What are the reasons for starting your own business

10 reasons to start a business

Our experts

With the right planning, effort and a little bit of luck, this year could be a great year to start a business. But why would you want to go it alone in the first place? What are the advantages of starting up a business?

Here, Startups gives 10 great reasons for starting a business…

1. You are your own boss

Sick of your manager giving you a hard time in a job you loathe? If you start up your own business, the only person you have to answer to is yourself. Being your own boss gives you the freedom to do things your way and implement your own plans.

Of course, you live or die by your decisions, but that’s what’s good about it isn’t it?

2. You get to do what you’re interested in

If you are stuck behind a desk selling insurance over the phone to uninterested pensioners, the chances are that you would rather be doing something else. The good thing about being an entrepreneur is that you choose what kind of firm you start up, and where.

So, providing that you’ve done your research properly and there is a gap in the market, you can turn a hobby or interest into a profitable enterprise.

3. Your business = your deadlines

Clocking on and off in a drab job that generates profits for your cigar-chomping boss can become slightly soul-destroying after a while. Start your own firm and you get to set and meet your own deadlines.

You won’t be able to just lie in bed until 2pm thinking that you might do a few hours of work after your favourite television show has finished – you will need self-discipline. But meeting your own targets can be a huge motivation to work hard and drive the business forward.

4. Get creative

If you have considered going it alone, you will have thought out how you would do things your way. Being an entrepreneur gives you the freedom to express yourself and develop your concept in any way you choose. Of course, there are always financial constraints, but the ability to be as creative as you like is far more appealing than a one-dimensional job.

5. It’s not that hard to do

The news is full of stories about the amount of red tape and taxes that small businesses have to face on a daily basis. However, over the past few years, several measures have been introduced that should make it easier to go it alone. From the Enterprise Finance Guarantee to various inner-city projects, the government certainly can’t be accused of doing absolutely nothing for budding entrepreneurs.

With the Prince’s Trust, business loans and other support organisations also up and running, you should be able to secure the help and funding needed to get you started.

6. It can be very profitable

If you think that it’s just large corporations that make big profits, you would be wrong. There are countless stories of entrepreneurs hitting on a great idea, exploiting it well and being well on their way to their first million by the end of the year.

Although the start-up process can be tough, with long hours and little money not uncommon, if you run your business well, the rewards can be huge. And, from a purely selfish point of view, you will get most of the profits yourself.

7. It’s varied

Dealing with spreadsheets one minute, suppliers the next and then having a look around your new office – an entrepreneur’s work is not just busy, it is also extremely varied. If you are uninspired by your monotonous job, starting your own firm will keep you on your toes and stretch your abilities to the maximum.

If you want a career where every day is different, going it alone could be for you.

8. You can have a second career

Of course, if you don’t fancy giving up a regular income, you can always get the best of both worlds and stay as an employee while running your own firm. Although juggling the two can be tricky, having a successful sideline should be a very profitable option. Do something that you are interested in and go for it.

9. Cut the commute

Although most small firms operate from offices, many entrepreneurs find that operating from home reduces costs dramatically in the early stages. As well as providing familiar, comfortable surroundings to work in, if you are based at home you do not have to endure the daily tangle with public transport or clogged up roads.

10. The big dream really can become reality

You may feel that starting up a small business won’t lead to anything more than having your own desk and taking on a few extra staff so you can open that branch in Bracknell that you always planned. However, it is possible to make it really big – just look at the late Anita Roddick, who became a Dame thanks to her entrepreneurial achievements.

She started a small shop in Brighton on a shoestring in the 1970s. Before long, she had a chain of Body Shop stores across the UK and was launching her concept in the USA. So, if you dream of being the next Richard Branson, don’t dismiss it at a mere fantasy – it really could happen.

So, what are you waiting for? Follow our 10 steps guides for how to start a business to make your business idea a reality.

19 Reasons to Start Your Own Business Today

Written by Jesse Sumrak | July 25, 2022

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Thinking of starting your own business? Congratulations. The entrepreneurial itch is just beginning.

You might have a reason for wanting to start your own business, like capitalizing on an opportunity or fulfilling a need in your community. Or you might have no idea why this sensation is pulling you. That’s OK.

There’s no right or wrong motivation for wanting to start your own business. Whether you’re trying to escape the 9-to-5 or just want to make more money, every reason is valid.

At Foundr, we’re passionate about inspiring entrepreneurs and giving you the tools and know-how you need to succeed. Below, we’ve compiled 19 reasons for you to start your own business. Consider this your justification (or community-backed excuse) for making your business-owning dream a reality.

