About · Press · Contact · Write For Us · Top Personal Finance Blogs
Featured In:

5 Great Reasons To Start Your Own Business Now

By David Bakke

why start your business nowThe concept of starting your own business can be an intimidating one. The fear of failure, funding start up costs, and many other reasons probably come to mind why NOT to start one. Actually, there is also a long list of great reasons TO start one, and now could be the perfect time to do it. I currently work a regular job, and have two of my own businesses that I run on the side. My days are full, but I still have plenty of time for my friends and family. As one who put off the idea of starting my own business for far too long, I thought it might be helpful to outline for you some of the best reasons that I see why now is a great time for you to start your own business:

The Economy

You would think this would be a reason not to start one, however, I would disagree. Sure, the economy is down right now. Some say we’re coming back up, some say we still have a ways to go. This is exactly the time to get fantastic prices on just about any supplies you may need to start off. Everything from computers to office supplies to the specific equipment needed for your particular business can probably be purchased very economically. This goes for affordable office space as well.

Job Security

Starting your own business now can also provide a safety net, or a hedge, against this struggling economy. About 18 months ago, there were some nervous moments at my job. Eventually, I had to take about a 33% pay cut. Today, with my two side businesses producing consistent incomes, this fear is gone from my mind. Sure, I‘d have some rough moments if I were to lost that job tomorrow, but it would be a lot worse had I not had these other sources of income.

Because You Can

Fear and intimidation were the biggest things standing in the way of myself and my new ventures. How do I start? What if I fail? What if I lose money? What will my family think if I fail? What if I’m no good? 

Guess what? You can do it! Every single one of us has a talent that we possess. Everybody. You just need to identify it and be able to turn it into something that other people are willing to pay you money for. Of course, it’s not that easy, but it’s a fantastic place to start.

Generate Income Without Taking A Second Job

For months when the economy started to slide, I considered taking a second job. But, to do that, I’d have to find one, get hired, buy new clothes, drive there, my personal life would be affected, and a million other things. Starting your own business allows you to generate more income for yourself without doing all of that. Depending on what it is, you can do most if not all of the work from home. You can set your own hours, proceed at your own pace, and never have to worry about having another boss.

Realize “The Dream”

For me, if both of my side businesses took off and I could live comfortably from their income alone, that would be great. But do you know what would be heaven for me? Never having to go to work again. Never having another boss, never having to worry about the stress and pressure of my job (unless I decided to), never having to work “a schedule” again, and being able to spend every minute that I possibly could with my family. You simply cannot put a price tag on these possibilities.

Summing up, you can be successful at your own business, and there is no time like the present. Instead of using the economy as an excuse, use it to motivate you. Find your passion, develop and market it, and soon you’ll find that fluctuations in the economy will have a much smaller affect on your wallet, and one day you may wake up never having to go to work again.

Have you recently started your own business? Thinking of starting one? Please share your thoughts below.

(photo credit: shimelle)

David Bakke
David started his own personal finance blog, YourFinances101, in June of 2009 and published his first book on ways to save more and spend less called "Don't Be A Mule..." Since then he has been a regular contributor for Money Crashers. He lives just outside Atlanta, GA and most all of his free time is taken up by his amazing three year old son, Nicholas.

Related Articles

Comments

  • http://www.site-buildit.com/ Steve M Nash

    I used to be a freelance IT contractor (computer analyst/programmer), back at the end of the 20th century, so the idea that my job was not secure was something I came to understand. So much so that I also started to think that even so-called permies (people with a permanent contract, and thus long-time future with the company) were really kidding themselves if they actually thought there job was full-time (with that particularly company, anyway).

    So I guess that’s why it was “easy” for me to give up working for anybody but myself. So I quit the freelance scene in 2000 and started trying to earn money from web design and, once I discovered I wasn’t much of a web designer, from my own websites (aka affiliate marketing, and – once it was invented – Google Adsense, etc.).

    So I can heartily recommend starting your own business, whether it’s a strictly online venture (infopublishing, say) or a mixture of online and offline (no business these days can afford to not take advantage of online marketing, imho), if for nothing else than an insurance policy against losing your main job.

    Also, the discipline needed when you start your own business is bound to help you in your *real* job, too, not least in becoming much more disciplined in how you spend your time.

    Thanks for the post
    Steve

  • david

    Steve

    All very relevant insight–sounds like you’re definitely the voice of experience.

    Thanks for weighing in…

    I especially liked the comment about making you more disciplined in how you spend your time.

    By juggling a day job and two side businesses, I am probably the time management king at the moment!

    • http://www.site-buildit.com/ Steve M Nash

      Hi David

      Glad my comments were useful. Actually, I used to have a day job and work on my websites in the mornings/evenings. But when I went full-time I don’t think I ended up doing any more work in that extra time – I just filled it with the same stuff.

      So as much as doing a day job and two side businesses is great time-management (and, boy, that *is* impressive!), the real test is what happens to your time when you no longer have the structure (and discipline) of the day job!

