Advertising
Advertising

20 Reasons You Should Start Your Own Business

20 Reasons You Should Start Your Own Business

Becoming an entrepreneur easier than ever before—technology is shrinking the world, opening markets, and making it possible for many people to strike out on their own in the field of their dreams.

Yet, many who feel the tug of inspiration are afraid to take the leap.  Don’t be one of those people who look back and regrets not starting their own business.  Take control of your life, and your dreams.  There are countless great reasons for starting your own business, and I’ve gathered 20 of the most compelling here—but whatever your reasons, don’t hold back.  It’s time to start taking steps to take control of your own life, and there’s absolutely no better way to do that than to take ultimate control of your career, through starting your own business.

1. You Receive Many Tax Benefits

Living on a salary, as someone else’s employee, there’s little you can do to control your tax situation.  It’s simply a fact of life.  There are some things you can do to affect it, of course—using retirement plans, deferrals, special savings accounts, and the like, but your options are truly very limited.  On the other hand, starting a small business can transform your relationship with taxes.  The government is very supportive of small businesses right now, and is likely to continue to be.  You’ll be able to write off extraordinary amounts of your income, as long as you hire a good accountant (or educate yourself well on tax law). Bonus points if you can employ family members, even for small tasks—the money stays in the household, the tax write off helps the business, and your family has become a team that drives its own success.

Taxes

    2. You Make Your Own Job Security

    If you have skills in an industry that’s in demand, there’s no excuse for not starting your own business.  You never have to worry about whether or not you’ll be laid off when you start your own business, whether you’re up for promotion, or whether you’re going to be automated out of your job—because you’re the boss. As your own boss, you have another advantage, too.  Not only can you not be laid off, but you can take control of your company’s decisions.  You can move and change with the times.  Many companies fail because they fail to evolve, and as a mere employee, there’s little you can do about that when you’re employed by someone else.  As an industry leader, in charge of your own company, however, you’ll have the resources and decision-making capability necessary to stay current and competitive.

    Advertising

    3. You Can Network in Your Industry

    Passionate about your industry? You might think that the only way to get ahead and network with the superstars in your market is to get in with a big company—but in fact the opposite is often the case.  You’ll be pleasantly surprised how many doors a business card with “CEO” can open—even if you’re CEO over a grand total of one person.  That’s because it’s not just the size of the company that impresses people; by being an owner and taking control of your destiny, you’ve proven you have what it takes to make it. And that’s a very appealing trait in a colleague. Owning your own business means you have a lot more to offer when it comes to collaboration and negotiations, and it means you will have more insider knowledge in your industry.  It goes without saying that this makes you much more tempting to network with—and the bigger your network, the more people will want to network with you.  Watch your lists of contacts, partners, colleagues, and references grow.

    4. You Can Challenge Yourself to Learn New Skills

    Admit it—you sleepwalk through your day at your current job more often than you’d like to admit.  Why? Because when you work for someone else, you have an excuse to slack off on learning new skills.  When someone comes to you to ask you to do something you’re inexperienced with, you direct them to the “right” person. But what happens when the buck stops with you? In your own business, you quickly learn how to become the “right” person for every job. You’ve heard the saying, “If you want it done right, do it yourself.” Now go out there and embody it! As a small business owner, you’ll be learning a lot of new ropes.  Learning new things keeps you sharp, and staying sharp makes it even easier to acquire new skills.  This isn’t about just being successful in your career; it’s about being successful in life.

    5. You Will Become an Expert

    But it’s not just about learning to use Excel properly (finally), your new motivation to learn and learn more can take you much further than that.  As head of your own business, you won’t just learn how to competently carry out new skills, you’ll become an expert at the one’s you’re passionate about. Maybe right now you dabble in graphic design, and love it, but that’s not what you get paid for at your job.  Well, in your own company, you can take on as much of that responsibility as you like—and get paid for it.  And don’t forget those tax benefits—they’ll come in handy when it comes to training and taking classes in those subjects in which you want to become an expert.  Get and keep your certifications up to date, create a portfolio, and find out just how much of an expert you’re truly able to become, given the opportunity.  And the best part? As a business owner, you’re not depending on someone else to hand that opportunity over; it’s one you can give to yourself.

