6 Reasons to Start a Business
Updated: Aug 21, 2022
Let’s face it, starting a business takes courage and self-belief. If you have already launched your own business, you will know that no matter how much courage and faith you have in yourself and the products / services you plan to offer, there are at least some times, if not many times throughout the first 12 to 18 months, when you wonder why you started this journey, if you're cut out for it and on occasion even start doubting own judgement.
Life as an entrepreneur is a true and real rollercoaster, demanding time, energy, resilience, strength and courage from you, as well as being able to take ‘feedback’ (mostly constructive) and knocks, along with the wins and the ‘amazing’. With all of this said, those of you who are already in business, coming through the first 18 months will agree that this is an incredible, adrenaline filled and most rewarding journey that you can take.
Throughout it all, identifying and remembering why you have started this process of taking control of your life and your future, incorporating your passion and harnessing your purpose, proving to yourself and to others that you CAN and leaving your mark on the world, is a fundamental driver that will push you forward through every phase of the rollercoaster ride, called ‘starting a business’. Here are some of the reasons why my clients step forward into their business journey.
1. Create a legacy
For many entrepreneurs, building up a ‘successful’ small business from the ground up is the epitome of ‘being successful’ overall. Whether you start a business as a personal project or to support your family, your dream may be for the business to lives on way past you. Your clients may not want the business is close, even if you have plans to move onto something else.
If you plan to create a legacy business, planning and truly understanding what the end goal will be, is your starting point. Finding the right support to help you not only identify your end goals, but to also guide you through succession planning process will enable you to establish and develop a legacy business.
2. Gain greater control in professional life
For some entrepreneurs, they find that having worked for other businesses and under managers, is finally too much and they are ready to build something that they can grow themselves, for themselves. Being able to control when you work and how you manage your work-life balance is appealing, as well as being able to work around a family works for many. The quest for greater control over your professional life, certainly drives many to start their own businesses.
It is fair to say that the early days of starting a new business, can be ‘busy’ and can demand more time and energy from you. However, as your client-flow settles and your marketing is established, greater control can be achieved.
3. Create financial stability
I do have clients who have decided to start a business, after experiencing redundancy or feel that their current pay or income stream is controlled by someone else. As this has an impact on your stability, for many, they are looking for increased financial stability and the potential to earn more if they wish to.
The early stages of starting a business can take time and will definitely need you to stay committed and focussed. On occasion, times may also be lean, whilst the business becomes established and the flow of clients and income is secured. That said, starting your own business means that there is no cap on the growth of your business, meaning that you can grow wealth in your business, as well as your own wealth. How far you go, depends on you. Additionally, your business becomes a valuable asset, as you grow the business, meaning it’s worth more. This in turn gives you options, in terms of your exit strategy. You can pass the business to someone; you can keep it running through succession planning or you can sell it.
4. Become your own boss
Similar to Reason 2 above, some of my clients are tired or are ready to move away from working for other businesses and/or managers. Perhaps they have reached a point in their career, where establishing their own business, is the only way to move up in their chosen field, or they feel that they can do things differently.
For many reasons, that person has reached the point when it’s time to use their own skills and experience to reward themselves and to put their own theories and learning into practice. Becoming your own boss is an important transition from employee to boss. If you are planning to do this, finding the right support and coach will help you through this transition and provide you with a framework to help grow and develop these aspects of your skills quickly and efficiently.
5. Do something you enjoy
For many entrepreneurs, there comes a point in a person’s life, when ding something you enjoy becomes very important. Sometimes, it difficult to find an employer and employment that you find enjoyable and excited by and starting your own business will certainly give you this. Your business is your own, your own rules, your own services and offering and your own approach to work and life.
Having your own business will motivate and drive you to push forward during the tougher times and to celebrate every success and win gained. Doing something you enjoy means that you will never feel like you are at work or that you are ‘working’. Isn’t this the ultimate goal, for all of us?
6. Create something from scratch
Many entrepreneurs get a buzz from starting something new and seeing it grow into something big. This is your business! You are no bound by someone else’s business culture or procedures. You make the rules and you get to grow and develop your business, your way! You can create and offer products and services that fit your vision and you can build a culture for your business that recognises the experiences you have already learnt from elsewhere.
Many of my entrepreneurial clients say that having tasted the sense of freedom and control that running your own business gives, that they would not return to working for some else again.
If any of these reasons resonate with you and you are ready to talk about your business ideas or your new start business, then do make contact for a free chat to see how I can help.
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