Six Benefits of Starting Your Own Business

starting your own business 

Have you ever thought of starting your own business? Did you go for it, or did you let something stop you? While the idea of starting your own business may feel quite overwhelming, it can also be very exciting and rewarding. There are so many benefits to starting your own business versus working for someone else. Let’s talk about a few of them today.

You Set Your Own Schedule

One of the many benefits of starting your own business is that you decide when you work and when you don't.

If you would like to be home in the afternoon when your children come home from school, then you can arrange your schedule so that you are home. That might mean putting in a few extra hours of work after your children go to bed, but the benefit of being there when they need you will be worth it.

When you look at different business ideas it is very important to evaluate them based on your schedule, your dreams and your goals, including your financial goals.

Certainly you will want to look for something that offers a great return on your financial investment, but you will also want to look for a business that fits in well with any other obligations that you have.

Reap the Rewards of Your Hard Work

In the corporate world many people work long days and even weekends to get their work done.

Depending on their situation their work may be a small piece of a larger project and because they only do their specific piece, they may never see the end results of their hard work.

Sometimes their contributions and many long hours will go unnoticed.

When you start your own business you might find yourself wearing many hats within the business, and working some very long hours as well.

The difference will be that you will feel a sense of accomplishment every time you finish a big project or complete a big sale because you were directly involved in the entire process.

For many people that sense of accomplishment is very important. For me personally, it is actually more important than how much money I make.

When you do this you will feel very proud of yourself and it will also help you do a great job on the next big project or big sale.

Starting Your Own Business Gives You Pride of Ownership

You should be proud of whatever type of business you decide to start.

I think being passionate about your business and being proud of it go hand in hand.

Your business will be a direct reflection of you, and the decisions you make will be based on your experience and knowledge. Yes there will be stressful times, and obstacles to overcome, but with hard work and determination your business, as well as your skills, will grow to new heights.

your own business

Do Work That You Honestly Enjoy

When you build a business around work that you truly enjoy you will find that you are full of enthusiasm and excitement.

You will not hesitate to tell others about it.

People will hear the excitement in your voice every time you talk about your business.

Your enthusiasm will help you to stay focused and you will enjoy putting in however many hours it takes to be successful.

Your passion for your work will help you make better decisions.

It will also help you overcome obstacles faster and easier.

Remember, an obstacle is not a show stopper. It is simply something to deal with and sort out.

Outsource That Which You Do Not Enjoy

You will find that as a business owner you will wear many hats from bookkeeper to customer relations to marketing specialist, and so on.

Stick with the work that you do best and outsource the rest.

If you absolutely dread looking at numbers and doing the accounting keeps you from being in front of potential clients, then hire a Bookkeeper.

Promoting your new business will be essential. If marketing is not your forte seek the advice and assistance of a marketing expert.

As well consider a Virtual Assistant who could potentially do your marketing, accounting, and any other administrative work, so that you can focus on the aspects of the business that you enjoy and specialize in.

You Decide Who You Want to Work With

When operating your own business you will most likely need to work with other people. The other people may be a combination of business partners, staff, clients, contractors, and even other businesses that you may decide to form affiliations with.

The benefit of you being the business owner and operator of your own business is that you select who you will work with.  You do not need to say yes to every potential client and of course you certainly do not need to hire every person that applies to work with you.  Take your goals and your work ethics into consideration everytime you consider working closely with someone.

Each person you choose to work with should be a good fit for your business organization. You want to work with people that will help you grow your business and achieve your goals, not hold you back in anyway.

One of the ways that you can get started is to create a list of your work ethics and your goals.

With this list you can now create a list of the skills, qualifications, and personality traits that you would like to see in the people that you choose to work with. These could be things such as focused, goal oriented, team player, good communication skills, honest, reliable, and so on.

As you speak to, and get to know people, try to get a sense of who they are.

Do their goals and work ethics align well with yours? This is a very important question.

Choosing the right people to work with will help your business develop and grow far beyond your original plans.