    6. You Can Connect with Mentors

    Networking is one thing—it’s great to have a digital Rolodex filled with names you can drop at the next convention, if you’re into that sort of thing.  But what’s better? Finding true mentors in your field.  You’ll find that people are willing (and excited) to help a motivated small businessman learn the ropes, and you can forge lifelong relationships with talented colleagues that would never have given you a second thought if you were on someone else’s payroll. And running your own business will give you more confidence in seeking mentors out, as well, because you’ll have little choice but to ask the questions you need answered if you want to be successful.  Necessity is a wonderful motivator.

    7. You Can Put Your Determination to the Test

    You have what it takes to start your own business. You’ve always thought so.  And yet, here you are, still riding someone else’s coat tails.  Why? Because you’ve yet to take that final step that proves you really do have what it takes.  Success is not all about inspiration; determination is thought by many to be the real factor.  Everyone knew the kid in school that always said they “could” have gotten that A if they’d studied, but they were content with a B.  Don’t be that kid.  You’re better than that. Prove to yourself you have the determination to be a true success, and stand on your own two feet.

    Advertising

    8. You Must Learn to Respect Yourself

    Putting your determination to the test leads to the next best reason to start your own business: learn some self-respect.  It’s not just determination that will make the path to self-respect that much sweeter.  Think about how many times, in the past, you’ve had to put your own self-respect aside to comply with the wishes of your boss, a manager, or a customer.  Sure, you’ll have to make concessions as the head of your own business—but you’ll be fully in charge of when, where, and how those concessions take place, if you do.  You’ll be the one in the driver’s seat, which means you’ll have to take responsibility for your own decisions; you’ll find that greater responsibility leads to greater self-respect, as well.

    9. You Can Create Jobs

    If you’re not part of the solution, you’re part of the problem.  The job market is not looking good these days, and starting your own business can create job security for more than just yourself.  Have an innovative idea, or a new strategy that’s going to take off?  Instead of feeding it to your boss and letting them take credit, be your own boss—and find the right talent out there to join you on your path to success. Small businesses create jobs and forge strong bonds in revitalized communities.  Be a catalyst for change in your own community.

    10. You Can Gain Financial Independence

    Financial independence sounds like a dream come true, doesn’t it? When you start your own company, it doesn’t have to be a dream.  You’ll be calling the shots when it comes to taking risks, deciding on investments and expenditures, and you’ll also be the one reaping the benefits when your hard work pays off.  You won’t have to depend on bonuses that are based on your boss’s whims or your company’s yearly success.  You’ll be the determining factor, and you won’t have your financial success snatched away because someone else on your team dropped the ball.

    11. You Can Shape the Market

    We’ve all sat around and talked about how our respective fields could be improved upon.  “If only someone would go out there and make some changes,” we’ve thought.  Well, stop thinking about it and do it already! If you’ve got ideas that can transform the marketplace, it’s time to put them to the test.  Maybe all of them won’t pan out, maybe some of them will, but either way, you can be part of the action instead of just an armchair analyst.  The point is, you’ll have your chance—you’ll have all of the chances you want—to make your mark in your own industry.

    12. You Can Share Your Story

    When you start your own company, it becomes an extension of yourself.  Your story—the story of your life, of your dreams, of your goals—becomes the story of your company.  Starting your own business gives you a chance to put your story on center stage.  It’s time to stop being a footnote to someone else’s story, and to take responsibility for writing your own. You’ll look back over the years at your successes and failures alike and feel a special fondness for them, because you chose them—you didn’t sit idly by and let someone else write your story for you.

    Advertising

    Story

      13. You Will Have Pride

      Everyone should have a sense of pride in their job, and no one has more pride in what they do than those who are head of their own company.  When your company succeeds, that reflects directly on you. When you risk failure to capture a big reward, that’s your risk, and your pay off—and a source of your own pride. When you work for a big company, you might be proud of your position, or your weekly presentation, or your raise, but none of that compares to the feeling of pride you’ll feel in the successes, large and small, of your own business. You’ll be proud of your accomplishments, of course.  You’ll be most proud, however, that you had the courage to set out on your own.

      14. You Will Create a Legacy

      Starting your own business gives you a chance to tell your story, to employ yourself, and to prepare for your own future.  But it does something else, as well.  It gives you the chance to create a legacy for your children, and their children.  You’re starting from scratch, but they won’t have to.  Your small, hard won successes today can lay a foundation for the future of your entire family line.  You might make a great salary now, but your inheritance can be so much more than just money; it can be a way for children to make their own way in the world.  An established business isn’t all you can leave behind, either.  You’ll be setting an example, on that tells your children that that their success is up to them.  Luck and chance can go in any direction, but determination, resolve, and responsibility are the real recipe for a fulfilling life.

