Opening a business is a test of character. One of the first things you’ll probably hear is that new companies tend to fail more often than they succeed. Investopedia mentions that one-fifth of all new businesses shut down within the first year of opening. That’s even without a global economic downturn. So if it’s so risky to open a business, why would you even look at doing something like that? Why not save yourself the hassle of doing taxes and keeping accounting in order while finding money to pay employees? Owning a business doesn’t have to be a millstone. Here, we examine five advantages of owning your own business.
Get Paid to Do What You Love
The driving force behind many entrepreneurs is the drive to follow their passion. It can be said that not everyone with a desire can earn them money. However, that might be unproductive thinking. As The Balance SMB mentions, having a passion for a business idea usually translates into success for many entrepreneurs. However, if we want to explore this phenomenon, we need only to look at Mark Twain’s classic masterpiece Tom Sawyer. The lesson we learn from one of the young urchin’s many misadventures is that if one enjoys one’s work, one never has to work a single day in one’s life. If you’re getting paid to do what you love, it’s less likely you’ll see it as work, and more likely you’ll view it as a dream profession.
Be Proud Of Your Accomplishments
We may have left high school behind years ago, but even today, if we go back for a reunion, how many people can say they own and operate their own business? Entrepreneurs are intrinsically linked to their business and its performance. What the company achieves feels like a persona triumph to them. The pride that comes from such achievements cannot be understated. In many cases, these new business owners are making far more money at their job than they were when they worked for someone else. While the money alone isn’t a good enough reason to start up a business, it does tip the favour towards opening a company being a good decision. If your earnings are more than what you’d make at a nine-to-five grind, that’s just an added reason to feel proud of your achievements.
Work When You Want To
Most people despise having to work a nine-to-five because they’re required to wake up at a particular time every day and be at the office. In fact, this is why Jeff Romero decided to start his Utah SEO company, Octiv Digital. However, running your own business, allows you to set your own hours to get your work done. Most clients won’t care when you do their job, just so long as they get the results. Some business owners work better early in the morning, while others are more suited to working late at night. Regardless of when you’re the most alert, you can decide how you’re going to get your job done. Few companies offer that flexibility level, although a few have tried it in the past, to great success. Maybe if you have employees within your business, you should consider experimenting with flexible hours. You might be surprised at how much it increases your business’s productivity.
More Control Over Income
If a company has employed you, you only get paid because it gets its payroll sorted out on time. You’re constantly at the mercy of a business being able to pay you. Leaving your financial health in someone else’s hands might not be the best way to keep yourself balanced. In fact, not knowing when your next paycheck will come (or even if it’s coming) can have severe impacts on your mental health. Add to that the fact that your job security isn’t that great in a private enterprise, and you have a recipe for constant anxiety that could lead to all sorts of problems with your physical health. As a business owner, you get to control your income, and you can pick and choose which projects you want to do. While your earnings may reflect turning down jobs, you may get a reputation for being selective. Securing your income this way helps to give you peace of mind and balance your emotional state.
Doing It Your Way
You might not be Frank Sinatra, but Old Blue Eyes had the right idea. When you’re working for a company or a corporation that promises firewood for sale delivered direct to customers, you’re constantly at someone else’s beck and call. Sure, as a manager, you might have the power to influence certain decisions, but the lion’s share of those tasks falls to the executives and the board of directors. More often than not, managers spend a lot of time playing politics instead of getting work done. As the owner of your own business, you’ll have the sole say in whether something gets done or not. You can choose how you accomplish your goals. Being an entrepreneur empowers you to do what’s best for your company and lets you lead with a vision that ensures its success.
Why Start a Business?
If by now, you aren’t considering starting a business, then you’re probably doomed to remain working at a nine-to-five for a long time. For those who have already begun planning their own enterprises, these business benefits can give you some added incentive to speed up your exit from traditional employment. Business owners take the initiative, and these benefits play into that. A company can only truly see success when its owner understands and reaps the benefits that it provides.