10 Reasons to Start Your Own Business

by Marissa on April 5, 2012 · 18 comments

 I am very big believer in entrepreneurship. I believe that working for yourself is how you find your true calling. In addition to being eligible for applicable write offs, there are many other great reasons to start your own business. For instance, who wouldn’t want to have the ability to stay home to work? However, the freedom that comes with running your own start up comes with a lot of responsibility, too.

 

Here are a few of the top reasons to start your own business:

1. Be your own boss. Running the show is probably one of the first things that come to mind, especially if you’re a Type A personality! However, it’s important to remember that some people are not cut out to work for themselves; they need a structured schedule that someone else lays out for them. And that’s perfectly okay. In order to succeed as a small business owner, you must be able to self motivate, even in times of failure.

2. Maintain a flexible schedule. Another very appealing aspect of starting up your own business is the ability to work at whatever time of day suits you the best. However, this largely depends on the type of small business you start. For instance, if you choose to create a brick and mortar presence, then you will need to stick to a more traditional 9-5 schedule.

3. The ability to create a job, even in a poor economy. Another highly motivating reason to start your own business is the peace of mind that comes with knowing that you’ll always have a way to make money. While some business ideas are definitely going to flop, once you learn the basics you’ll be equipped with the skills to make money in any type of situation.

4. Save on gas and other expenses related to commuting to work. Who wouldn’t trade an hour long commute with a 50 second walk down the stairs? Although, this only applies to a home-based business.

5. The ability to grow your income. The money that you make with your own business is only limited to the amount of work and effort that you put into it. The more you work, the better your business will earn for you. However, that isn’t to say that having your own business means that youíll be an instant success, either ñ or that you will be the next million dollar entrepreneur. If you donít have the motivation to seek out solutions to problems, and the drive to see those projects through, then you’ll never make it past the first year.

6. Something to pass on to children. While the rest of the world is forced to only leave their life’s savings to their descendants, having your own successful business means that you’ll be able to give your children something even more worthwhile ñ the ability to generate their own self sustaining income, not just a savings account that they’ll blow through in a yearís time.

7. Choose your own coworkers. Having the ability to get away from annoying, lazy coworkers is something that most people only dream of. However, if you’re the one running the business, then itís up to you to decide who you want to hire or contract with.

8. You can use your creativity to profit. In the corporate world of cookie-cutter executives and cubicles, creativity is a word that might as well not exist. However, if you start your own business, you will be solely responsible for creating your own Unique Selling Proposition ñ or USP for short.

9. You can control your own priorities. Once you’re out of the initial phases of planning and building up your business, youíll be able to spend time doing the important things in life, like taking impromptu family vacations ñ something that wouldn’t otherwise be possible.

10. If you don’t do it, someone else will. Out of all the reasons to start your own business, this is probably the most compelling one. If think you have a great idea then run with it! Otherwise, you’ll be stuck behind your cubicle desk watching as someone else does.

Although working for yourself doesn’t mean that you can sit around in your PJís and watch TV all day, it does make hitting personal and financial goals even more rewarding because your success is a direct result of your own actions. However, it’s important to remember that you have to treat your business as such, and not as a hobby and if you don’t look at it as work, then youíll never be successful in starting your own business.

  • http://www.earthandmoney.ca Earth and Money

    I’ve always known that I would love to start my own business, but I’m lacking the idea. I don’t know what business to start! That has always been my sticking point. That said, I agree with all of your points, though I think a lot of people underestimate how much work has to be put into starting a successful business. Its not easy, and you need to be comfortable with failing a lot in the beginning.

    • Marissa

      Its a ridiculous amount of work and involves an immense about of discipline.

  • http://www.modestmoney.com/ Modest Money

    I agree that starting your own business is extremely rewarding. It’s not for everyone though. Some people just cannot maintain the discipline required. For some people all of the distractions and assumed benefits are just too tempting. If you can make it work though, it is so satisfying knowing that you can support yourself without needing a regular job.

    • Marissa

      I completely agree about the disciple part.

  • http://www.SmallBudgetBigDreams.com Kari@Small Budget Big Dreams

    Starting your own business is definitely a lot of work, but well worth it in the end if you’re a hard worker and do it right. Having the ability to make my own hours and choose my own employees/co-workers is very appealing.

    • Marissa

      And being your own boss is one of the greatest feelings in the world.

  • http://www.mymoneydesign.com MyMoneyDesign

    What a dream come true this would be. I’ve often thought about this, but sadly the path is not clear for me on how I would start my own business. I have read over and over again that this is one of the greatest vehicles to wealth – it is a crux where you stop working for someone else and other people start making money for you!

    • Marissa

      I think the key is to find some thing that you are passionate about and a go at it.

  • http://onecentatatime.com/ SB @ One Cent At A Time

    Pretty exhaustive list this is. Point is how much would one remember when the time comes

    • Marissa

      I printed this out a reminder of the days where things dont go as planned.

  • http://www.jaicatalano.com/blog.html Jai Catalano

    Wow this is good and inspiring. I have been self employed for years and it’s tough. Rewards are GREAT. I am self motivated but I have lost it until now. I feel pumped. I am ready to attach again. I will repost.

    Great article.

    • Marissa

      You should. I have so much respect for anyone who can make a go of it by themselves.

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  • http://www.upendilife.com Rafiki

    Just always remember it’s not for everyone. I think everyone should try managing a side gig but full on entrepreneurship isn’t for everyone. I’m still not sure if it is the path I would take for myself.

    • Marissa

      You are absolutely right, its not everyone. I think you need to be extremely disciplined to work for yourself.

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