      15. You Will Earn Recognition

      Recognition at your current company probably means getting a picture of yourself as employee of the month.  Maybe it’s more—maybe you’ll be recognized at a company dinner, or get a big promotion.  But unless you’re quite high ranking in the industry, you won’t be getting the kind of recognition you can as a business owner.  Make your mark on your industry and in your community as a business owner, and find out just what true recognition means.  You’re not just a cog in the machine that performed well, you’re a member of society that is able to contribute something meaningful and lasting, and be recognized for your accomplishments in an equally meaningful and lasting manner.

      16. You Can Inspire Others

      Right now, you’re digging deep to find the inspiration to strike out on your own.  And it’s quite likely that you’ve turned to others and their inspiring stories of success to provide you with motivation.  Won’t it feel great, one day, to know that your story inspired another go-getter, just like yourself?  Recognition, as described above, is about being recognized by many for making a big impact. But sometimes the most important impact we can make is much more personal.  Inspire the next you, the next genius, the next tycoon—and start today, by putting your business plan into action. You’ll move from looking for mentors to becoming one, and that’s an incredibly rewarding feeling.

      Advertising

      17. You Can Create Your Own Brand

      You have an eye for design, or for functionality, or for gadgets, or for fashion—you know what people want, and you can’t help but critique the mistakes you see made in your industry of choice.  You sigh at the decisions your boss makes, when you’re positive your plan would be better received.  That’s all well and good—but it’s time to realize that you could be correcting all of these mistakes, and making your own vision a reality.  Think that’s impossible because your boss would never approve your ideas? It’s more than possible—when you’re your own boss.  Create your own brand, and do it your way—find out if your muse has been right all along.  And when something doesn’t work, it’s only an opportunity to fine tune, improve, and create something even more exceptional.  Don’t be a slave to the whims of a company that doesn’t care about you; take responsibility for your own success and create a product, service, or experience that people will love.

      18. You Can Express Your Creativity

      And creating your own brand is only the beginning.  Think about every time you’ve had a flash of brilliance in the past, and had to discard it, because you simply didn’t have the resources to bring it to life.  As owner of your own business, you will have those resources, and you’ll have the ability to put your ideas into action.  You won’t be tied down to the company formula, because you’ll be writing your own formula as you go along.  You’ll be allowed to take creative risks, to do what no one else will, or what no one else has thought of.  And the best part is that you’ll be able to take full credit for your creative insights.  You’ll find that as you put your creativity into practice, even more creative ideas will assert themselves.  Creativity is like a muscle: use it or lose it.  There’s no better way to exercise your creativity than being your own boss.

      19. You Will Be the Captain of Your Own Ship

      Life can be a stormy sea, and too many people trust someone else to be the captain of the vessel that carries them along.  Don’t relegate yourself to being just another hand on deck.  You know that you have what it takes to navigate the storm, to be the captain of your own life, so why would you pass on that responsibility?  If you want to venture into uncharted territory, you can start your own business.  If you want to play it safe, you can do that too.  The important thing is, that you’ll be able to decide on your own, do your own research, and carry out your decisions with full confidence.  You can’t do that when you’re depending on a boss or a manager to see you safely through life. But you can, when you have your own business.

      Ship

        20. You Can Change the World

        Sounds a little on the dramatic side, doesn’t it? But it really isn’t.  You absolutely can change the world when you start your own business.  Being a small business doesn’t mean having a small footprint.  And some of the most influential companies today started out small—look at Facebook, started in a college dorm.  It’s gone on to reshape the way people think about socializing, to change the very manner in which people live their lives.  Google started small as well, and no one can deny that it’s changing the world.  Even if your venture doesn’t become a mega-company, however, that doesn’t mean you’re not in a position to change the world.  Creating something lasting, something that shapes your future, the future of your family, and the future of your community is very much an opportunity to change the world itself.  Who knows how much of an effect your ideas and goals can have?  Only you—and you can only find out by taking the leap.

