Benefits of starting your own business

Are you an entrepreneur hoping to start your own business? If so, you might be familiar with the wide variety of reasons why you shouldn’t do it: it’s too expensive, it’s a major risk, most startups fail in the first year. Despite all the risks, there are great rewards for the entrepreneurs lucky and tenacious enough to build a successful business.

If you’re like me and like to create lists for everything, you’ve more than likely already got a list of pros and cons for starting your business; just to make sure the advantages weigh out the disadvantages, here are a few reasons why you should take the leap and start your own business.

Independence and flexibility

Starting your own business means you’re the boss! You’ll have more freedom and independence working for yourself, so won’t be tied to the typical 9-5, Monday-Friday working week. Being your own boss means you can work when you work best – whether that’s 12pm or 12am – which should result in you being far more productive. It also means you can work where you want as well, so if you love travelling, you could spend some time living the lifestyle of a digital nomad.

A sense of pride

There’s nothing better than building your own successful business. Making your dream a reality, and knowing that all your hard work has finally paid off is a great feeling and is worth the stress and long hours it took to get there. There are also ways in which you can gain validation from professional bodies; for example you might be lucky enough to receive grants or awards for your hard work. Just knowing you’re in the small percentile of startups that made it past the first year is a great accomplishment.

Financial rewards

Working for yourself means that you’re going to directly reap the benefits of your company’s positive financial performance – unlike your previous life as an employee, when your business makes huge profits, you’ll be personally rewarded. This is a great motivating factor, as it means you’re 100% committed to the success of the company and can’t just sit back and coast.

Never doing the same job

When you first start your new business, you’ll be going at it alone, which means you’ll be head of every department, from HR to finance. Having so many different jobs to do will help to keep you on your toes and stretch your abilities to the maximum. If you’re someone who doesn’t like doing the same job every day of the week, then the variety involved in running your own business may really appeal to you.

Choosing your own team

When you’re working within a big team, there’s a chance there’ll be someone who you don’t get along with. However, there’s not much you can actually do about it, unless you quit your job. When you have your own company you don’t have to worry about this as you’ll get to handpick your team. If you surround yourself with positive and competent people, everyone will benefit and it’ll be easier to move the business forward.

Why did you start your business? Or if you’re an entrepreneur hoping to start your own business, what push do you need to begin your journey? Join the conversation – just pop your thoughts into the discussion box!