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7 Reasons To Start Your Own Business, and Advice on First Steps

Do cubicles and long commutes make you cringe?  Have you ever considered starting a business? If so, you are certainly not alone. Every year, thousands of people take a leap of faith and strike out on their own.

One of our DashBurst community members, Zohaib Akhlaq, is well-versed in the language of the modern entrepreneur. He is a digital marketing specialist, freelance writer and the founder of How Entrepreneur, a site dedicated to providing entrepreneurship and small business advice.

In “Top 7 Reasons to Run Your Own Business,” a blog post which recently appeared on TheSelfEmployed.com, a site focused on small-scale entrepreneurs and startup owners, Akhlaq identifies the seven most popular reasons for starting a business.

About one in ten workers in the US is self-employed. For those who don’t have the “entrepreneurial spirit,” this can be quite perplexing. Why would anyone voluntarily forgo a job which provides a steady income, benefits and annual raises? On the other side are those who could never work for anyone other than themselves. These people are the entrepreneurs, solopreneurs and freelancers of the world.

But maybe you’re not sure where you fall on this spectrum. Well, read on.

Why do people start their own businesses?

How did Akhlaq figure out what motivates independent business owners? He asked them.

1. Freedom and Flexibility

Do you do your best work at midnight, while wearing pajamas? As an entrepreneur, you have the opportunity to work when you want while wearing what you prefer…unless you’re around other people.

Which leads to the second reason…

2. A Better Work Environment

Starting a business is often a dream-come-true for people who have the desire (and the discipline) to work from home. You no longer have to worry about office politics or catching the stomach virus that’s going around. Instead, you can play your own music as loudly (or quietly) as you wish. (And, if you have kids, perhaps avoid the cost of daycare.)

3. Achieving Your Dreams

Many who start their own businesses become fed up with pouring their hearts (and time) into growing other people’s companies. Often the paycheck doesn’t seem commensurate with the effort. Starting a business allows these people to pursue their own dreams.

Which leads to the fourth reason… 

4. Earnings Potential

You’ll be kidding yourself if you think you’re going to make tons of money from your new business overnight. It’s more realistic to think of entrepreneurship as a marathon and not a sprint.

However, once you become established, and your business has grown, then you do have the potential to earn more.

5. Reaping the Rewards

This goes hand-in-hand with reasons four and five. Some men and women start their own businesses after seeing their own ideas, time and effort enrich others. When you own a business, it’s you who reap the rewards.

Which leads to the sixth reason…

6. More Fulfilling

You may work for a company that recognizes its dedicated and hard-working employees. Even so, there is nothing quite like the feeling of accomplishment you’ll get each time you reach a business goal, close your own deal, make a sale, etc.

Which leads to the seventh reason…

7. It’s Worth the Hard Work

Losing sleep so you can complete a large project, stressing over unpaid bills or having mild anxiety attacks after submitting proposals is definitely not for the faint of heart. This is all part of being an entrepreneur, though, and every one who spoke with Akhlaq told him it was totally worth it.

Online resources to help you start a business

Of course, the logistics alone may dissuade some would-be entrepreneurs. On the other hand, starting a business is somewhat easier than in the past, thanks to the internet.

In the United States, a great place to start your research is the The U.S. Small Business Administration website. This site provides a wealth of information, resources and support to entrepreneurs and small business owners.

Another helpful resource is Shopify, an e-commerce site where anyone can build an online store. Shopify provides an excellent – and free – business encyclopedia. The encyclopedia tackles dozens of terms and topics which are relevant to starting and running a business, regardless of the industry.

Are you a business owner or thinking about starting one soon? Tell us your thoughts and recommendations!

   
Emily Angell Bolton
From a CPA, Certified Tax Coach perspective, I might add that having one's own business has tremendous tax advantages. A business affords the owner/entrepreneur to reduce their overall tax burden to an extent not possible as a W-2 employee! It's nearly always advisable to have a business, even a side business. Besides, IMHO, we'll see Entrepreneurship become the new retirement plan for many. @EmilyBoltonCPA
 
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