Reasons to Start a Business
Starting your own business can be a huge decision. Before you fully jump into it, you should analyze your own reasons to start a business. Looking at these can help ensure that you will enjoy working in your business and that it has a stronger chance of being successful. Below are some of the top good and bad reasons to start a business.
Some good reasons to start your own business include:
- To serve a need
Serving a need should be one of the top reasons that you start a business. If there is no need, chances are, your business will not have anyone who wants to buy from you. This is just part of making your business viable and why you should do research before you start your own business. Also, have a need to serve can make you feel better about your work. You know that you are helping people, which should be important.
- To have a better schedule
Wanting to have a better schedule and work-life balance is a common reason to start a business. This makes sense. If you are the boss, you will be able to choose when you work and when you don’t. You will have a lot more control than if you worked in a “normal” job. However, please see #2 under the next section for a word of caution on your work schedule.
- To pursue a dream
Hopefully your business is something you feel passionately about. Maybe you came up with an awesome idea that you think will change the world. Or maybe you are an expert in your subject matter. Or you could just be really excited about your idea. Those are all alright! It’s important that you will enjoy working in your business. If your business is your dream, it will make it so much easier for this to happen.
- Income potential
The income potential from an entrepreneurial pursuit is widely variable. In all honesty, it may fail. However, if you are successful, you also have the potential to become extremely successful. This can be a major motivation factor, especially if you were previously stuck in a “dead-end job.”
Some poor reasons to start a business are:
- To get rich quick
Some people think that if you start a business, you will get rich quick. In some companies, you can. However, the vast majority of small businesses will have startup costs and continue to incur costs in the first year of operation. You may or may not turn a profit early on. You may be extremely successful (and I hope you are!), but it is better to be more realistic about getting rich quick by starting your own business.
- To work less hours
Eventually, you may certainly be able to work less hours than at a typical 9-5 job. This is an absolutely achievable goal depending on your industry. However, once again, at the beginning, you will probably work more hours than in a typical job. This may not be the case if your business is a side hustle. But, it is an aspect that you should keep in mind.