Why Start Your Own Business?

Next time your in-laws and co-workers ask what the heck you’re doing, just send them a link to this page.

Table of Contents

1. Control Your Schedule

Tired of being told what to do and when to do it? When you start your own business, you get to be as flexible as you want. Sleep in, stay up late, work half days, or take off every Friday—it’s up to you.

The early days of your business will be busy, but you’ll eventually gain more spare time as you scale and learn to delegate.

Need to make an important family event but swamped with work? Take off a weekday and replace it with a weekend. Feeling burnt out and needing some extra sleep? Work 12 to 8 instead of 9 to 5.

Eventually, you might feel comfortable with your income and scale back your time working. You may live comfortably off 20 hours of work and take the rest off.

The inverse is true, too. You might want to deep dive into your work and pour your heart and soul into it—you can do that, as well. You get to control your schedule.

More importantly, the flexibility of starting your own business means you’ll get out what you put in. If you want to build the next tech giant or simply create an agency so you can spend more time with your family, you’re in control. Every hour you spend on your business is valuable.

2. Create Your Ideal Workspace

Don’t be constrained by the fluctuating rules (and trends) of workspace policies. Small businesses and corporations alike often require you to work in determined locations. Even “remote” policies often have red tape that demand you live in specific geographic areas.

When you’re the business owner, you can work from your home, a co-working space, an office, or even the local coffee shop. You can take your work with you on the go, whether that’s the stereotypical beachside resort (please don’t get sand in your laptop) or the back of an RV on a nationwide road trip.

What’s your dream workspace? Is it a loft space with a ping-pong table? What about a giant corner office? Or maybe, it’s working at a collaborative coworking space or incubator?

You get to decide.

3. Make More Money

Unless you’re on commission, there’s likely a cap to your full-time income. You’re given a salary (regardless of your input or performance), and the only way to get beyond that is maybe with an end-of-year bonus. Plus, the time it takes to get to mid-level management, even in the most progressive of organizations, can take years of loyalty and corporate-culture assimilation.

When you start your own business, you get to decide how much money you make. Need more cash? Work longer hours or charge higher prices. Want more free time? Scale back your work and make less income.

It’s all up to you. Here are examples of how you can increase your earning potential as a business owner versus a traditional job:

There’s no cap on your salary as a business owner. You can always make more money and scale your business.

4. Pursue a Passion

Do what you really want to do. Pursue something that makes you happy or something you care about. There’s no wrong passion.

Want to fulfill your dream of being an artist? It’s a long road ahead of you, but it’s your dream to chase. Want to become a ski mountaineering guide? Take the risk and go for it.

Starting your own business lets you create fulfillment rather than find it.

More than 60% of Americans work in jobs they dislike. You can avoid this fate by doing something you genuinely care about. And once you get to that place, is it really “work” anymore?

Use the Ikigai method to turn your passion into profit:

5. Feel Alive

When you’re the boss, you get to decide when to take risks and when to lay back. You’re going to have “high highs” and “low lows,” but you ultimately get to decide whether it’s going to be a dull day. Instead of punching in and punching out, you’re truly living each day to the fullest.

Starting a business is exciting and nerve-wracking. You’re going to lose sleep at times, and other nights you’ll sleep soundly after an adrenaline-packed day.

For better or worse, there’s a bit more on the line every day when you’re fully responsible for your income. Mediocre performance isn’t good enough anymore, and there’s something downright rewarding about that.

So, how do you know if you’re feeling alive in your current career? Here are a few indicators we’ve learned about what it means to feel alive as a business owner:

If this doesn’t sound like your career right now, then it might be time to take the first step toward feeling alive.

Top 10 Reasons to Start Your Own Business

Running your own business offers many perks. Here are ten reasons to start your own business today!

Deciding to start your own business is a leap of faith. It requires pushing out of your comfort zone and trying something new. If that idea excites you, why wait around? You’re ready to take the leap and be the CEO of your OWN COMPANY. It’s a lot of work and there are some risks, but the potential for rewards is huge. If you’re not convinced yet, here are 10 of the best reasons for starting your own business.

1. Each day at the office will be motivating.

When you’re working for someone else, it can be tough to find the motivation to do the best possible work. No matter how much work you put in, the owners of the company will get the ultimate rewards.

When you’re your own boss, you’ll find motivation at work every day. Following your dreams is exciting, and you’re in control of your own success. The day-to-day vitality of your business depends on you, so you’ll be driven to make each day as productive as you can. You’ll know that your own hard work and drive will help you reap the rewards, and that’ll keep the fire burning in your belly to make each day count.

