Reasons to Start your own Business

Photo Credit to: www.forbes.com

Everybody is always talking about the millions of reasons not to go into business: It’s too risky, you might go into debt, the loss of sleep, your social life is broken, and on and on. But even with all these uncertainties, people are still attracted to the startup world. With the economy so great today, there are just as many, if not MORE reasons to take the leap and go start your own business. I wanted to share what I feel are the most important reasons:

1. Job security - Have you ever been laid off, downsized, or fired? This is number one for me because my wife recently had. Her company was closed and it took six months to find another job. Yet, with entrepreneurship, the security lies in the fact you are your own boss. You run the show and don't have to worry about getting let go. So, we went not in Panic mode, just an ALERT mode, while she looked for another job.
2.  Spare time - This one can take some time. I feel the goal of owning a business is not to be Rich yet to Gain Wealth. Initially, you’ll work longer hours for less pay. But if you do it right, you could start to master your schedule, and the freedom that being an entrepreneur provides is awesome. Robert Kiyosaki said - "Rich is measured in money and wealth is measured in time. Most people focus on getting rich rather than becoming wealthy"
3. A Great Story - People love to ask questions about my business, and I enjoy sharing my story. For example, whenever I tell someone I run my own business, they always want to know what I do, how I do it and how it’s going. I love to share a tale or two, and the best part is that I get to determine the story's chapters. (When working a job, people most likely have less input or negative input.)
4. Your posterity - If you have a career like a doctor, electrician, or mail deliver, it’s hard to imagine you passing your career on to your loved ones. But if you own your own business, you created a legacy. And be proud of it, because you created it.
5. Tax benefits - Taxes are made to benefit business owners. This is because it will benefit the economy. So as an entrepreneur (freelancers included), you may have nice tax perks, and can write off expenses like travel, food, phone bills, portions of car payments, and the list goes on. With a job, we are taxed first and get the leftover amount. Owning a business, we are taxed on what is left after the expenses. This is a big difference.
6. Mentorship - I have written on this before. My best friends and mentors I met in my first business. Having had mentors and being a mentor have been some of the best experiences of my life. Learning from the masters and getting to help those less experienced than you gives you such a sense of satisfaction. "Find a Paul, and Teach a Timothy"
7. Create jobs - There’s nothing like the satisfaction of knowing you’re responsible for the success of your employees. I am always hearing people saying they want the economy to get better. Well, here is your chance to help by becoming a business owner. Your ideas provide others the opportunity to earn a living, provide for their family and fulfill their own dreams. Entrepreneurship is NOT selfish, yet helps everyone.
8. Networking - Entrepreneurs are communal creatures. We are not working solo as we do at a job. We love to meet each other, swap stories, and learn from each other’s experiences. Your circle of friends and acquaintances always grows when you become an entrepreneur, as many founders need others to lean on to survive and talk about the challenges only known to them. I personally feel the best type of business to have is Network Marketing.
9. Financial independence - I believe this is what promotes the most people to get into business for themselves. And that’s a good thing! You should want financial independence. Remember, financial independence is simple, NOT easy. One's Cashflow must be greater than their monthly expenses without them working. Yet, money doesn’t buy happiness, but it does make finding happiness much easier.
10. Your reason - This is the most important on this list because it is different for everybody. I just given you a list of why I think you should get into business. But all that matters is YOUR reason to start your own business. So, what is YOUR WHY? Share this and add your reason and business with others.