Six Reasons You Should Have Your Own Business

Open for business!There are literally thousands of business ideas floating around out there. Some are brand new ideas, while others have been successfully implemented by hundred or thousands of people. Many of these ideas are simple, straightforward, and inexpensive to start, while others are a bit more complex. What’s my point? My point is that there is almost no reason for you to not have your own business. Don’t think about the worst aspects of a business like incorporating, hiring help, or any other issues that you normally think about in order “talk yourself out of” having your own venture.

It’s a lot easier than you might think. Start small and simple, using your own sweat labor to execute the idea. Then, success and your entrepreneurial spirit may eventually take over and lead you to heights you may have never imagined. But you will never encounter such success if you never give it a shot. There are tons of benefits to opening your own business, and I recommend that everyone try it at least once. You will never know if it is for you until you experience it for yourself. Still not persuaded? Here are six awesome benefits to starting your own business:

1. Extra Income

If you are to ask nearly any business owner why they started their endeavor, one of the reasons will always be “for the money.” Who doesn’t like some more cash, even if it is supplemental? While profitability is not a guarantee, you can easily start a business with low riskin order to avoid a huge loss. This way, the only thing you would “lose” is your time and effort. Honestly, getting into the black is a pretty easy task, especially with regards to the lower risk business ideas. Who doesn’t love the idea of starting a side business for extra cash in their pocket?

2. Networking

If you think that owning your own business will be completely on your back, you are seriously mistaken. Growing up, my Dad owned a business. He depended on himself greatly, but was also reliant on customers, distributors, a bookkeeper, and most importantly, his customers. The people you meet and work with throughout your business dealings will eventually become a strong part of not only your business network, but also your personal network. Friendship and business relationships often go hand in hand, and you will be able to learn from and grow with them. Networking is one of the most important aspects of both personal and professional growth, so why not try to open up your own network even more with your own business?

3. Potential for Permanent Self-Employment

If you do decide to start small, there is no reason not to have the goal of becoming your own boss. Making the transition from a side business to a full time career is never easy, but can be extremely rewarding. Your business will not explode on its own, but the work put into making your business your career is more than worth it if you can reach that point. There are also many benefits to being self employed. Self-employed tax benefits, setting your own hours, privacy, happiness, and flexibility are just a few of the many perks you will enjoy by making your successful business a career.

4. Build Your Retirement Savings

Perhaps you simply want to build some extra cash by starting your own business while working another job, and the potential of permanent self-employment is not a goal you seek. If it is just a side income you seek, sink that extra money into your retirement. According to CNN, nearly one quarter of parents use retirement accounts to pay for their kids’ college costs. If this could be you, why not pad this account? Or better yet, split your business earnings between a pre-paid college account and your retirement account. If you have the drive and energy now, put in whatever work you can, so you can enjoy your golden years with fewer worries.

5. To Learn New Skills

The more you work to build your business, the more you will learn how little you actually know. As your business expands, you will learn time management, bookkeeping, new types of problem solving, tax implications, marketing, and a slew of other skills. You will learn plenty about yourself and what you can handle throughout the life of your business. The lessons are invaluable and 100% unique to starting your own business.

6. To Live a Little

For many, starting a new business is fun. I know a few people who start new businesses just for the sake of doing so. Nearly every time they open and build their new business, it becomes profitable due in large part to their extensive experience with past trials and successes. As an example, one of my friends in particular seems to start a new specialized database corporation every few years. All of these businesses become a success, and he ends up selling the company to a larger competitor at a gigantic profit. Usually when this occurs, the purchasing company stipulates a “no-compete” clause that states that a competing product can not be introduced by the creator for a predetermined amount of time. As I stated, this is fun for him. Most of the time, after the no-compete clause expires and he has dabbled in some other industries, he starts a new business, not unlike the previous. On two occasions, the same acquirer has bought him out! (The second time, they made a much longer no-compete clause). Starting a business can truly be fun.

Have you ever tried to start a business? Did it work out? Did you gain some neat experiences? Are you afraid of the risk involved in potentially starting a business that fails? I’d love to hear your comments on the topic.

  • John Diggers

    Like they have always said, you don’t make money working for someone else.

  • Hector @ Internet Entrepreneur Connection

    Great points! I think 2 more great reasons to start a business would be 1) for the challenge and 2) to leave a legacy!

    I think humans inherently love a good challenge and the feeling of self-accomplishment especially, if we succeed! We have all heard the stats in business success rates so there is no need to mention it again. The fact if the matter is that odds are definitely stacked against you if you have a start-up business. However, the skills, knowledge and personal satisfaction that can arise from your success far exceeds any challenges that may have come long the way.

    Also, to leave a legacy. Bottom line is, we can choose to make a living of you can design a life. Starting and building a successful business can not only change the lives of you and your family but can also change the lives of future generations to come completely altering your family’s course in history, forever.

    • mattbreed

      Thanks Hector. The legacy is definitely one perk I did not even think of! Great point. In addition to (or in place of) an inheritance, a business can be carried on for generations if handed down to the right family members.

      *Kicks himself for missing this one*

      As far as the challenge goes, I think that falls under learning new skills in my book. Which is why I did not include it as a separate reason. Feel free to disagree. You might just be in the majority there!

  • Hector @ Internet Entrepreneur Connection

    Thanks Matt!

    Hmm… I can see where you’re coming from. As in “the challenge of learning a new skill”. I think when I was writing my comment I was leaning more towards the side of “people should start their own business for the personal satisfaction gained from the challenge of starting something from scratch and succeeding at it”. However, I can see how learning skills to have your business succeed could also be inclusive of the challenge.

    I don’t think there is a right or wrong here! Both area relevant ideas/arguments.

    Starting a business definitely has it’s advantages. But what do you think about the benefits of internet entrepreneurship?

    • mattbreed

      I really do not distinguish much between internet entrepreneurship and “brick and mortar” businesses. Like you said, “the challenge of starting something from scratch and succeeding at it”.

      That is what it is all about to me, so whether it is traditional, or internet entrepreneurship, there is plenty to be learned and experienced along the way.

      *The one advantage I suppose internet entrepreneurship has is affordability overall. I believe that it is still cheaper (for the most part) to have a digital start-up as opposed to a “storefront” type business.*

  • Hector @ Internet Entrepreneur Connection

    Absolutely! That, and the fact that you can run your business from anywhere in the world! Thanks for your input Matt. I look forward to your content.

    • Matt Breed