2. You’ll be following your passions.

Many entrepreneurs start their own business to follow their dreams and fulfill their passion. Following your dreams will fulfill you in a way that working for someone else may not do. You are in charge of creating your business from the ground up, so you can shape your company to be something you’re proud of and that you may even be able to pass on to your children as your legacy.

3. You can pursue social justice or support non-profits.

One of the most fulfilling parts of becoming an entrepreneur is setting up your company for social gain. You can opt to support non-profits, charities, or community efforts with your profits. Or you can set up your business to solve a problem in your community or in the world at large – whatever your passion may be.

For example, consider Snowday, a company started by teach-turned-entrepreneur Jordyn Lexton. It’s a food truck, but it’s doing more than just filling the hungry bellies of passersby. Snowday employs young people that have been incarcerated (which makes it harder for them to find work) and helps them gain valuable skills and experience on the job. Starting your own business gives you a unique opportunity to make the world a better place.

4. You can achieve financial independence.

Many people commit to starting a business with the dream of financial comfort. While it’s true that getting your company off the ground can take grit and result in some lean times while you’re getting started, the ultimate goal of being your own boss is cultivating financial independence. With determination and hard work, there’s no cap on how lucrative your own business can be. If you aspire to build wealth, there’s no reason why you can’t achieve that goal.

Starting your own business has several financial benefits over working for a wage or salary. First, you’re building an enterprise that has the potential for growth – and your wallet grows as your company does. Second, your business itself is a valuable asset. As your business grows, it’s worth more and more. You may decide to sell it or you may hold on to it and pass it down to your heirs. Either way, it’s valuable.

5. You can control your lifestyle and your schedule.

Perhaps you’ve spent years in the corporate world and you feel ready to turn over a new leaf after years of reporting to a superior. Starting your own business can give you a more flexible lifestyle and schedule so you don’t feel like you’re running in circles on that corporate hamster wheel. You can opt to schedule meetings around your family schedule or you can opt to work from home – the sky’s the limit when you’re the boss. You still have to get the work done, but nobody’s looking over your shoulder making sure you do it their way on their time.

Starting a business is hard work, and that flexible schedule may not happen right away. Even if you’re working long hours, however, you know that you’re doing it for yourself and your family and not for a distant boss or shareholder.

6. You can start from scratch.

This is your business! You make the rules. You’re not restricted by the standards and procedures of your boss or corporate culture. You can offer a product or a service that fits your vision. You can also build your company according to your own ideas. Maybe you’ve thought of a way to make processes more efficient. Maybe you want to make sure your employees get fair wages and family leave time. Whatever problems you’ve encountered in the working world, you have a chance to do something different with your own business.

Many entrepreneurs say that once they’ve sampled the freedom of being their own boss and calling the shots at running their own company, they’d never want to work for someone else again.

7. You’ll get tax benefits.

Starting your own business takes funding and it may take some time to turn a profit, but you can start taking advantage of some substantial tax breaks right off the bat. Government programs support small business entrepreneurship and seek to reward these endeavors with impressive tax incentives. You’ll want to work with a financial planner or an accountant to make sure you’re setting up your business in a way that will allow you to get the benefit of these government programs.

Note that there are also a variety of programs aimed specifically at business started by women and minorities, so you may be able to get grant funding and other benefits to get your business off the ground.

8. You’ll have true job security.

The stress of climbing the corporate ladder is real. You never know whether you’ll be promoted or whether you may be handed a pink slip – these life-altering decisions are in someone else’s hands and beyond your control. When you start your own company, you know you’re investing in your future and in your own job security. Moreover, should you choose to start a family business, you could be providing jobs for other members of your family, as well. Your destiny is in your own hands – no more layoffs in your future.

9. You’ll become an expert at a broad range of skills.

Part of running your own business is learning to wear a lot of different hats, especially early on. You’ll have to pick up a lot of new skills, from HR decisions to inventory management to customer service. You’ll soon become a pro in your own industry, as well as a pro at a variety of new skills you’ll learn on the job. As your business develops, you’ll continue to pick up new knowledge and abilities. You’ll know how every tiny aspect of your operation works. You can’t get that kind of experience anywhere else.

As your business grows, you may opt to continue manning the helm for those tasks you enjoy – whether that’s graphic design or accounting – but you can outsource those tasks that you dread. You can also turn those skills to new tasks. Who knows? You may even want to start another business!