Choosing people that are not a good fit will inevitably be a waste of your time and theirs. In the long run it will cause more trouble for you and your business then missing a deadline or forgetting to ship a large order.

Starting your own business isn’t something you typically wake up one morning and begin doing; although some very well known businesses have started that way. For most of us it involves research, planning, assessing our finances, finding the right people to work with, and mustering up the courage to just do it. Having said all that, there are some real benefits waiting for those that do start their own business.

 


Comments

    • DC @ Young Adult Money

      DC @ Young Adult Money 12/05/2012 5:02 a.m. #

      Trust me, I have mulled over these benefits for quite some time now. I think it's just a matter of time before I start my own business (and work it full-time). It could be in two years, it could be in twenty, but I think it's inevitable.

    • Holly@ClubThrifty

      Holly@ClubThrifty 12/05/2012 5:13 a.m. #

      I agree with all of these benefits...but it is soooooo much hard work. My preference is to work for someone else 9-5 then have small side businesses. But, we have kids and I really like the security of a guaranteed paycheck.

    • John S @ Frugal Rules

      John S @ Frugal Rules 12/05/2012 6:43 a.m. #

      Good post Sicorra! We run our own business from home and love it. I love that we get to be our own boss and it does bring great pride to get ahead. It's much more rewarding than just bringing in an extra few bucks for some massive corporation.

    • Grayson @ Debt Roundup

      Grayson @ Debt Roundup 12/05/2012 8:38 a.m. #

      Starting and running a business is some of the hardest work. I operated my own ecommerce business for about 5 years. It was what actually caused me to get into massive debt, but that was because I was irresponsible with the money. While I had passion for my business, it ended up destroying my health (due to long work days - about 18 hours of work a day) and putting a rift in my marriage (I have fixed that now). I would recommend anyone with a dream to start a business, but understand that it takes a LOT of work, and I mean a LOT. There are no get rich quick businesses, but if you have the passion for something, then go for it.

    • Corina Ramos

      Corina Ramos 12/05/2012 9:17 a.m. #

      Great post Sicorra!

      You're so right, it's such a great feeling being your own boss and yeah the drawback is that we wear many hats but the end result is so gratifying, right?

      Have a great day my friend!

    • krantcents

      krantcents 12/05/2012 9:47 a.m. #

      I started a business, although it started out as an investment in rental property. I built it into a business and it helped me achieve financial freedom. I then added other businesses. The best part of the various businesses was giving me freedom to do what I wanted and enjoyed. It affected the rest of my life!

    • Tackling Our Debt

      Tackling Our Debt 12/05/2012 5:10 a.m. #

      @DC - It is an exciting thing to work towards. With lots of planning I am sure you will be successful.

    • Tackling Our Debt

      Tackling Our Debt 12/05/2012 5:30 a.m. #

      @Holly - I completely understand the security of a guaranteed paycheck. I do remember those days too.

    • Tackling Our Debt

      Tackling Our Debt 12/05/2012 7 a.m. #

      @John - It is so rewarding, which as I mentioned, is more important to me than anything. I noticed you and your wife's business online. Looks like you guys are doing well.

    • Tackling Our Debt

      Tackling Our Debt 12/05/2012 9 a.m. #

      @Grayson - I am sorry to hear that! Good though that you and your wife worked through it. I knew a young man about 10 years ago that created a million dollar successful contracting company. He love it at first but then he lost control and became so overwhelmed that he turned to alcohol and eventually lost a lot of clients as well as his family.

      I think sometimes that it is important to know when to hire more people and to outsource things. It may take longer to make millions but as a person it may help alleviate alot of the stress.

    • Tackling Our Debt

      Tackling Our Debt 12/05/2012 9:30 a.m. #

      @Corina - Thanks my friend! I agree, the end result is very gratifying. It just takes a lot of coordination.

    • Tackling Our Debt

      Tackling Our Debt 12/05/2012 12:30 p.m. #

      @Krantcents - Love your story! I will drop by your blog today to see if you talk about your successes in more detail. Thanks very much for stopping by!

