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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.

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    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.

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    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.

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    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.

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      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.

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      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.

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        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

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        20 Reasons You Should Start Your Own Business

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        Last Updated on April 6, 2020

        How to Make a Career Change at 50 for Great Opportunities

        How to Make a Career Change at 50 for Great Opportunities

        Turning 50 is a milestone in anyone’s life, after all you are half way to 100! But seriously, turning 50 is often a time in life when people can sit back and take a look at where they’ve been and contemplate what the future holds.

        Can you change careers at 50? It’s not uncommon for people in their 50’s to consider a career change, after all if you’ve spent 20 to 30 years in a career, chances are that some of the bloom is off the rose.

        Often, when we are starting out in our 20’s, we choose a career path based on factors that are no longer relevant to us in our 50’s. Things like our parents’ expectations, a fast paced exciting lifestyle or the lure of making a lot of money can all be motivating factors in our 20’s.

        But in our 50’s, those have given way to other priorities. Things like the desire to spend more time with family and friends, a slower paced less stressful lifestyle, the need to care for a sick spouse or elderly parents can all contribute to wanting a career change in your 50’s.

        Just like any big life changing event, changing careers is scary. The good news is that just like most things we are scared of, the fear is mostly in our own head.

        Understanding how to go about a career change at 50 and what you can expect should help reduce the anxiety and fear of the unknown.

        What are Your Goals for a Career Change?

        As in any endeavor, having properly defined goals will help you to determine the best path to take.

        What are you looking for in a new career? Choosing a slower less stressful position that gives you more time with family and friends may sound ideal, but you’ll often find that you’re giving up some income and job satisfaction in the process.

        Conversely, if your goal is to quit a job that is sucking the life from your soul to pursue a lifelong passion. You might be trading quality time with family and friends for job satisfaction.

        Neither decision is wrong or bad, you just need to be aware of the potential pitfalls of any decision you make.

        Types of Career Changes at 50+

        There are four main types of career changes that people make in their 50’s. Each type has it’s unique set of challenges and will very in the degree of preparation required to make the change.

        Industry Career Change

        In this career change, a person remains in the same field but switches industries.

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        With an industry change, a person takes their set of skills and applies them to an industry that they have no previous experience in.

        An example would be a salesperson in the oil and gas industry becoming a salesperson for a media (advertising) company. They are taking their skill set (selling) and applying it to a different industry (media).

        This type of career change is best accomplished by doing a lot of homework on the industry you want to get into as well as networking within the industry.

        Functional Career Change

        A functional career change would be a change of careers within the same industry.

        For example, an accountant at a pharmaceutical company who changes careers to become a human resources manager. It may or may not be with the same company, but they remain within the pharmaceutical industry. In this case, they are leaving one set of skills behind (accounting) to develop a new set (human resource) within the same industry.

        In a functional career change, new or additional training as well as certifications may be required in order to make the switch. If you are considering a functional career change, you can start by getting any training or certifications needed either online, through trade associations or at your local community college.

        Double Career Change

        This is the most challenging career change of all. A person doing a double career change is switching both a career and an industry.

        An example of a double change would be an airline pilot quitting to pursue their dream of producing rock music. In that case, they are leaving both the aviation industry and a specific skill set (piloting) for a completely unrelated industry and career.

        When considering a double career change, start preparing by getting any needed training or certifications first. Then you can get your foot in the door by taking an apprenticeship or part time job.

        With a double change, it’s not uncommon to have to start out at the bottom as you are asking an employer to take a chance on someone without any experience or work history in the industry.

        Entrepreneurial Career Change

        Probably one of the most common career changes made by people in their 50’s is the entrepreneurial career change.

        After 20 to 30 years of working for “Corporate America”, a lot of people become disillusioned with the monotony, politics and inefficiency of the corporate world. Many of us dream of having our own business and being our own boss.

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        By this time in our life, we have saved some money and the financial pressures we had with young children have passed; so it’s a perfect time to spread our entrepreneurial wings.

        Entrepreneurial career changes can be within the same industry and using your existing knowledge and contacts to start a similar business competing within the same industry. Or it can be completely unrelated to your former industry and based on personal interests, passions or hobbies.

        A good example would be someone who played golf as a hobby starting an affiliate marketing website selling golf clubs. If you are considering an entrepreneurial career change, there are a lot of very good free resources available on the internet. Just be sure to do your homework.