10. You can be creative.

It’s up to you to decide what your business will produce, sell, or which services it will offer – that’s exciting! Rather than following the formula of those who came before you, you’re looking at a chance to develop a concept or an idea that nobody else ever has. Even if you stay mainstream with your product or service, each day as an entrepreneur allows you to find new, outside-the-book ways to problem solve. Innovation and creativity are necessary traits for a successful entrepreneur, and you’ll hone those skills daily.

Knowing that each day brings new challenges, exciting opportunities, and a chance to engage your passion is reason enough to start your own business. Knowing that you’ve decided to take control of your own future is empowering. What are you waiting for? The time is now!

AOF’s Director of Business Advising Luis Ramos is available to support your business with customized coaching on the most pressing business challenges

Start Your Business: 7 Reasons to Work for Yourself

Small businesses are big business – in fact, those with fewer than 100 employees account for 98 percent of all businesses in the U.S. 1

Starting a business may be daunting, but if you take account of the 30.7 million small businesses operating in the U.S. alone, 2 you’ll find learning how to start a business is a lot easier than it used to be.

Today’s interconnected world has opened up millions of new niches for entrepreneurs to start small businesses and countless sources of advice are available on the web. In addition, the internet has enabled business owners to connect with their peers, learn from their mistakes, and use their successful decisions as a guide for their own paths.

If working nine to five isn’t suited to you, perhaps it’s time to climb your own ladder, set a pace that suits you, and make your mark on the world. If you have a bright idea or a burning interest, here are seven good reasons for starting a business today.

1. Be your own boss

Instead of bashing your head against a wall every time your boss makes a mistake, be the one making decisions – and hold yourself accountable to them. Of course, it’s human nature to want to avoid risks, but in the words of Nora Denzel, former CEO of American company Outerwall, “If you don’t take risks, you’ll always work for someone who does.” 3

If that thought scares you, it’s time you begin planning your journey to become an entrepreneur. Here are just a few of the benefits of becoming your own boss:

2. Define your job description

If you think you possess a range of key talents, entrepreneurship presents a way to utilize these skills to their full potential.

As an entrepreneur, you’ll fill many roles in your business, especially when starting out, which is why you can’t be afraid of doing the dirty work. Many days you’ll find yourself in the position of anything from leader and marketer to therapist and receptionist.

Essential entrepreneurial skills include the following: 5

3. Turn your passion into profit

Starting a business is risky, so it’s important to remember why you’re doing this when the going gets tough.

Twenty percent of small businesses don’t survive their first year, and nearly a third fail in the second. Half fold after five years in business. 6 Those first few years of a business are hard, which is why passion is crucial to sustaining you.

Try to keep these benefits of starting your business in mind during times of doubt:

4. Increase your earning potential

Perhaps your current job doesn’t pay what you’d like, or maybe you’ve got a sideline passion project that has the potential to become a lucrative full-time career. Either way, you’ll have to put in the hours to turn it into a business. As U.S. entrepreneur Lori Greiner says, “Entrepreneurs are willing to work 80 hours a week to avoid working 40 hours a week for someone else.” 7

You may struggle with finances in the beginning, but draw your motivation from these famous entrepreneurs who started out with pennies and turned them into billions:

5. Improve the lives of others

In the U.S. alone, new businesses create 1.5 million jobs annually. 12 Starting a new business means you have the opportunity to hire and train those who may not have had the opportunity for decent work in the past. It also means you get to make a meaningful impact on society.

These three entrepreneurs have used their entrepreneurial prowess to do something good in the world:

6. Learn to fail and learn from your failures

Some companies fail because they make a poor product, others because their product is mistimed. Most companies fold because of a lack of market need for their product or service or because they run out of capital. 16

When you consider that 90 percent of start-ups and 75 percent of venture-backed start-ups fall by the wayside, it becomes clear that failure is something to be addressed head-on and learned from. 17 Here’s how you can do that.

7. Become an expert

Instead of waiting for someone to give you a chance to be the best at something you’re passionate about, create your own opportunities.

Follow the words of Steve Jobs: “Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma – which is living with the results of other people’s thinking.

“Don’t let the noise of others’ opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition.” 18

Become an expert in one thing by:

If you want to challenge yourself and grow your entrepreneurial skills, consider joining the Oxford Entrepreneurship: Venture Creation Programme from Saïd Business School, University of Oxford. This six-week programme offers practical guidance, from identifying a market opportunity and developing a business model to learning how to launch and pitch your venture.

Similarly, the University of Cape Town (UCT) offers the Foundations of Business Management online short course. This eight-week course helps students to gain leadership, marketing, finance, market-research, and competitive-analysis skills.

