The Internet has increased our ability to connect to an audience by orders of magnitude. As well as connect us with family, friends, and services from around the world, it has also enabled a courageous new generation of entrepreneurs to showcase their talent, drop out of the traditional workforce and go solo.
65% of today’s students will wind up working in jobs that do not exist, wrote the World Economic Forum in 2016: many of which will be entirely self-funded, self-employed ventures. According to the MBO Partners Report issued in late 2017, the US alone has seen 2.6% rise in self-employment with the figure currently over 40 million. We have also seen a rise in the number of solo ventures earning over $100,000 per annum.
These are good economic reasons to look closely at the opportunity to start your own venture. But the benefits don’t begin and end with the possible cash-flow. Self-employment has a lot more than just financial prosperity going for it.
Thinking of venturing out on your own? We’ve compiled seven solid reasons to consider going solo.
When you’re the boss, you can make your own hours and spend more time with your family and friends. Granted you might be swamped as you try and establish your new business, but once you have it up and running, you can hire employees to handle many of the everyday responsibilities.
With an established business, you become the master of your own schedule, and the freedom provided by being an entrepreneur can be nothing short of amazing compared to the 40-hour workweek.
While it is true that self-employed people work more hours, they also report greater freedom, contentment and overall well-being.
You won’t have to skip out on kids’ activities and accomplishments because the boss won’t let you off work.
And if you’re lucky, you can even work from wherever you want, setting your own hours, sitting around in your boxers watching the big game or even minding the kids while you work.
2. Be the Boss
As a small-business owner, you set your own rules. Entrepreneurs frequently cite autonomy and independence as key drivers of their decisions to start businesses.
According to a 2008 report from the International Entrepreneurship and Management Journal, independence was the most common motivation provided by those who started their own business.
As an entrepreneur, you aren’t forced to follow policies and procedures you disagree with just because a faceless CEO or board of directors tells you so.
Freedom means having more control over the course of your life and the power to direct it in the ways that you want, rather than working for the whims of others.
“One reason to own a small business is the ability to direct the culture of your company,” Kasey Gahler, a certified financial planner in Austin who left a big company to start his own three years ago, told Inc.
“When you’re in the driver’s seat, you are making the decisions on how best to steer your company into the future,” he added.
“This might be overwhelming for some, and one must know when and how best to delegate. However, when you are able to make your own decisions about how best to operate day-to-day, this leads to creating a culture, a brand, and an organisation.”
3. Pursue Your Passions
Hate the 9-5 grind, punching in the ol’ time card every day just to put food on the table?
It can be difficult to enjoy what you do when it’s just not anything you care about. Some of the most successful entrepreneurs got where they are by following their passions.
Are you a computer geek? A sports fan? An animal lover? All of these interests can be turned into a profitable business venture. Success is more easily obtained when you’re striving toward something in which you believe.
Justin Morgan, the Founder of the Dental Marketing Guy, which specialises in SEO for Dentists discovered this for himself when he stepped out on his own in small business marketing.
“Positioning myself as a thought leader in the dental industry, while remaining laser-focused on SEO, has allowed me to earn the respect of my colleagues and move more quickly than if I was to work with a more generic client pool. Position yourself as the premier expert in your industry! That’s going to set you up for success.”
4. Financial Independence
If you own your own business, when you want a pay raise, you can give yourself one. Business owners definitely increase their earning potential.
Think about Richard Branson, who first started selling records out of a local church. He’s now worth about $5.1 billion. Sure, there’s always a risk involved, but if you don’t want to worry about financial security your entire life, entrepreneurship could be your ticket to independence.
Whether your goal is a stockpile of cash, money to buy what you want or retiring in comfort, entrepreneurship can allow you to achieve it.
5. Greater Job Stability
When you own your own business, you never worry about being laid off or fired. Sure, businesses can fail, but it’s usually not overnight. On the other hand, when you work for a company, you could show up one day to find yourself unemployed with no warning.
Entrepreneurship offers solid job security in that as your own boss; you never have to worry about being let go.
6. Leave a Valuable Legacy
Want to pass something of value on to your children and grandchildren? Even as a successful professional such as a doctor or lawyer, your career is yours and yours alone. You can’t leave your credentials to your children when you pass. But if you own your own business, you can pass your success on to the next generation.
It’s an incredible feeling to build something successful. Take your vision, execute it and then reap the benefits, all as you bask in the sense of pride knowing that success if yours and yours alone.
Don’t think of pride as just another deadly sin. It can also bolster your self-worth as you rightfully take credit for creating your own success. After all, starting a small business is no minor venture.
Entrepreneurs earn their success through sweat, tears and hard work. They deserve to feel good about their efforts!
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