Why start up your own business?

Considering starting up your own business? Maybe you’ve had a business idea for years but have been too scared to take the plunge.

Perhaps you’re just sick of working in a dead end job and love the idea of starting something up of your own and reaping the rewards that come with it. It’s a big step and something you should think carefully about before going ahead, but if you decide to start your own business, here are a few reasons why it could be a great idea!

You can start a business based on your passions

Many of us fall into jobs and careers, they’re not necessarily what we always dreamed of doing. Sometimes, jobs we take as stop gaps end up becoming permanent. In many instances we take whatever job we can at the time because we need the money, and find it difficult to make the switch to what we really want to do later on as we have no other experience. Chances are you had real ambition and passion about what your career would involve when you were young, and when you get older and start out in the world of work it can be disheartening when you end up somewhere that you don’t really fit.

Starting your own business allows you to make a change, you get to begin a venture in an area that you’re passionate about. If you love sports and the outdoors, you could sell sportswear or start up a tutoring business for teaching sports. If you love cars and vehicles, you could buy and sell them for a profit, start a valeting business or a car garage. When it comes to motor insurance for these kinds of businesses, if you’re wondering ‘what are the traders policy rules?’ there’s lots of information online. If you have a hobby or passion, starting your own business allows you to explore and indulge this meaning your work is much more rewarding.

You can earn in a flexible way

Standard jobs aren’t very flexible. You have set hours or shifts that you have to attend, and even if you’re a few minutes late it can lead to disciplinary action or even losing your job. For this reason, you have to fit the rest of your life around your job- rather than your job around your life. If you’re caring for a family member or loved one, or raising children then this is far from ideal. It’s also not great if you sit and think about how these are essentially the best years of your life and they’re being dominated by your job (possibly a job that you dont even like).

Running your own business on the other hand gives you flexibility. As the boss, you get to call the shots, you choose your working hours and you can easily adapt what you do around other things in your life. As your business picks up and begins to generate more income, you can hire people to do the work for you and run things from the top. It’s not to say that this will happen right away, setting up a successful business takes a lot of effort and hard work in the beginning and you will likely be working a lot more to begin with. But eventually, it does pay off and you get that flexibility that you wouldn’t in most other types of work. 

You’ll be healthier mentally and physically

Working a stressful job that you don’t get any enjoyment out of can suck the joy out of life. When most of us work up to forty hours a week, it makes sense that if you’re unhappy here then you’re going to be generally unhappy throughout your life. Throw in a long commute, an overly stern boss, annoying work colleagues and a lack of flexibility and it’s no wonder that some of us can end up so unhappy.

Research shows that working for yourself makes for happier and healthier individuals. If you work from home then cutting out travel time frees up more time to enjoy hobbies or spend with your family. Being able to work hours you choose means you can get to work at times where you’re naturally more energetic and your brain is working to full capacity- not everyone is cut out for waking up at the crack of dawn and powering through difficult tasks! More time and flexibility means you’re likely to eat better an exercise more than you would if you were in a standard workplace which will of course have great impacts on your mental and physical health too. 

You get to learn new skills

As a business owner you have many plates to keep spinning, there are lots of things you need to know about and understand to give your venture the best chance. For this reason, you’re always learning, unlike with other jobs where it’s easy to fall into a rut. Not only can you learn as you go along, but you can take academic courses online in your free time to expand your understanding further. Leadership, accounting and marketing courses are all ideas which could boost your skills and improve your knowledge as a business owner. 

You improve your income potential

As an employee, your earning potential is limited. Unless you do extra hours, you’ll be paid a set amount- this can be a good or bad thing. As a business owner, you of course have the risk of earning no money or even losing money if things go badly, but if things go well you could earn a whole lot more. In fact, the sky’s the limit and when business is going well you could end up with significant amounts of cash.