Here are some benefits of starting your own business
- Being your own boss –We’ve all had a terrible boss or two, but launching your own business allows you to be the kind of boss you’d like to work for. Nima Noori, CEO of Toronto Vaporizer, an online outlet for vaporizers and accessories, makes sure his employees are happy.
“I can confidently say that after five years of being in business with a tight knit team of 15 and an extremely low turn-over rate, we are working at being not only happier in the environment I created, but doing so profitably,” he says.
You can make your own decisions, keep your own time and not have to answer to “The Boss”.
- Hard work & know how – If you are a hard worker and / or have immense industry know how, you may want to benefit from the long hours you do or the knowledge that you have acquired over time.
- Financial independence – As an employee, there are limits to how much money you’ll make. You are defined by a line item in an accounting ledger, says Matthew Reischer, CEO of the website Lawyer Reviews, a site that welcomes feedback on lawyers across the country.“An entrepreneur who starts his own business can break free from this actuarial perspective and redefine the value he brings to the market,” he saysOne day, you may realise your dream of financial independence.
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- Job security: While some people would argue that working an office job in the 9-5 world has more security than starting your own business, Nick Loper, owner of Side Hustle Nation, a company that helps people earn money outside of their day jobs, says diversifying your income with various clients is a smart play.“Is starting your own business really any riskier than relying on one source of income for your livelihood?” he asks.
- Creative freedom – No more restrictions, you can do what you like and have the freedom to work, design, create, build what you think is best – your way!
- Goodwill – You don’t have to pay for it (as you would if you were buying a business) – you get to build it.
- Location, premises, building fit-out – You get to choose it all.
- Staff – You’re not lumped with staff you don’t want. You hire and train from scratch – your way.
- No bad name – A fresh business, a fresh start. Your name has no bad history with suppliers or customers. If you buy a business, you may find some people just won’t deal with the business because of past dealings.
- Business image – You create the business image you want. Your way