Starting your own business is one of the most life changing things you’re ever likely to do. Many people, once they’ve done it, could not go back and work for someone else ever again. It can also be a risky business. What follows is a list, with brief notes, of some of the reasons why you might want to start your own business:
- You want more time for yourself/family. Here some realism is necessary. For most businesses, you will have to work very hard at some point when building up the business. It is possible when things are up and running, you may be able to trade off money for time by paying people to do the work. However, the likelihood is you will need to work at least a full working day for quite a while. Depending on how the business is set up and what kind of business you’re in, it is still possible you may benefit time wise. The benefit is likely in being able to choose when you work rather than how many hours you work – but that is in itself a considerable benefit!
- You’ve been made redundant. Some people who have been made redundant choose to invest much or all of their payout in starting a business. Here you need to think carefully about whether going into business is right for you, as opposed to looking for regular employment. Going into business is not something to do on a whim! Naturally, one factor in this equation is how you rate your chances of getting another suitable job.
- You are fed up with working for someone else. This reasoning is often that of people who have had bad experiences with their bosses. That is, people who are not impressed with the abilities of the people from whom they have to take instructions. Many of the comments that apply to redundancy (above) apply here. Starting your own business is only a good idea if you know what business to start, you know how to market it etc.
- You have an original idea and want to do something with it. The great advantage here is that you are starting from a position of having no competition. Therefore, if the idea is a success, there is potential to always have a head start when competition appears. The downside is the level of risk involved. The idea is completely new and it is therefore untested. In this case, trying out a proof-of-concept form of the business first is especially important. When got right, original business idea can be very successful – YO! Suchi for example.
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You can see a way to add value to an existing area of business. You might think that – in contrast to having an original idea – entering an existing field of business carries a much lower risk. Well, it doesn’t and it does. It doesn’t because the idea is already tested – it is known to have a market and it is also known that profit can be made. However, the question is whether or not there is room for one more in the market place.
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You want to have control over the success/failure of what you do. Perhaps this is because in the past you’ve worked for a small company and you’ve been able to see opportunities that have been missed. Alternatively you may have been made redundant and you think if you have your own business you will at least be in control of your own destiny.
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You want to get rich or at least make more money. Whether this is achievable will depend on you and on what business you go into. Some people seem to think that people who run their own businesses get rich, whereas in truth many work very hard just to make a living. Many make a comfortable living, but the majority certainly do not make their fortunes.
I recommend you also read the Business Opportunities and Ideas article Don’t Start a Business, which discusses the distinction between wanting to start a business and being an entrepreneur.
