January 16, 2019

5 Reasons Why You Can and Should Start Your Own Business

The fear of uncertainty or sometimes the statistic that four out of every five businesses fail in five years is what holds many back from starting their own business. It is not the thought of not being intelligent or competent enough. As with all human endeavors, learning how to manage a business successfully happens as you practice over time.

That’s why what you need to do first is to be sufficiently motivated to start and that is what will be shared here. The reasons for starting a new business are virtually the same whether you live in the America, Europe, Asia or Africa. Thereafter, you need to learn the basics of running and managing a business each day.

1. You can succeed in business because others are succeeding


It is quite easy to think that the developed nations have businesses run by executives who have masters in business administration. But nothing could be farther from the truth. In actual fact, about 99% of businesses in U.S. are small businesses with few employees and they provide employment for over 80 percent of the workforce. So you won’t need “special business” training to succeed in business. You need to have an idea of how to meet a need in a unique way. Then you back that up with a desire to learn quickly, take action and adapt to changes in the marketplace.

2. You can succeed in business when you do what you are passionate about


Starting a business is as simple as laying out your business idea, writing a good business plan and getting your startup capital. With the increasing number of funding sources available, you will find it easier to get a lender that offers small business loans. Just make sure you start with a lean business model that does not require you to buy up large inventory or acquire very expensive machines and office space at the beginning.

3. You can succeed even if you start the business from home


The data from the Small Business Administration (SBA) reveals that 52% of the small businesses in the U.S. are home-based. Also, 22 million of the 28 million small businesses in the country are run by people who see themselves as self-employed. They don’t have any employees and so they don’t need to pay anyone on their payroll.

4. Running a business offers you tax benefits


Whether you have a business with a few employees or you are a freelancer, you can stillbusibn enjoy tax benefits. Based on the kind of business you register, you can write off some of your expenses including telephone bills, food, travel and some parts of your car loan repayments. Depending on the kind of business you are running, you may even enjoy different kinds of government incentives. If you are not sure about the kind of business you should register, you need to speak to your accountant about the type of tax benefits you are qualified for.

5. You are free to use your time the way you want


Running your own business allows you to do what you like, how you like it and when you like it. You will have a chance to give yourself to the things that have to mean and add value to things that matter to you. As a small business owner, you have the liberty to use some of your profit to promote a noble course in your community. Also, when you need to relax, you can take a trip to any part of the world you want.

Those are some of the reasons why you can start a new business and succeed. Instead of hesitating, why don’t you take steps toward becoming a business owner today?