Starting your own business is not easy, nor is it suited to everyone, but there are so many benefits of doing it, especially if you like the idea of working for yourself.
1. You are your own boss
Being your own boss comes with a tonne of benefits that can push you towards success...
- You can make the decisions - rather than being a passenger, you are in the driving seat and can make the decisions yourself, take the risks that you want to take, and be in charge all around.
- You set your own hours - you don't have to (if you don't want to) do a typical 9-5 job role. If you're someone who works better in the mornings or evenings for example, you could shift your time. You can also work for as long or as little as you please!
- You set your own location - if offices are not for you, and you would prefer a coffee shop or even your sofa, being an entrepreneur allows you to set your own location, and if you don't have client meetings, you could even be on a beach somewhere!
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2. Allows you to pursue a passion
Starting your own business allows you to make a living while pursuing something for which you have a strong passion. You may have a special talent, such as writing, playing music or a specific hobby.
By turning your passion into a business, you may find more enjoyment and fulfillment in your work life that can lead to a happier life in general. We often work harder and are more productive when we are doing something that we love too, so you might even see better results!
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3. You can be really creative
Creativity, most of the time, is the most important attribute for successful entrepreneurs to have and utilise. After all, creativity powers innovation, establishes new perspectives and solutions to old problems, and empowers business leaders to craft a bold vision for their companies and pursue it vigilantly (Entrepreneur.com).
Being an entrepreneur allows your creative thoughts to flow freely and for you to get the most out of what your brain is producing. To keep track, you could brainstorm ideas in a notepad or bounce creative ideas off of others to create your masterpiece.
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4. It can be very profitable
Being self-employed means that you can by definition be more profitable than perhaps an annual salary; although, you have to work to make that money first!
If you have a limited company, you will be paying corporation tax, meaning that you do not pay the PAYE tax on your earnings, rather it's a fixed amount each time. This makes it a lot easier to forecast your profits and start to make a difference.
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5. Broaden your skill set
Being an entrepreneur might require you to wear many hats, as in most companies you will have specialists in each area but for an entrepreneur starting out, you might need to do everything. Therefore, you might get the opportunity to broaden your skill set hugely because you are trying new things and tasks.
6. It's a new challenge
Starting a business as an entrepreneur, new or experienced, is not easy. All of the reasons why you should do it in this blog present you with this final point: it's a new challenge.
Challenging yourself to dream bigger and do better is a great benefit of starting your own business. From making new decisions, to taking on more of a workload, the challenges can seem never ending. But, if it is a venture that you are passionate about and you see a future, push through and you will find success.