When thinking about going into business for yourself, you might have a bunch of questions or concerns. Many people believe that owning your own business can put limits on your work-life balance. While it may take time, planning, and resources to get a business started, the rewards of owning your own business are endless.
In all actuality, going into business for yourself creates a greater sense of happiness in your life. Statistically speaking, nearly 74% of small business owners surveyed by small business trending reports have a greater sense of happiness in their life than compared to non-business owners. Additional statistics also report that 46% of small business owners went into business for themselves so they could be their own boss and were dissatisfied with corporate America. Considering that being your own boss can provide a greater purpose in your life and your career, your friends at Pet Butler put together our top seven reasons why you should go into business for yourself.
Why Should I Go Into Business For Myself?
- You need more freedom and flexibility in your schedule. A regular 9 to 5 career is not made for everyone and if does not fit your lifestyle, going into business for yourself will allow for greater flexibility in your life. Starting a business can be hard work and may require you to allocate a lot more time in the beginning stages of your business than you think.
- You are creating your career opportunity and job security. One of the most meaningful benefits of starting your own business is that you are creating a stable and secure job opportunity for yourself. In corporate America, the job markets fluctuate with the economy. If you have been someone in the past who’s experienced a job loss or lay-off from your job, then you understand how challenging the job market can be at times. The benefit of having your own business is the security and peace of mind that you will not have to worry about losing your job, as you are the boss. Also, as the owner of your own business, you can increase more business opportunities for your business which can also then increase your profits and long-term sustainability for your business.
- There is a demand for the services or products you can provide with your business. Consumers drive the supply and demand of your business including the products and services provided within your business. If there is a demand for the products and services that you provide within your business, in turn, will also increase your business profit and sustainability.
- You can learn and develop new skills. When going into business for yourself, you will learn more about the ins and outs of running a business. Most entrepreneurs will have good leadership and mentoring skills already established, but at the beginning of your business, you will also learn more skills such as sales, marketing, negotiating leases, accounting, software programs, zoning, employment laws, and many other skills. With the freedom of running your own business, eventually, you can delegate many tasks out as your business grows.
- Your income potential is limitless and the tax advantages are beneficial. Entrepreneurship not only allows for a free and flexible lifestyle but a great amount of income potential. Going into business for yourself removes the aspect of a capped income from a corporate salary and allows for more financial freedom. When you control the business, you also get to control the amount of income and profit you can obtain. Also, business owners enjoy some tax-related advantages to owning their own business. You may be able to write off travel expenses, books, computers, car payments, phone bills, business-related dining out, and many more.
- Your business and personal network will grow exponentially. When first going into business for yourself, your network may be smaller but as your business increases so will your professional and personal network. If your business provides a service and someone from your network knows you can provide that service for another person in their network, then all it takes is a few referrals to grow your network and your business. Eventually, as your network grows you also become a go-to person or industry leader in your business for the products or services you provide in your business.
- You are helping within your community. Striving to make a difference in your community and the world is a great reason to go into business for yourself. If your business provides a solution to a problem for your consumers, then you are also helping provide help within your community. As your business grows, you can hire staff within your community. This in turn also helps grow your community both professionally and economically. When you become a recognized leader within your community you can also look for opportunities to lead and mentor others within your community.
There can be many more reasons you may personally believe as to why going into business for yourself can be meaningful and provide a greater sense of purpose in your life. The lifestyle of entrepreneurship can ultimately let you seize the freedom to make your own decisions and control your own life and career in a way that conventional corporate jobs may not.
At Pet Butler, we believe that going into business for yourself will provide you more freedom and flexibility in your everyday life. We are driven to help support our franchise owners with all the business support and assistance you will need to help you grow your business into a success.