        It’s time to take action. Take a small step today.  Whether it’s drawing up a business plan, making a few notes, or making a phone call, your journey will begin with just one step.  Set some small goals.  Congratulate yourself for meeting them.  You’ll find that small goals soon become larger ones, and those will set you on your path to greatness.  The reasons above are motivation enough—but surely you have your own, personal reasons as well.  Ponder those, and you’ll come to the inevitable conclusion that the only sensible thing to do is follow your dream.

        Featured photo credit: thwolfofwallstreet.com via thewolfofwallstreet.com

        More by this author

        20 Reasons You Should Start Your Own Business

        Trending in Work

        1 7 Powerful Steps to Achieve Career Success 2 The Savvy Employees Guide to Asking for a Raise 3 How to Master the Art of Stress Free Work 4 23 Things to Keep in Mind When Preparing for an Interview 5 20 Critical Skills to Add to Resume (For All Types of Jobs)

        Read Next

        Advertising
        Advertising
        Advertising

        Last Updated on December 3, 2019

        7 Powerful Steps to Achieve Career Success

        7 Powerful Steps to Achieve Career Success

        I often hear people say, “I want to be successful but don’t know where to start” or “I’ve achieved career success yet I’m not happy.” And then I ask, “what does career success mean to you?” And many have a hard time articulating their response with much conviction.

        It’s common that people lack clarity, focus, and direction. And when you layer on thoughts and actions that are misaligned with your values, this only adds to your misdirected quest to achieve your career success.

        A word of caution. It’s going to take some time for you to think about and work on your own path for career success. You need to set aside time and be intentional about the steps you take to achieve career success. In my opinion, this step-by-step guide is apart of your life philosophy.

        1. Define Career Success for Yourself

        Pause. Give yourself time and space for self-reflection.

        What does career success mean to you?

        This is about defining your career success:

        • Not what you think you ‘should’ do
        • Not what people may think of you
        • Not adjusting to friends and family’s judgements
        • Not taking actions based on societal or community norms

        “A flower does not think of competing to the flower next to it. It just blooms” – Zen Shin

        When you strip away all your external influences and manage your inner critic, what are you left with? You need to define career success that best suits your life situation.

        There’s no fixed answer. Everyone is different. Your answer will evolve and be impacted by life events. Here are a few examples of career success:

        Advertising

        • Work-life balance
        • Opportunities for growth and advancement
        • Feeling valued that my contributions had an impact

        Now even as you reflect on the examples above, the descriptions are not specific enough. You’ve got to take it deeper:

        • What do you mean by work-life balance?
        • What do you consider to be opportunities for growth and advancement?
        • How do you like to be recognized for your work? How do you know if your contributions have had an impact?

        Let’s take a look at some potential responses to the questions above:

        • I want more time with my family, and less stress at work
        • I want increased responsibilities, to manage a team, a higher income, and the prestige of working at a certain level in the company
        • I’d like my immediate leader to send me a thank-you note or take me out for coffee to genuinely express her or his gratitude. I’ll know I’ve made an impact if I get feedback from my coworkers, leaders and other stakeholders.

        Further questions to reflect on to help narrow the focus for the above responses:

        • What are some opportunities that can help you get traction on getting more time with your family? And decrease your stress at work?
        • What’s most important for you in the next 12 months?
        • What’s the significance of receiving others’ feedback?

        Now, I’m only scratching the surface with these examples. It takes time to do the inner work and build a solid foundation.

        Start this exercise by first asking what career success means to you and then ask yourself meaningful questions to help you dig deeper.

        What types of themes emerge from your responses? What keywords or phrases keep coming up for you?

        2. Know Your Values

        Values are the principles and beliefs that guide your decisions, behaviors and actions. When you’re not aligned with your values and act in a way that conflicts with your beliefs, it’ll feel like life is a struggle.

        There are simple value exercises that can help you quickly determine your core values. This one designed by Carnegie Mellon University can help you discover your top 5 values.[1]

        Once you have your top 5 values keep them visible. Your brain needs reminders that these are your top values. Here are some ways to make them stick:

        Advertising

        • Write them on cue cards or notes and post it in your office
        • Take a picture of your values and use it as a screensaver on your phone
        • Put the words on your fridge
        • Add the words on your vision board

        Where will your value words be placed in your physical environment so that you have a constant reminder of them?

        3. Define Your Short-Term and Long-Term Goals

        When writing your short-term and long term life goals, use the SMART framework – Specific Measurable, Attainable, Relevant, and Time-bound. Treat this as a brainstorming exercise. Your potential and possibilities are limitless.