      Steve

      PS Time management is key, but I think the #1 thing to look for as you start this home business, if possible, is a mentor – a mentor you can trust. I’ve suffered by not looking for/finding one over the years…

      • david

        Steve

        You words ring very true with me!It will be a true test if I can maintain the time management thing after I quit my day job.

        A few people I know that work for themselves do have some issues. The most important being that their friends just seem to think that they don’t work AT ALL anymore because they don’t go to a 9-5 job.

        And great stuff about the mentor. I acutally have 2-3 that I have been drawing on every step of the way. I am about to have some serious discussions with them as to when to pull the tirgger on my day job.

        Thanks so much for commenting.

  • http://www.maketodaypayday.co.uk Kate

    Great article. I have been trying to figure out a way to get a second job so I have a little extra flow of cash, but haven’t tried because of the things you stated. I will have to regroup and figure something else out! Thanks for providing some motivation.

    • david

      Kate

      The first thing I’d do is find what you’re passionate about or talented at. Everyone has talents and passions.

      I’ll give you my example. I have always been passionate about writing (I was a Creative Writing Major in school). But I could never find the right “real” job in order to utilize it.

      Well, a few years ago, I realized I had a knack for all things “financial”, so I decided to combine the two. I wrote a book on the subject that was published, and started my own blog.

      Six months later, I find myself here. I have good revenues from both avenues and I am looking to expand them both to someday quit my day job.

      Best of luck to you!

  • http://www.castocreationsjewelry.blogspot.com megscole64

    Awesome article. I figure…if I can be successful in these crazy times then I will be successful when the economy comes back. At least that’s my hope. :) I’ve only been my own boss for a few months but I really love it and can’t imagine going back to a 9-5 job.

    • david

      Meg

      I know you can be successful. Its a simple formula, you just need to stick to it. Too many people give up too early.

      And I am so envious of you about not having the 9-5 job, you don’t even know.

      I wish you all the luck in the world.

  • Melvin

    Is it possible, normal, and legal to have a LLC and a normal job at the same time?

  • David Bakke

    Melvin

    I’ve never heard anyone say that you can’t!

    Thanks for commenting…

  • Pingback: 5 People Who Turned Career Disaster Into Success

  • Lisa

    I am currently unemployed. I just obtained my Paralegal degree and suddenly finding myself not wanting to pursue a career in this field. My dream is to own my own business but I havent been able to pinpoint my passion.

    • Davidbakke

      Lisa

      Finding your passion can be difficult. Have you asked your family and friends what they thin you’d be good at? You might be surprised at what they tell you.

      Thanks for commenting

  • Celestine Landrum

    celestine
    How about “avon” selling avon products, would this be considered a good home based business?

    • Davidbakke

      Celestine

      If you think you’d like it, and feel you can make money by doing it, then by all means, go for it!

      Thanks for commenting

  • Angela

    How about becoming a Amway distributor? what is your thoughts about this program?

    • David Bakke

      Angela,

      Honestly, I don’t know much about it. I’d advise to do your research and go into it with your eyes wide open…

      Hope that helps, and thanks for commenting.

    • Joan

      Angela,

      Nutritional Products? I strongly recommend go with USANA health sciences. Amyway don’t stand a chance when the two products are being compared.

  • rash

    well it has alot of useful information for businessman or the people who want to start a businessand to students to for their tasks……… :)

  • Snoopgirl_101

    i have just finished schooling with my Associates Degree in Applied Science of Accounting and i am still looking for a job right now i am a stay at home mom and i am looking for some extra income does anyone have any good ideas that would work out. thanks

    • Davidbakke

      You could offer to do some accounting work for friends and family. Another idea is to sell your unused items on the Internet, such as small electronics and college textbooks. And although you won’t break the bank, filling out paid surveys online will bring in modest income. Hope that helps and thanks for joining the conversation!

  • Bill

    Hey, Listen. if you really really serious about being your own boss and starting your own business to generate $$$$?

    look me up on facebook: (Bill Zhao) add me and I will tell you more.

  • http://www.facebook.com/dave.angela.98 Dave Angela

    Hello everyone, I am Mr.Dave, a private loan
    lender offering life time opportunity loans to pay
    bills and debts to private companies Or individuals
    at a low interest rate of 2% . We give out loans
    from 5,000 to 10,000,000 with a year
    duration of 1 to 10 years So contact us by Email;[email protected]

  • Deepu

    Hi guys, I have a laptop with nice Internet connection … Nothing more than that can any one suggest me a job.
    I’m studying, & I belong to a country where poverty & unemployment is a common thing “India”.
    If anyone have any good idea please suggest me thanks.

  • Suzannah

    Okay well I love interior design, designing rooms etc in my head and on paper (I can’t draw very well though) and I have no interior design degrees, just my ideas. I want to have my own business but I don’t know how, or what I can do to start it. I’m best at saying about colours, feature walls, furniture.. I also love being on the computer, typing and giving people ideas.

  • Mike

    Anybody know the best (and easiest) way to start a website? I just want to know who I can trust…

Links monetized by VigLink
Close