11 Reasons Why You Should Go Into Business for Yourself
If you’re thinking about going into business for yourself, you’ve probably heard a million reasons why you shouldn’t do it. You’ll lose money, you’ll become a workhorse, your social life will cease to exist, and so on. But, even with these possibilities, people are still magnetically drawn to entrepreneurship.
There are so many great reasons to go into business for yourself, and as the founder of my own successful business, I am speaking from first-hand experience. Also after speaking with hundreds of people who want to be an entrepreneur there seems to be a universal thread of thought.
1. Controlling your schedule. Initially, you’ll work longer hours. But if you organize your company right and fully train your employees, before long you’ll have a well-oiled machine. Ultimately, you’ll have full control of your own schedule and you will love it.
2. Your job will be secure. If you have ever been fired, downsized, or laid off, you get it. As an entrepreneur, you’re your own boss, and you never have to worry about being let go.
3. Your income isn’t capped. Honestly, this is one of the biggest reasons people go into business for themselves, and that’s good! What matters to you? A cushy nest egg, the ability to buy whatever you want, being able to help your kids, the money to travel the world? Entrepreneurship can be the golden ticket to financial success and fulfillment.
4. You take pride in yourself. When you build a successful business, you have a great sense of accomplishment. You visualized it, you executed your plan, and now you can say, “I did it!” On the other hand, it’s hard to feel that way when you do the same thing day in and day out for your employer, and you don’t feel inspired anymore.
5. Your story. When people find out that you run your own business, they’re intrigued. They want to know what it is that you do, and how it’s doing. You always have a tidbit to share, and it never gets boring. When people work for a corporation, a lot of times they don’t have as much to share.
6. Tax advantages. Business owners enjoy some nice tax perks. They may be able to write off travel expenses, books, computers, and tools of the trade, car payments, phone bills, dining out, trade-shows, networking events, and much more.
7. Your legacy. If you work in fields such as advertising, medicine, computer programming, teaching, or retail, it’s hard to imagine that you could pass your career to your spouse or children. On the other hand, if you own your own business, that’s something that you can sell and funnel the proceeds to your estate, or pass over to your loved ones.
8. Making a difference. Want to feed the poor or help underprivileged kids go to college? Want to donate to cancer research, or help abused women and children? As a business owner, you control where your funds go, and you can use your company’s profits to make a difference in the world.
9. Job creation. When you own a business, it’s like you have a whole new extended family. Knowing that you’re creating jobs for people, and helping them provide for their own families is a wonderful feeling.
10. New skills. When you go into business for yourself, you learn a LOT. From sales, to marketing, to negotiating leases, accounting, software programs, zoning, and employment laws, you’re forced to pick up new skills. Eventually, you’ll learn to delegate these responsibilities, but what you learn in the beginning, you’ll take with you wherever you go.
11. Your personal life. Everything you learn as an entrepreneur will spill over into your personal life. If you used to procrastinate, you’ll likely have an easier time starting that DIY project at home, or starting that exercise plan. You’ll learn that you can commit to changes, and in effect, it can make you a better husband, wife, or parent.
The most important traits of an entrepreneur do not include specific industry knowledge or whether or not you have done that particular job before. YOU are what really matters. Are you passionate about your business? Are you results driven and can take rejection? Will you be able to fall down and keep getting back up? Are you self-motivated and disciplined especially if you will operate a work from home business?