Have you ever thought about breaking the chain and starting your own business? I know this can be super scary. But it can also be an exciting and rewarding journey. While it may seem daunting at first, the benefits of entrepreneurship are MASSIVE, both personally and professionally. Why should YOU take the plunge? There are plenty of reasons including some you may not have thought of when getting out of the 9-5 rat race.
First and foremost, starting your own business gives you the key to freedom. It allows you the flexibility to set your own schedule and work on projects that interest you. I LOVE the time freedom! As a business owner, you have the autonomy to make decisions that align with your goals, values, and dreams without having to answer to a boss! You can truly do what you want, when you want, and put yourself and your family first. No corporate drama or butthead supervisor telling you when you have to work and when you can see your kids.
How would your life be different if you didn’t have to stress about money? Imagine being debt-free, able to travel, not having to say no to your kids all the time, being the go-to person in your family, and giving more to charity and the causes you are passionate about. Starting a business can provide a sense of control over your financial future. By taking ownership of your life and building a successful enterprise, you can create a stable source of income and potentially generate significant profits. Being your own boss can provide you with financial independence and peace of mind! Doesn’t that sound awesome? Plus, with the future economy, most people will need additional sources of income to support themselves and their families.
What security, right? The economy and the future job market are so volatile and unpredictable that they can sometimes be overwhelming. Having a side hustle is the failsafe that will protect you if you find yourself suddenly unemployed. As an employee, there are so many variables outside of your control. I truly believe that you need multiple streams of income to hedge against risk in your current industry or career. You need to be able to continue to support yourself and your family without panic if your primary income or job goes away. You can do this by being a business owner.
Creative Expression and Innovation
As an entrepreneur, you have the opportunity to bring your unique vision to life and create something that is truly your own. This can be SO satisfying and fulfilling, especially if you have a passion for entrepreneurship and a desire to make a difference in your industry or community. Being an entrepreneur means you can do something you love while bringing value to others. Another great benefit is that you are constantly learning and developing new skills, personally and professionally. When I speak to most people, they tend to say that their job isn’t rewarding enough or that it gets boring. Imagine learning new skills each day that will continue to benefit you and your family while making a real impact on those around you. I know firsthand that no two days are the same but each day is definitely rewarding.
OK, I have to mention this as one of the big PROS of starting a business. Do you need more tax write-offs? The answer is a big ol’ YES! We pay soooo much in taxes, especially when you work the typical 9-5 jobs. Having your own business gives you opportunities to claim your business expenses. You seriously can’t afford to overlook this point. When you decide to become an entrepreneur, make sure to talk to your CPA or tax professional to make sure you understand how to legitimately and legally reduce your tax liability.
Making An Impact
Starting your own business can also have a positive impact on your community. By creating job opportunities and contributing to local economic growth, you can make a difference in the lives of those around you. This can be especially meaningful for those who want to make a positive impact on their community or contribute to social and environmental causes.
What Are The Risks?
Of course, starting a business also comes with risks and challenges. It requires a significant investment of time and energy, as well as the ability to adapt to changing market conditions and overcome obstacles along the way. However, for those who are passionate, dedicated, and willing to take calculated risks, the rewards of entrepreneurship far outweigh the challenges. Remember, if it was easy, everyone would be doing it.
How Do I Start?
If you are considering starting your own business, there are several steps you can take to set yourself up for success. Stay tuned for the next blog where I will go over them. If you’re interested in what I did to build the life I have today, I’d love to chat. If you want to learn more about multiple streams of income in your life or if you would like to work with me having your own business, find a time to get on a call with me.
Just know, while it may require hard work and dedication, the rewards of entrepreneurship can be truly life-changing. I honestly believe that entrepreneurship is essential to almost everyone’s future right now. If you’re passionate about a particular idea or vision, want a better life for yourself and your family and have the drive and determination to see it through, starting your own business may be the right path for you.