If you’ve ever considered setting up your own business, certain things may have previously put you off the idea. Long hours, low success rates and financial worries have for a long time struck fear into even the most determined of budding entrepreneurs.
However, with the economy in steady recovery from the mid-noughties’ decline, and the importance of striking a good work/life balance made clear in recent times,1 there are many reasons why it may be in your best interest to go into business for yourself at this time. If you’ve had a big idea and done your homework on whether there’s a big enough market to support it, here are a few reasons why your next big step should be the one out on your own.
Being your own boss
From now on you don’t have to immerse yourself in stifling company policies and annoying colleagues. Founding your own business means that the big decisions are entirely in your own hands — if you’re more comfortable setting up at home than you would be by hiring office space, it’s all the better to save you on startup costs. Having the power to make your own strategic and operational decisions can be a very productive feeling, even when it comes down to something as simple as the hours you work.
Setting your own hours
A large part of achieving that vital balance between your work life and your personal life is being able to keep them from blending into each other — anyone who’s spent their Saturday night dancing around paperwork instead of their friends can attest to this. Although setting a regular work schedule is recommended for higher productivity, different people work better during different hours, so don’t feel obliged to make it a nine-to-five thing if you don’t really get going until noon.
A bigger slice
To begin with, you may struggle to match your old working salary, but think of it as a share of the business you were doing previously and that first payment will feel like a much more satisfying reward for your time and effort. As time goes on, your business will only grow as much as you want it to, so there’ll be no pressure to take on any work you feel can’t be delivered to an acceptable standard — setting your own deadlines doesn’t make them feel like deadlines at all!
There’s no denying that starting your own business has its downsides too. On top of the financial risk you’re putting into capturing your own corner of the market and the stress it may put on you, a startup company is a potentially life-changing idea for those who have the desire and skillset to make it work.
The Gov.uk website2 has a guide to the steps you need to take for setting up your own business, and there are plenty of business support websites available to help you take the first steps.
The information in this article is provided for education and informational purposes only, without any express or implied warranty of any kind, including warranties of accuracy, completeness or fitness for any particular purpose. The information in this article is not intended to be and does not constitute financial or any other advice. The information in this article is general in nature and is not specific to you the user or anyone else.