        How you define short-term and long-term is entirely up to you. Short-term can be 30 days, 90 days, or 6 months. Maybe long-term goals are 4 months, 1 year, or 10 years.

        Here are a few self-reflection questions to help you write your goals:[2]

        • What would you want to do today if you had the power to make it the way you want?
        • If no hurdles are in the way, what would you like to achieve?
        • If you have the freedom to do whatever you want, what would it be?
        • What type of impact do you want to have on people?
        • Who are the people you most admire? What is it about them or what they have that you’d want for your life or career?
        • What activities energize you? What’s one activity you most love?

        Remember to revisit your core values as you refine yours goals:

        • Are your goals in or out of alignment with your core values?
        • What adjustments do you need to make to your goals? Maybe some of your goals can be deleted because they no longer align with your values.
        • How attainable are your goals? Breakdown your goals into digestible pieces.
        • Do your short-term goals move you towards attaining your long-term goals?

        Get very clear and specific about your goals. Think about an archer – a person who shoots with a bow and arrows at a target. This person is laser focused on the target – the center of the bullseye. The target is your goal.

        By focusing on one goal at a time and having that goal visible, you can behave and act in ways that will move you closer to your goal.

        4. Determine Your Top Talents

        What did you love doing as a kid? What made these moments fun? What did you have a knack for? What did you most cherish about these times? What are the common themes?

        What work feels effortless? What work do you do that doesn’t seem like work? Think about work you can lose track of time doing and you don’t even feel tired of it.[3]

        Advertising

        What are your desires? Try it out. Experiment. Take action and start. How can you incorporate more of this type of work into your daily life?

        What themes emerge from your responses? How do your responses compare to your responses from the values exercise and your goals?

        What do you notice?

        5. Identify ‘Feeling’ Words You Want to Experience

        Do you have tendencies to use your head or heart to make decisions?

        I have a very strong tendency to make rational, practical, and fact-based decisions using my head. It’s very rare for me to make decisions using my emotions. I was forced to learn how to make more intuitive decisions by listening to my gut when I was struggling with pivotal life decisions. I was forced to feel and listen to my inner voice to make decisions that feel most natural to me. This was very unfamiliar to me, however, it expanded my identity.

        Review this list of Feeling Words. Use the same technique you use for the values exercise to narrow down how you want to feel.

        Keep these words visible too!

        Review your responses. What do you observe? What insights do you gain from these responses and those in the above steps?

        6. Be Willing to Sit with Discomfort

        Make career decisions aligned with your values, goals, talents and feelings. This is not for the faint hearted. It takes real work, courage and willingness to cut out the noise around you. You’ll need to sit with discomfort for a bit until you build up your muscle to hit the targets you want.

        Advertising

        Surround yourself with a supportive network to help you through these times.

        “These pains you feel are messengers. Listen to them” – Rumi

        7. Manage Your Own Career

        Not to be cynical, but no one can make you happy but yourself. If you don’t take control of your career and manage it like your own business – no one will.

        Discern between things that you can control and what you can’t control. For example, you may not be able to control who gets a promotion. However, you can control how you react to it and what you’ve learned about yourself in that situation.

        Summing Up

        For many who have gone through a career change or been impacted by life events, these steps may seem very basic. However, it’s sometimes the basics that we forget to do. The simple things and moments can edge us closer to our larger vision for ourselves.

        Staying present and appreciating what you have today can sometimes help you achieve your long-term goals. For example, if you’re always talking about not having enough time and wanting work-life balance, think about what was good in your work day? Maybe you took a walk outside with your co-workers. This could be a small step to help you reframe how you can attain work-life balance.

        Remember to take time for yourself. Hit pause, notice, observe and reflect to achieve career success by getting deliberate and intentional:

        1. Define Career Success for Yourself
        2. Know Your Values
        3. Define Your Short-Term and Long-Term Life and Goals
        4. Determine Your Top Talents
        5. Identify ‘Feeling’ Words You Want to Experience
        6. Be Willing to sit with Discomfort
        7. Manage Your Own Career

        “When you stop chasing the wrong things you give the right things a chance to catch you.” – Lolly Daskal

        Good luck and best wishes always!

        More Tips on Advancing Your Career

        Featured photo credit: rawpixel via unsplash.com

        Reference

        Read Next