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?
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.