14 Reasons to Go into Business for yourself
Note: This article is an excerpt from my book, Franchising Without Fear, Six Steps to Successfully Buying Your own Business
Often you hear the thousands of reasons not to go into business. In fact, there are lots of reasons to go into business for yourself.
14 Reasons to go into business for yourself
Flexibility. In the beginning, you’ll work longer hours for less pay, and this pays off when over time, you will be able to set your hours. You will need to work long hours. However, you can work whenever it suits your schedule. Stay up late or get up early, you choose. While on the one hand, if you do not work, you do not get paid, on the other hand, if you enjoy what you are doing, it won’t seem like work.
I recently read an article about a woman who was working corporate and had a small son. She wanted to stay at home with her son, so she began a cleaning business on the side. Now she is CEO of a large corporate cleaning business and never misses a ball game or activity. She sets her hours around his schedule. Her husband has become part of the company too.
2. Tax benefits
Tax benefits. When you own a business, you can take advantage of tax deductions. You can write off expenses for your business such as travel, home office, food, phone bills, and so on. There are even some government incentives for starting a business. Be sure to research your options. Check with an accountant for eligible tax expenses.
3. Pass down your business to family
Pass down to future generations. When you own your own business, you have something you can pass on to the next generation. A family business is something to be proud of because you created it. There are many franchisees that are passing their franchise on to the next generation as well. Building a business where your sons and daughters can work and carry on your success is very satisfying.
4. Job security
Job security. If you have ever been laid off, downsized, underemployed, or fired, you know how illusory a “steady job” is. When you own your own business, you are your own boss. You won’t have to worry about someone else determining your future.
5. Give back to the community
Giving back. When owning a business, you have the option of giving back to the community. Since you control where your money goes, you can sponsor a charity, a non-profit, or other community activity. It’s a good feeling to be able to give to others. You will also have the opportunity to improve the environment by making environmentally conscious choices.
6. Fresh perspectives
Freshness. When you own a business, you wear many hats, especially in the beginning. Every day will present new experiences and challenges. The newness provides owners with a fresh perspective and learning experiences. There is always room for improvement, and you will have the upper hand when it comes to making those decisions.
7. Develop new skills
7. Develop Skills. Mike Templeman, CEO of Foxtail Marketing, says, “People ask me how I learned about SEO, social media, pay-per-click, PR, and all the other marketing techniques I utilize. I tell them that I was forced to learn them, otherwise I wouldn’t survive. While developing new skills can be tough and takes time, it can pay off in spades. These skills will be invaluable throughout your life.” (Templeman, 2014)
The skills I have picked up through owning my own businesses are varied, valuable, and beneficial. I often say it’s enough for a Ph.D. in business.
8. Become known as an expert in your field
Become an expert. If you stick with your business long enough, you will soon become known as an expert. Once known as an expert, you will develop other skills through marketing, writing, and even speaking about your business.
9. Recognition of your accomplishments
9. Acknowledgment. There are many opportunities for recognition for business owners. You can be recognized at the local, regional, and national level in every field and industry. Our local business newspaper, Columbus Business First, seems to announce a new awards banquet every month. You’ll feel incredible satisfaction if you are recognized for your success in this way.
10. Financial independence
10. Financial independence. Most people go into business for financial independence. How do you define financial independence? Do you want to retire wealthy, make more money than you are now, or have the money to buy what you want? Owning a business does not guarantee financial independence, but it can allow you to achieve it. People say, “You get out of it what you put into it” — this is very true for business.
11. Opportunity to reinvent yourself
Reinvention. Mike Templeman gives an excellent example of the opportunity for reinvention: “I’ve started and sold several companies over my career. And every time I sell a company, I’m presented with an opportunity to reinvent myself all over again. On the flip side, if I had received my law degree, I’d be a lawyer (not a lot of room to recreate myself). However, as an entrepreneur, I get to be whatever I want to be.” (Templeman, 2014)
I feel the same way. I have owned a retail gift shop, a wholesale business, a horse-riding and training business, a franchising consulting business, and now a fundraising franchise. With each new endeavor, I learn new ways of doing business. The education and knowledge I obtain are precious to me. Knowledge is power and owning a business is powerful.
12. Change the world
Change the world. Many people have changed the world with their companies. They all started somewhere. Apple started in a garage. Bill Gates started from very little. You may be one who will change the world. It’s a good thought. It is possible.
13. Control whom you work with
Control over whom you work with. One of the most frustrating aspects of working in a corporate environment is the lack of control over with whom you work. As a business owner, you get to choose your employees. Working with people who fit your culture and personality makes your day much more pleasant. If they do not work out, well, you know, you can show them the door.
14. Choose your customers
Choose your customers. You also have control over your customers. If they give you too many headaches, you can show them the door, too. (Benedik, 2019)
Reasons to go into business for yourself, not by yourself with a franchise
I’ve just given you 14 reasons to go into business for yourself. If you choose a franchise, you alleviate some of the “reasons not to go into business” because you will be ‘in business for yourself, not by yourself’.
Nothing about the process is easy
“And the thing about blooming is, nothing about the process is easy. It requires every part of you to stretch upward, with your roots firmly planted in the ground; and in the sun, and in the rain, and wind, you stand anyway, even against the pull of the soil. And through it all, one day you will see all along you were transforming.”— Morgan Harper Nichols, musician
Contact Trish for more information and to assist you in your search for the perfect franchise fit
Keep following my Blog for more insights into fantastic franchise options. Remember owning a business is about matching your skills with the right business that meets your personal and professional goals. My 6-step process will guide you to the right business for you and get you introduced to opportunities that work for you.
What are you waiting for?
Trish Benedik owner of Select Franchise Consulting will help narrow your options and find the franchise that is the right fit for you saving you time and frustration. Our consultation will help you make an informed decision. There are thousands of options in franchising, find the one that is a good fit for your business and lifestyle goals.
Disclosure: Select Franchise Consulting/Trish Benedik/T A Benedik, LLC does not guarantee the financial performance of any franchise, licensed affiliate, or business opportunity. The decision to purchase a franchise, licensed affiliate, or business opportunity must be based on the buyer’s independent research and analysis. Select Franchise Consulting/Trish Benedik/T A Benedik LLC is not liable for any representation made by a franchisor and/or a franchisors employee, affiliate, or associate with respect to real estate, financial, operations, or marketing performance of the business being acquired.