Why Do People Start A Business????
As I was sitting at my desk conducting some business online. I had this thought in my mind. I said at loud why do people start their own business? What are the top 10 reasons why people would take a risk and start their own business. Whether its an actual store front, network marketing, home based, multi-level marketing or an online business. Why? Because us entrepreneurs know getting new leads, clients/customers or business partners is the life line of any business and you MUST have an online presence.
So I did some research. Below are the top 10 reasons why people start their own business.
1. Be your own boss. Who doesn’t like the sound of that. As people age and have worked for others most of their lives. They are starting to see the changes that employers have been doing behind the scenes. The amount of retirement funds don’t last as long, employers don’t want to pay for employee benefits, bad managers, long hours and not enough money to live on, constantly being in a state of survival and fear. People are starting to take control of their lives by starting their own businesses because they want to be the BOSS. They want flexibility in their daily schedules to call the shots and set their own deadlines. If I have to work hard I rather work hard for myself than anyone else.
2. Pursue your own PASSIONS. Times are changing and people are not just about going to school, get good grades, get a good job (wink wink) and hope to retire with a bunch of money. Nope! Those days are dwindling away like the sand on the beach. People want to pursue their passions. Unless you are one of the lucky individuals who’s passion is to be a doctor, actor, writer and etc. People want to be creative. Create something from scratch that will benefits others. Create their own environment. To meet new people and establish new relationships. When you are pursuing your passions life becomes joyful, easy and exciting. There is no pressure to make money. Money will flow in with easy because you are in alignment with your passions.
3. Use your business to support non-profit projects. This could be similar to reason #2. Lot of people who have businesses like to give back to the community by supporting non-profits, community children sport teams, boy/ girl scouts, social justice projects and etc. Giving back to the community either by solving a problem, creating more jobs, building a team or through these non-profits projects make being a business owner worth while.
4. I AM FINANCIALLY INDEPENDENT!! This probably should have been reason #1 but it can’t be all about the money. There has to be a deeper desire to why people start a business. All entrepreneurs want financial independence and all are willing to work hard now to be able to live life on their terms later. Starting a business have several benefits especially if your are in network marketing. As a business owner you can earn income several different ways. If you build a stable business you can even make money while you eat, sleep, travel, drive, take a shower and etc. You can leverage others and earn money together. No one gets financially independent from a salary. Your salary is based on what your employer thinks you are worth (skills, knowledge, education and experience). And these employers are becoming real cheap with the salary but the word load has doubled or tippled. So why would you think working yourself to death for someone else will make you become financially independent?? I heard most people who have a job and work a business part time tend to make the majority of the money in home based business, MLM or network marketing. As the saying goes, there’s magic in part-time (wink, wink). I will let that last sentence sink in.
5. Tax Benefits. Yes I do have a bachelors and masters in accounting. So I can speak to this. This is also one of the biggest reason why people start a business. You can write all of your business expenses off. From gas, mileage, office supplies, event tickets, overhead costs (month subscription fees), travel, clothes, meals and etc. The write off are endless. Ok, don’t quote me. But any business related expense can be written off for tax purposes. The new tax laws are now more beneficial for entrepreneurs and there are plenty of government programs that help small businesses. Always work with an accountant and ask questions if you lack understanding.
6. You will have job SECURITY. No more are the days where people can sit in a job position for 20 + years. Nowadays employers are quick to do holiday layoffs. Why stress yourself out worrying about if you are going to be the chosen person to receive a pink slip. By having your own business you create that job security. You are investing in yourself. You are create an asset. You are improving the industry and the local community. Once you created job security for yourself now you can create that same job security for others. I call it the gift that keeps on giving.
7. You’re an Expert. Having your own business requires you to put on many hats. The process of running a business is constant learning and be able to apply and put into action that knowledge. Once you established your business you can delegate those hats to others so you can focused on being a visionary for your business. There are perks to being an expert. You can become a mentor to someone who wants to learn how to run a business or provide that expect knowledge for a cost.
8. Control your lifestyle. Its your business and you’re the boss. You can create your own work schedule. Work when you can and take some time off when you want. You can work from anywhere if your business has an online presence. You will have the time freedom to do whatever you want when and where you want. You will reduce your daily commute because most likely you are working from your home office. Plus an increase in family quality time.
9. Be creative. Create the business that you want. Create your own opportunities and solutions. Meet and work with people from different cultures. Be an inspiration for others who desire to be a business owner. With a job you have limited creativity but as a business owner there are no restrictions. You are the visionary for your own business.
10. There’s nothing stopping you. There are no corporate ceiling, politics, game playing, bad managers and etc. The more you learn and apply. The more you will earn. You are you’re own limitation. Resources are endless as a business owner. Personal development is key to success as a business owner. You set the bar and can reach as well as achieve your goals.
I can see why people would decide to take a risk on themselves and become a business owner. These reasons also resonate with me and my pursuit of being a successful entrepreneur. My goal in 2019, is to help 100 individuals live on purpose while earning income in multiple ways and we all are having fun growing together. For more details click on the link below and lets chat.
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Have an awesome day,