Imagine being the CEO of your own company. You’ve probably spent so much time dreaming about becoming the next Warren Buffet or Gary Vee (goodluck!). I bet you’ve had an idea that you can conquer the world. You might even image this “future you” kicking ass and making it happen. But that’s the problem. It’s only an idea right now. So, if this article doesn’t motivate you to get shit started — I give up!
17 Reasons to Start Your Own Business
1. Flexible work hours
Are you tired of working the 9 to 5 week after week, month after month, and year after year?
When you become a business owner, you are in complete control over what time you work and how many hours you put it. If you feel like sleeping in―go for it. Just remember that what you put in will equate to how much (money) you get out.
2. Work from anywhere
Today’s businesses don’t require you to work from an office in a crowded city. Instead, the internet has created new opportunities for your business to be fully remote.
All you need is a laptop and WiFi to run your business while sipping on margaritas during sunset in Bali.
3. Financial freedom
Let’s be honest, your teenage years were filled with the lyrics of Bruno Mars: “I wanna be a billionaire, so f*cking bad… Buy all of the things I never had.”
There’s no shame in making money. In fact, making money is a result of doing something beneficial for the people in this world. The more you help, and the better you become at it, the more you will be rewarded. So if you wanna be a billionaire so f*cking bad―what’s stopping you from doing it?.
4. Be your own boss
One of the best perks when you start your own business is that you are the boss. You can run things the way you want it and not take orders anymore.
Of course, taking on the responsibilities of a business owner doesn’t mean that you should become a dictator on a power trip. Business has a lot of risks involved, and there’s a lot at stake to get a new idea off the ground. But that’s okay because you’re the boss, you’ll find a way to make it happen.
5. Connect with like-minded people
Being a business owner is a beautiful thing. It requires you to think differently, which results in new people being attracted to you.
As time goes by, you’ll find yourself surrounded by like-minded people who push you to work harder every day. These same people will be a reflection of who you want to be and can help you get there by keeping you motivated and staying accountable.
6. Support your family
Family is the foundation of all our lives. Having a successful business is a way to show your gratitude and support to the people who nurtured you since birth.
Imagine being able to pay off your parent’s home, putting your siblings through school, taking your cousins on vacation, or giving your kids a better life.
7. Give back to the world
Starting your own business is a way to make money. That’s a fact. However, it also provides you with the ability to make an impact on the world.
Once you can take care of your own needs, you can share your abundance with others. Become a philanthropist. Donate to charity. Volunteer at shelters. Go and give the world a piece of your prosperity.
8. Challenge yourself
Without risk there is no reward. That’s the philosophy of any business. However, nobody really knows how to start a successful business. Each person’s business pursuit is unique and filled with its own challenges.
A true entrepreneur will be excited about these challenges. It means learning new skills and abilities that will lead to long-term results in the future. Even failure becomes a stepping stone that takes you closer to your goals.
9. Quit the job you hate
There are a few things in life we have no control over. For example, the genes in our body, the location we are born, and the people we work with are decided by chance.
When you work at a job with terrible people, waking up to work is downright depressing. Or perhaps your job is doing something illegal, compromising your morals, or jeopardizing your health.
Don’t let your job have a negative effect on your life. Start your own business to work on your own terms and never lose the energy, self-motivation, or confidence to live your best life again.
10. Provide jobs for people
You can be a one-man (or woman) business and make a decent amount of money on your own. However, every business needs people to grow.
Hire a virtual assistant to handle day-to-day tasks. Ask your mom to package and ship products. Offer an internship to newly graduated students in your community.
When business demands increase, you still have the same amount of time in a day. This allows you to find the best people to work at your business, but more importantly, to provide them with jobs that support their lives.
11. Pursue your dreams
Working at a job you hate is a soul-crushing experience. You work long hours, get paid a miserable rate, and people around you are toxic.
Confucius once said, “Choose a job you love and you’ll never have to work a day in your life.”
That’s what happens when you start your own business. You choose a path that lets you pursue your dreams and eventually make them a reality.
12. Express your creativity
From differentiating an idea from competitors to creating marketing strategies that generate income, creativity in business is inseparable.
However, what if you have a talent or a skill that can be rewarded with cash?
Getting paid for your creativity offers lifelong enjoyment and fulfillment. Whether you’re an artist, a writer, a designer, or a coder―there’s a business waiting for you to create and people willing to pay for your creativity.
13. Spend more time with loved ones
Working at a job steals a lot of time which could be better spent with loved ones. From the daily commute to mandatory overtime, there’s little reward for being a loyal little worker.
Time is precious and your loved ones matter. With your own business, you can create a schedule that suits you and never miss an important memory or milestone in your loved ones’ lives again.
14. Create a passive income
The first few years of starting a business are tough. But if you can overcome those challenges and create systems that make money on auto-pilot, you’ll have a passive income without ever breaking a sweat.
Here are a few passive income ideas:
- Affiliate marketing
- Digital products (e.g., ebooks)
- Dividend on stocks
- Mobile app
- Rental properties
- Stock photography
- Vending machines
You can create an entire business using a passive income model. All it requires is a bit of time and money upfront to make it.
15. Pay off student debt
Paying off a large sum of money after graduating from school is not a high priority. For Canadians, the average student debt for a bachelor’s or master’s degree was $28,000 in 2015. With entry-level jobs starting around $23,400, it can take many years to pay off student debt.
Fortunately, owning a business gives you the ability to earn more money faster. Instead of being locked into a low-end salary, you can build a 6-figure business (or more) in less than a year. Do this and your student debt will be gone forever, leaving you with a positive net worth.
16. Retire early
Paying into a government retirement or pension plan restricts access to funds until your late 50s or early 60s. Plus, by the time you retire, you may not have enough money to enjoy a comfortable lifestyle if you worked a low-paying job.
After working for 35+ years, don’t you think you deserve a worry-free life filled with endless travel, wild adventures, and unlimited happiness?
Instead of relying on the government or pension programs in your old age, start your own business so can plan the best life possible. Put money aside and learn how to invest so that you can live on a cushion of cash without relying on anyone.
17. Create your legacy
Your life is a beautiful journey. Throughout this journey, you will play many important roles. You will start a family, work at various jobs, and participate in society. All this is part of your story, your legacy.
If you decide to start your own business, you can make an impact on the world. It infuses your principles and values to make a contribution to the greater good. For years to come. Even after you are gone.
The first hurdle to starting a business is finding the courage to do it. Even if you don’t have money in the bank or supportive people around you, it is ALWAYS possible to turn an idea into a business venture.
Let nothing hold you back from starting a business.
The best time to [start your own business] was 20 years ago. The second best time is now.Chinese proverb