To help entrepreneurs develop the skills to navigate the legal and financial complexities of starting a new business, the Northwestern Pritzker School of Law offers the Entrepreneurship: Law and Finance online short course. This eight-week course will help you to understand and navigate everything from founders’ agreements and contract drafts to trademark law.

Develop your strategic expertise with an online business management course.

50 Reasons to Start Your Own Business

Some people are destined to be entrepreneurs. From the time they get through school, or maybe even before that, they’re hungry to start a business and lead it to success, and they’ll stop at nothing to make that dream a reality.

For others, starting a business is a scary, intimidating notion. There are too many unknowns to take the plunge. But if you’re considering becoming an entrepreneur, don’t forget all the benefits that go along with it:

1. Flexibility. Work your own hours.

2. More spare time (eventually). Spend more time with your family and friends. But note: This is only applicable once your business is established and you have employees handling the majority of necessary responsibilities. Don’t expect to have more spare time until you reach this point. In fact, expect to have much less.

3. Call the shots. Nobody else is going to set the rules. You are.

4. Set your own deadlines. No more last-minute rushing unless you want to do it.

5. Sell how you want to sell. Online? In person? Inbound? Outbound? It’s your call.

6. Create your own environment. You can set the formality and culture of your organization.

7. Pursue your passion. You can do what makes you happy.

8. Create something from scratch. Watch your organization grow from start to finish.

9. Meet new people. Network with other entrepreneurs and professionals.

10. Build a team. You decide who to hire and bring into your company.

11. Create jobs. Improve the economy with new job opportunities.

12. Help people. Use products and services to improve people’s lives.

13. Become an expert. Learn the ropes of your industry through first-hand experience.

14. Invest in yourself. You take the risk, and you’ll gain the rewards.

15. Make more money. If you want a pay raise, you can give yourself one.

16. Financial independence. No one else is signing your paychecks.

17. Tax benefits. Write off your biggest expenses Note: while you do get to write off lots of expenses as an entrepreneur, beware the “self employment tax.”

18. New challenges every day. Find new ways to stimulate your mind.

19. Get exposed to new cultures. Discover new perspectives and approaches.

20. Discover new fields. Delve deeper into your industry.

21. Create an asset. Give yourself something sellable to hedge your bets.

22. Connect with your clients. Forge real, personal connections.

23. Delegate boring tasks. Don’t do anything you don’t want to.

24. You can stop working. Work you enjoy doing can’t be described as “work.”

25. The power to give. Have the power and flexibility to donate time or money to worthy causes.

26. Get involved in the community. Participate actively in your neighborhood and region.

27. Improve your industry. Push your industry forward with new innovations and ideas.

28. Get a mentor. Meet valuable, insightful mentors and learn from them.

29. Become a mentor. Take your own knowledge and experience, and mentor someone else.

30. Learn new skills. Branch out in new departments.

31. Attend new classes and seminars. Constantly refine your skillset and stay updated.

32. Have a big office. If you want the biggest office in your workplace, it’s yours.

33. Work from anywhere. Work from home, an office or a beach if you so choose.

34. Have the option for multiple ventures. Start another business when you’re done with this one.

35. Gain entrepreneurial experience. Being an entrepreneur makes you a better professional in almost any position.

36. Get recognized. Start earning name recognition and build a reputation.

37. Get things done faster. Set your own efficiency rates.

38. Build a personal brand. Take the time to develop your personal brand, and tie it into your business’s.

39. Get more creative. Create your own opportunities and your own solutions.

40. Inspire others. Serve as an example for other people to follow their dreams.

41. Reduce your commute. Find an office space closer to your home.

42. Have more job stability. Never worry about being laid off or fired.

43. Find pride and fulfillment. Finally start taking pride in the work you’re doing.

44. Reach your dreams. If you’ve ever dreamed of being wildly successful, this is your chance.

45. Learn to embrace failure. Even if you fail, you’ll walk away with new skills and more experience you never had before.

46. Have a great story to tell. It will be a fun story for your grandchildren one day, win or lose.

47. Leave something behind. Pass the business down to your children and grandchildren.

48. Change the world. It may seem like a lofty goal for you right now, but your business really could change the world.

49. Resources are plentiful. With the dominance of the Internet, it’s easier than ever to find resources you need, including startup capital, loans, grants and even mentors.

50. There’s nothing stopping you. What’s really keeping you from being an entrepreneur? Of course there are risks, but there’s nothing forcing you not to take them.

If you want to become an entrepreneur, there’s nothing really holding you back. Take the leap, and lead the company you’ve always wanted.

If you decide to take the leap, be sure to grab my ebook to help with your growth, The Definitive Guide to Marketing Your Business Online.

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