There are plenty of challenges that come with owning your own business. For many people, though, the rewards of running a business far outweigh the difficulties.
If you have an entrepreneurial spirit, running a business can prove exciting for many different reasons. If you are looking for a flexible lifestyle, are eager to innovate, or want more control over your work and earning potential, here are just a few of the best benefits.
Independence and Control
Have you ever worked a job in which you felt you could do better if you had control over how the work was managed?
When you build your own business, you do what you want, how you want, when you want. You develop a service to the level you think is best. You have systems and routines that work for you. Most people start a business because they are ready to be their own boss.
Granted, statistics on business success can seem grim. Roughly, only 50% of businesses survive to five years. Depending on your goals, opening a business might be a better financial option than working for an employer.
For one, with a business, you’re more likely to earn what you’re worth, especially if you’re a woman or minority owned business. As a business owner, you can set prices and grow your salary as your business grows. You can also benefit from the tax advantages offered to businesses and you could end up making more than you would in a job.
Running a business can work well for many different lifestyles. For women, especially, owning your own business can give the lifestyle flexibility necessary to raise a family and still have a successful career.
Millennials and Generation Z workers are known to look for flexibility in their workplaces, therefore, running a business can work well for many of them.
Likewise, people who are close to retirement or already retired may find owning their own business gives them the chance to keep their hands busy while not demanding the same rigid schedule of a demanding job.
Directly Helping People
Many small business owners launch their own businesses to make a positive impact in their local communities, their church, or family. This can happen through the services they provide or through the local causes they support. Starting your own business is a great way to provide jobs for many in the local community. A franchise opportunity like Executive Image Building Services can provide opportunities to employ others.
Freedom to Try New Things
Often, the most powerful new ideas come from small business owners who venture out on their own when they cannot get traction for their ideas in their current workplace. If your current boss is not interested in your feedback and suggestions, it may be a sign that you should consider joining an established system like Executive Image.
Items to Consider
Despite the many benefits of running your own business, it is not right for everyone. Being your own boss comes with some risks:
Financial risk: Consider the size of your investments
Personal liability: Form a business entity
Time commitment: Understand your time commitment
Stress: Starting a new business can be hard and stressful
Owning your own business brings some great benefits, and many entrepreneurs are satisfied with their decision.
The most common reason people launch their own business is to be their own boss.
Other benefits include flexibility, financial rewards, the opportunity to innovate, and a chance to impact your community.