Why should you start your own business?

• Posted onOctober 17, 2016

Are you still thinking about starting up your own business but have not yet taken the plunge? In addition to the obvious reason to start a business, which is to make money, there are other reasons why it might be right for you. Here are some of the more light-hearted motivations for taking the plunge.

1. You are in charge of your own working hours

It is often said that entrepreneurs work 24 hours a day, 7 days a week, but in reality this is simply not the case. Yes there will be times when all you want to think about and do is related to your business, because it is your business idea and you want to see it succeed. But there will also be other times when things will calm down and it is then all about working smartly rather than all the time. Provided you are able to work efficiently and effectively there is no reason why running a business should be the end of your free time. In fact, it should be a way for you to make time for other things that matter as well, no matter what time of the day it is. Taking the dog out for a long walk at 2pm on a Wednesday! Why not?

2. Sleep as long as you want

You are in charge. Nobody can make you get into the office by 9am in the morning. So it is up to you what time you get up. It is not a good idea to make getting up at 10am a habit, but once in a while, what’s the harm in that?

3. You suddenly realise the value of efficiency

This is a great skill to develop and one that you will inevitably acquire when running your own business if it is going to be a success. Efficiency needs to run through the whole of your business and this includes managing your own time and resources effectively. The value is that this efficiency will have a knock on effect throughout your own life, meaning you make better use of your time.

4. Position yourself as an expert

Whether you are an engineer, car salesman or solicitor, setting up your own business will enable you to position yourself as an expert. Your area of expertise can be anything you choose it to be, providing you help people to solve a problem in your chosen field. Soon you will be seen as the authority on a certain subject or industry and this can have knock-on effects on other parts of your life as well.

5. You can compete with larger businesses because of the lower overheads

The costs involved with running a large company are immense. Just think about how much it costs to run a plush office premises. With your own business you can minimise these expenses, passing on the lower costs to your customer. Generally this means you can provide the quality of good or services offered by larger companies, but at a lower cost.

6. Build your own culture

It is your business and you can choose what goes on there and the culture within the business. You will get to choose the colour-scheme, furniture, office layout and even the staff. So if you want to create a modern and innovative business environment and are keen on having a pool table in the recreation area, then do it. It is your office, your business and your choice.

7. Create the foundations for wealth

Although I mentioned at the start of this article that it is not just about the money, the fact is that building the foundations of a successful business will inevitably result in financial success over time. You might have to struggle at the start, but there is a reason why a lot of entrepreneurs are wealthy. Success will form the foundations for future success in other areas as well. At the end of the day building a successful company from scratch can make you rich in a way that a salary rarely offers.

There are a wealth of opportunities out there for people willing to take the risk of setting up their own business. The chances of success are a lot greater if you are working with a trusted adviser. Contact Peter Mardon or another member of WSP’s company commercial team for more information about My Business Partner and how this can help you to set up and take your business through to success.