Why you should (and shouldn’t) start a business
Are you tired of the 8-5 life and want flexibility in your life? Are you willing to work incredibly hard to make ends meet? Do you have an idea that you think could benefit the world? If so, it might be time to start a business.
Starting a business poses many challenges and roadblocks. How will you pay for the startup costs? What if your business doesn’t work out? What if you don’t know how to market your products or services?
Most entrepreneurs start this way. The difference is that the successful ones don’t let this stop them. They pursue their dreams in hopes of never having to work again. They learn, develop, and adapt to these challenges to grow their business.
Top Reasons to Start a Business
One of the most common reasons people start businesses is because of their potential income. It’s true, you can make extraordinary amounts of cash from businesses. But there are more benefits than just the money.
Owning a business offers you flexibility with your work schedule, finances, and many other things. Don’t feel like working one day? You don’t have to. And you won’t get fired for not showing up. This flexibility comes with responsibility, however. You must be disciplined to keep your business performing at its peak. This could be a drawback for some as they need structure in their day to day routines.
A business will help you to develop skills that you cannot learn anywhere else. How will you deal with an employee that is consistently late? These are problems that could arise and you will have to face. This is one negative example though. There are plenty of positive personal development skills you will learn as well such as leadership, problem-solving, and networking.
You love your product or service
Some people choose to start a business because they LOVE the product, service, or business that they are building. In my case, I started a personal finance blog because I LOVE personal finance and investing. These people tend to succeed more than the rest because it is something they are already passionate about. Work may not be “work” to them.
You want to do good for the world
Nonprofits do not get enough attention as they deserve. These businesses don’t come from anywhere. Someone’s hard work creates them in order to benefit the community and the world. Similar to how some people may LOVE their business, it is the same kind of passion that guides people to start a nonprofit company. They just LOVE their community (or whatever their profits go to).
Reasons Not to Start a Business
Just as there are many reasons you should consider starting a business, there are reasons you shouldn’t. Just because you hate your boss, doesn’t mean that you should start a business to quit your job. While that could be a perk for one of the reasons you are, it shouldn’t be your main reason.
You don’t like your coworkers
Not liking your colleagues or boss is not a great reason to start a business. You must first find one of the reasons above, and then use your colleagues to motivate yourself.
You want to make more money
Once again, just because you don’t make a ton of money, doesn’t mean you should start a business. While you can use it to motivate yourself, it shouldn’t be your primary reason.
You hate working all the time
If you think you are required to work too much for someone else, that won’t go away by starting a business. In fact, you’ll have to work even harder in the beginning stages for your business to succeed.
Starting a business is no small decision. It takes time and commitment from yourself and your family. You should first determine the reason you want to start a business. If it is valid, you should proceed cautiously with a plan on how you will make money and be profitable.
Anyone can be a successful business owner. With enough hard work and discipline, you can grow your business and become a great leader. No matter what your reason is, we encourage you to take a risk and follow your passions. After all, without risk, there is no reward.