    • Kim@Eyesonthedollar

      Kim@Eyesonthedollar 12/05/2012 8:16 p.m. #

      I have certainly reaped the rewards of owning a business. It has been tons of my life, time, mind, etc, but in a few weeks I get to sell it for a nice profit that will hopefully get us to where we want to be much sooner. I think the greatest way to wealth and financial independence is to own a business. It can also be the way to financial ruin, so you have to look at all sides.

    • Justin@TheFrugalPath

      Justin@TheFrugalPath 12/05/2012 9:56 p.m. #

      I've been considering starting a small business. I've got a few good ideas, but I just need to sit down and find a way to implement them.
      I really feel that owning a business has so many benefits, not just financially.

    • Shannon @ The Heavy Purse

      Shannon @ The Heavy Purse 12/06/2012 11:47 a.m. #

      Great post, Sicorra. I'm a proud business owner, but you are absolutely correct - it takes a lot of hard work and passion to make it successful. I've coached a lot of small business owners and there are always two camps - those who get it and those who want to, but are poor bosses. You hit the nose on courage and delegation. When everthing comes together - the payoff can be everything you wanted and more.

    • Kyle @ Rather-Be-Shopping.com

      Kyle @ Rather-Be-Shopping.com 12/06/2012 2:51 p.m. #

      Excellent points Sicorra. As someone who started my online business back in 2000, full time since 2003, the benefits far outweigh the negatives.

      A couple things I would add:

      ~ Have to be good with time management. This is especially true if you work from home. You have to punch in and punch out like a real job. When the weather is nice you have to fight the urge to go play golf, especially if you have a busy work day. Conversely, you have to fight the urge to go back into the office after your work day has ended. Your work day has to end at some point otherwise you end up working yourself to death.

      ~ A down economy has historically been a great time to start a new business. Right now office rents are low, office supplies and furniture is a bargain, and contractors are begging for work. If you have an idea for a business and you have enough cash on hand to make it through the first few months which will be lean, I say go for it.

    • Tackling Our Debt

      Tackling Our Debt 12/05/2012 9 p.m. #

      @Kim - The way you built and sold your business for income now and well into the future is a perfect example of how rewarding it is to be in business for yourself.

    • Tackling Our Debt

      Tackling Our Debt 12/05/2012 10 p.m. #

      @Justin - Don't put it off any longer Justin!

    • Tackling Our Debt

      Tackling Our Debt 12/06/2012 1 p.m. #

      @Shannon - I think knowing when to delegate and finding the right people really helps. I have known small business owners that were great in some aspects, but not in others and instead of hiring the right people they let their business (pride and joy) collapse.

    • Tackling Our Debt

      Tackling Our Debt 12/06/2012 3 p.m. #

      @Kyle - Excellent points! it is so easy to find yourself working around the clock on your own business, especially if you really enjoy it. But then one day you find that you can't get out of bed anymore or worse yet, end up in the doctor's office with health issues because you forgot to take well planned out breaks.

    • AverageJoe

      AverageJoe 12/06/2012 3:48 p.m. #

      Great tips. I'd recommend that people thinking about going into business read your thoughts here AND a book called The E-Myth, Why Most Small Businesses Fail and What To Do About It. That's one of the best business books I ever read. No, I take that back. It IS the BEST business book I ever read, period.

    • Tackling Our Debt

      Tackling Our Debt 12/06/2012 3:52 p.m. #

      @AverageJoe - Thanks! Yes, I read the E-Myth book 6 years ago as well when I owned a small franchise. Lots of good info.

    • Jacob

      Jacob 12/06/2012 5:17 p.m. #

      It's going to happen someday. The issue is, I need to pick JUST ONE THING to do, otherwise I won't be able to give it my best effort.

      Also, thanks for the recommendation Joe, I need to get some business reading in soon :)

    • femmefrugality

      femmefrugality 12/07/2012 12:37 p.m. #

      Love the look at the positive aspects! I think a lot of times we focus on the bad, which is good. We should always have realistic expectations, but there's so many benefits to going out on your own, too.

Comments are closed.