        Practical Tips on Making a Career Change at 50+

        So you’ve decided to take the plunge and make a career switch in your 50’s. No matter what your reasons or what type of a career change you are embarking on, here are some helpful hints to make the transition easier:

        1. Deal with the Fear

        As stated earlier, any big life change comes with both fear and anxiety. Things never seem to go as smoothly as planned, you will always have bumps and roadblocks along the way. By recognizing this and even planning for it, you are less likely to let these issues derail your progress.

        If you find yourself becoming discouraged by all of the stumbling blocks, there are always resources to help. Contacting a career coach is a good place to start, they can help you with an overall strategy for your career change as well as the interview and hiring process, resume writing / updating and more. Just Google “Career Coach” for your options.

        I also recommend using the services of a professional counselor or therapist to help deal with the stress and anxiety of this major life event.

        It’s always good to have an unbiased third party to help you work through the problems that inevitably arise.

        2. Know Your “Why”

        It’s important that you have a clear understanding of the “why” you are making this career change. Is it to have more free time, reduce stress, follow a passion or be your own boss?

        Having a clear understanding of you personal “why” will influence every decision in this process. Knowing your “why” and keeping it in mind also serves as a motivator to help you reach your goals.

        3. Be Realistic

        Take an inventory of both your strengths and weaknesses. Are your organizational skills less than stellar? Then, becoming a wedding planner is probably not a good idea.

        This is an area where having honest outside input can be really helpful. Most of us are not very good at accurately assessing our abilities. It’s a universal human trait to exaggerate our abilities while diminishing our weaknesses.

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        Requesting honest feedback from friends and co-workers is a good place to start, but this is another area where a career coach can come in handy.

        4. Consider an Ad-Vocation

        Sometimes, making a career change all at once is just too big of a change. Issues like a severely reduced income, geography and lack of benefits can all be impediments to your career change. In those cases, you may want to start your new career as an ad-vocation.

        An ad-vocation is a second or ad-on vocation in addition to your primary vocation. Things like a part-time job, consulting or even a side business can all be ad-vocations.

        The benefit of having an ad-vocation is being able to build experience a reputation and contacts in the new field while maintaining all the benefits of your current job.

        5. Update Your Skills

        Whether it means acquiring new certifications or going back to school to get your cosmetology licence, having the right training is the foundation for a successful career change.

        The great thing about changing careers now is that almost any training or certifications needed can be free or at very little cost online. Check with trade associations, industry websites and discussion groups for any requirements you may need.

        Learn How to Cultivate Continuous Learning to Stay Competitive.

        6. Start Re-Branding Yourself Now

        Use the internet and social media to change the way you present yourself online.

        Changing your LinkedIn profile is a good way to show prospective employers that you are serious about a career change.

        Joining Facebook groups, trade associations and discussion boards as well as attending conventions is a great way to start building a network while you learn.

        Here’re some Personal Branding Basics You Need to Know for Career Success.

        7. Overhaul Your Resume

        Most of us have heard the advice to update our resume every six months, and most of us promptly ignore that advice and only update our resume when we need it.

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        When making a career change, updating is not enough; this calls for a complete overhaul of your resume. Chances are that your current resume was designed around your old career which may or may not apply to your new goals.

        Crafting a new resume emphasizing your strengths for the new position your looking for is key. There are many places that will help you craft a resume online and it is a service included with most career coaching services.

        8. Know Your Timeline

        There are a lot of factors when it comes to how long it will take to make the career change.

        Industry and Functional career changes tend to be the easiest to do and therefore can be accomplished in the shortest period of time. While the Double Career Change and the Entrepreneurial Career Change both require more effort and thus time.

        There are also personal factors involved in the time it will take to switch careers.

        Generally speaking the more you are willing to be flexible with both compensation and geography, the shorter time it will take to make the switch.

        Final Thoughts

        Changing careers at anytime can be stressful, but for those of us who are 50 or above, it can seem to be an overwhelming task fraught with pitfalls and self doubt.

        Prospective employers know the benefits that come with more mature employees. Things like a wealth of experience, a proven work history and deeper understanding of corporate culture are all things that older workers bring to the table.

        And while the younger generation may possess better computer or technical skills than us, if you’re willing to learn, there are a ton of free or nearly free resources available to you.

        Deciding on a career change at 50 is a great way to experience life on your own terms.

        More Tips for Career Change

        Featured photo credit: rawpixel via unsplash.com

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