It’s no secret that venturing out on your own in business is hard work, but there are a lot of great benefits to becoming your own boss too. We’ve captured 10 great reasons to start your own business.
- Follow your passion
Starting your own small business can allow you to pursue your dreams and do what you love for a living. If you’ve embarked on the journey to small business ownership, there are challenging and exciting times ahead for you – but it’ll be worth it.
Be your own boss. As a small business owner, you get to call the shots and make all of the decisions on how to operate your business. While this can be scary at times, and you won’t always make the right decision, being a business owner gives you the flexibility to do things your own way.
Running a business will give you a wealth of experience across all areas of business operations, from finance to customer service, and all the administration functions in between.
- Developing new skills
You’ll also learn new skills which you might not have otherwise learnt. Skills like how to prepare a budget and business plan as well as management, leadership and organisational skills. These skills will also be valuable beyond the business world.
- Job security
You’re unlikely to fire yourself from your own business, so working for yourself can help alleviate the fear of being unexpectedly let go in our often turbulent economic climate.
- Small business tax benefits
There are a range of tax incentives available to small businesses at tax time. Check with your accountant or contact us at Business Foundations for assistance on what deductions you may be eligible for.
- Create jobs for others and choose the people you work with
Once you’ve established your business, you might reach the point where you need extra support to continue to grow. This presents a great opportunity for you to employ others and importantly, choose the people you want to work with.
- Connect with your customers and give back to the community
Running a small business allows you to develop close relationships with your customers and regularly connect with others. Understanding the needs of your customers and providing great service is essential to maintain repeat business. You might also wish to give back to your community through your business, either by the very nature of the services you offer or by supporting community events or fundraisers – it’s up to you.
- Do things differently
Have you ever worked in a workplace where you thought you could do something better, but didn’t have the freedom to? Well now you can. If you want to change something about your business, the freedom is yours! Be true to yourself and the way you want your business to operate – customers love authenticity.
- Take pride in your achievements
There’s no mistaking that running your own business can be challenging, so it is important to celebrate your achievements and take pride in what you have created. You can gain a huge amount of personal satisfaction from starting something from scratch and watching it grow. We enjoy sharing in this journey with our clients and celebrating their successes too!
It’s also important to know you’re not alone. Business Foundations offers a range of free and low-cost workshops around Western Australia providing business advice and insights to small business owners.
But don’t just take it from us, check out some of the stories from our self employment NEIS clients who started their own successful businesses with our support.