Now is a great time to start a business, especially if you’ve been dreaming about becoming an entrepreneur for a long time. Here are a few reasons why.
1. It’s in Your DNA
If you dream about owning your own business, you have an entrepreneurial spirit that’s calling you to step forward. Chances are, this calling will continue until you take action. Sure, you may change the type of business you dream about, but the urge to become an entrepreneur will stay with you.
That doesn’t necessarily mean you should quit your job and jump into entrepreneurship full time right away. The reality is that most of us have bills to pay and families to support. I believe in following your dreams, but I also believe in having a plan. Your bills and obligations don’t need to stop you, however. There are low-risk ways to start a business, and many people do it on the side while they’re still working.
2. You’ll Have Job Security
There’s a false belief that staying in an 8:00-5:00 corporate job provides security. In some cases, that may be true, but more and more often it’s not. Corporations change, bosses come and go, companies get acquired, and layoffs and restructuring happen every day. Your job security can be gone in an instant.
As an entrepreneur, on the other hand, you don’t have to worry about getting laid off, fired, or downsized. You are your own boss. You get to run the show. Even when I was in the corporate world, I almost always had a side business. This allowed me to learn valuable skills while “practicing” in the entrepreneur space. It also provided me with a greater sense of security. I always felt like I had something to fall back on.
3. You’ll Create Excitement About Your Work and Life Again
If you do it right, being an entrepreneur can be one of the most exciting and rewarding things you’ve ever done. You learn new skills, experience personal growth, step outside your comfort zone, and create the vision you imagine.
No one is meant to go through life being miserable, even at work. I just don’t believe that’s the case. Being unhappy at work is a sign that you are settling for less than your full potential.
“Don’t ask yourself what the world needs. Ask yourself what makes you come alive, and go do that, because what the world needs is people who have come alive.” ~Howard Thurman
4. There are Tax Benefits
Becoming an entrepreneur opens up a whole new world of tax deductions for business-related expenses. This is a significant benefit, even if you are still employed. Eligible deductions may include expenses for your website, business materials, training programs, telephone, internet, mileage, business-related travel, and even part of your house payment if you have a home-based office.
Before launching your business, sit down with a good tax advisor to find out what deductions are available to you and how expenses should be tracked. Self employment tax can also be an issue so talk to your tax advisor about the best way to structure your business and pay yourself for your efforts.
5. Entrepreneurs Are Happier
I see this everyday in my own life and in working with clients across the country – entrepreneurs are indeed happier than employees. While there are definitely some sleepless nights as a business owner, entrepreneurs are happier overall. Maybe it’s being the captain of the ship, aligning with your purpose, or the increased financial opportunities. Whatever the reason, research backs this up.
According to 11,000 graduates surveyed, Wharton found that entrepreneurship was the biggest indicator of happiness. While money is helpful, those running their own businesses were the happiest, no matter how much money they made.
Another study by the 2017 American Express OPEN Small Business Monitor found that 81 percent of business owners say their happiness is due somewhat or entirely to being an entrepreneur. What’s more, 94 percent of entrepreneurs say they are happy with their lives.
6. You’ll Call the Shots
It’s worth a lot to call the shots in your business and your life. You no longer have to deal with a boss, no matter how good or bad, and you control your own destiny. Of course, responsibility comes with that freedom. You’ll need to create a strong business vision and marketing plan, and you must follow through with consistent action.
7. You’ll Enjoy More Freedom and Flexibility (Eventually)
This is perhaps my favorite thing about being an entrepreneur. I no longer have to punch a time clock every day, and my commute is just a walk down the hall. While I still work plenty of hours, I’m able to do it on my terms. I schedule my time so I only work with clients a few days per week. That leaves me time to write, create, plan, and network. It doesn’t always work out perfectly, but when I control my schedule, I’m more productive and able to get into a state of flow.
Not to mention, I can take more time off. My husband and I often take long weekends to the coast. This kind of freedom and flexibility doesn’t just happen by accident – I’ve designed my business that way.
Now It’s Your Turn
Are you considering starting a business? Or have you recently started one? What are your favorite things about being an entrepreneur? What are your biggest challenges?
My New Entrepreneur program was designed just for you! Imagine having a business mentor, a supportive community of other entrepreneurs, and training on the critical topics you need to succeed. That’s what you’ll receive as a New Entrepreneur. To learn more about the New Entrepreneur Program, click here to set up a complimentary consultation to see if this is the right program for you
Contact me to learn more, or join my free Facebook Group for New Entrepreneurs.