the people you care about. You may choose to run a family business, where your children and grandchildren can continue on what you started.
Excitement
It cannot be said enough: running a business is hard, and it's not for everyone, but it's never boring. As a business owner, each day will likely be a new experience. To some people, it's a way of breaking out of a repetitive, 9-5 "grind" type of job. Getting out of their "comfort zone" is just what they need in order to give their lives a bit more spice.
Fulfillment
If you're starting your own business, chances are it's more than just a job for you. Most business owners are driven by a clear mission. As a business owner, your work often feels more meaningful than just being a cog in a machine, as it's a given the goals of your business align with your own.
This is probably the biggest reason people start their own businesses. It gives them the opportunity to do what they want to do. They get the ability to make choices and decisions themselves on how they want to run their business, based on their understanding of the market. Also, while starting a business requires risk, they can directly enjoy the rewards of their work, and decide who gets paid what.2
As mentioned earlier, owning a business is one of the most rewarding and fulfilling careers, and many owners take great pride in what they do. It also means creating jobs, giving community members a way to support the mission of your business and the community as a whole.
Next Steps
Now that you understand the benefits of running your own business, read about what you'll need to know to get started in the next article.
Sources
2Kevin Lust, Director, Springfield SBDC: Discussion on 12/11/17
3https://s3.amazonaws.com/mentoring.redesign/s3fs-public/700-SCORE-Nav-infographic-How-Do-Americans-Support-Small-Businesses_0.jpg (infographic source)
