Since the change of the world in 2020, it is more important than ever to diversify how and where you make money. Many people lost their jobs during the global pandemic, thus their primary income due to reduction. So in this post, we will go over 8 benefits and reasons to start your own business. If you have not been convinced in the past and need that extra push, take it as a sign and read on.
Reasons to Start Your Own Business
Many people were affected by the global pandemic in more than one way. Everyone was confined to their own for an extended period of time, no matter where they are in the world. And unfortunately, millions of people lost their jobs. If you fall into this category, you will see the value of owning a business–no matter how small.
1. Self-Insurance
There is a famous quote that says “don’t put all your eggs in one basket”. This applies to your income too and possibly one of the biggest reasons to start your own business. People tend to be reliant on their one source of income from an employer. This makes you vulnerable because no one can see through a crystal ball to know if unemployment is on the horizon.
You have your best interest at heart so it is important to make sure you have insurance against someone suddenly taking your earnings. Even if your small business will not make you life-changing money at first, it will be a helpful supplement, especially in times of transition.
If you can name a well-known financial advisor that advises against having an emergency fund, it would be shocking. While you still should have an emergency fund, having a stream of income no matter what is happening in your primary job will give you peace of mind.
2. Multiply What You Have
Even if you are safe and comfortable in your current job, can you say no to extra income? Yes, you cannot buy happiness. However, most people will agree that making more money will solve a lot of stress.
Having a side hustle or a small business that you can run at home can bring additional income. By investing a portion of what you make into your own small business, you can multiply your income.
You can then take the extra income you are receiving to invest further back into the business. Or you can invest in a brokerage to multiply that way.
3. Discover A Hidden Talent
Many times, we fall into our jobs through school or opportunities given to us. But you can discover hidden talents that you may have by starting your own small business. Finding a profitable side hustle and learning what works for you is something that school or your employer can teach you. It is something that can only be learned from experience.
What you have studied in school may not have exposed you to enough possibilities. You may have not known that you are entrepreneurial because you never studied in business school. However, the act of doing and working on your own business may uncover what you never knew was there.
4. You Will Learn New Skills
Building on finding hidden talent is learning new skills that you would not have learned otherwise. You will learn beyond the basics of economics with supply and demand. Depending on the product that you will be offering, you will learn procurement and logistics. You will learn as much as you want to about accounting and tax rules.
Here at fulfilledmerchant.com, we write about subjects that support individuals and small businesses. That includes how to ship your products as economically as possible. We also have recommendations and reviews on shipping tools to streamline your shipping process.
Owning your own small business will push you to learn so that you can make money and be profitable.
5. You Will Be Giving Value To Others
You may think you don’t have anything to offer the world. But how will you know that if you have never tried? Attempting something and failing is better than never trying at all. Everyone has some God-given value that is undiscovered. But you will never know what you are capable of if you don’t try.
Once you find your talent or maybe it is your product or services, it can add value to others. It can be through the creation of a job or more business by you purchasing from your vendors. It can be improving a product or a service so that made the end-user’s life a lot easier.
Owning a business is much more than just making a profit. Because you are you and you took action, it made someone’s life better. There is as much fulfillment, if not more in bringing value to others.
6. You Have Flexibility
The great thing about having your own business is that you get to make the call for how hard or how little you need to work. You can push yourself to work as efficiently as you can or you can slack off. The result will be what you put in. But the beauty is, you get to make that call.
You do not have to report to anyone. The harder and smarter you work, it will only benefit you. You also have the freedom to make your product to suit your vision. If it does not work the first time or the first several times, you can pivot to suit your needs.
7. You Will Build Endurance
Many people look for reasons to starting their own business. But data shows that the likeliness of a business to succeed greatly against the odds. In fact, data from the Bureau of Labor Statistics show that 20% of new businesses fail during the first two years of being open. The percentage gets higher as more years are added and then decline.
If the industry that you pick to start your own business is highly popular, there will undoubtedly be a lot of competition. But that should not discourage you. Because you can start small and learn your way through what will work for you.
If you are able to offer a quality product that gives value to people, it will eventually succeed. However, it may take trial and time. Being patient with yourself during this time will build endurance for you in other aspects of your life as well.
8. You Will Build Confidence
One of the best reasons to start your own business in our opinion is that you will build confidence. Think about the reasons that we have mentioned already. First, going to work knowing that you have a safety net, no matter how large or small gives you peace of mind. This means that you choose to work where you are at instead of being trapped because you need the income.
Secondly, finding new talents and learning new skills crosses over to other areas of your life. You will have more skills to offer and more insights to be helpful. You will be able to add to your teams while teaching others.
And finally, you will have more flexibility and freedom to take time off. You will no longer need to worry about the cost of going on that vacation or explore that foreign destination. More importantly, you will have a bigger nest egg for retirement that you can even afford to retire years earlier. You will be able to enjoy life and be more generous to those in need.
So What’s Next?
The next step is to start. You were given legitimate reasons to start your own business. You can look for a sea of ideas on the internet and through social media like Pinterest. Make friends with like-minded people who are also entrepreneurial. You are the average of who you are around. Read books like this to enhance your habits.
We will do a blog here in the short future for actionable steps that you can take on how to start your own business at home. If you are interested in starting with e-commerce platforms, we have a slew of blogs you can find here, here, and here. E-commerce platforms we have written about are websites such as eBay, Amazon, Poshmark, Facebook marketplace, Depop, and Mercari.