4 benefits to owning your own business
By Emanuel Gerson|
September 30, 2021
Starting your own business can be two very different things: rewarding and scary, but when you really think about it, if your service offering is thought out and something that consumers will want and come to you for, then history shows us that the rewards far outweigh the risks.
And what are some of those rewards, the benefits to running and owning your own business? Well, we’ve asked around and here are the top 4 benefits to owning your own business:
- Independence & Control
There’s no denying that there are pressures from being at the top of the company, with people relying on you and the fate of the business resting in your hands… but that pressure comes with a large amount of personal independence and control over the direction of your business: no matter what, at the end of the day it will be your choice, your decision, that steers the company and defines its successes.
In short: You make the decisions – you choose whom to do business with and what work you will do. For many business owners the freedom to control their future is more than enough to outweigh the potential risks.
Be your own boss. That’s the dream, right?
The truth is, it is a very attainable dream, and all of the hype can be very true if you manage things well and have the self-discipline to work when it’s the right time and only play when the business can run itself.
In short: You might now be able to work from home, but how about working from anywhere you like?
- Financial Gain
Let’s not be coy, one of the main reasons we would all like to start, run and make a success of our own business is the direct and unfiltered financial gain potential. Theoretically, everything that the company makes on profit is yours – after expenses and tax and such, but it’s your business so whatever that business makes is also yours.
In short: Owning your own business takes away the income restrictions that exist when you’re someone else’s employee. Does the name Jeff Bezos ring any bells?
With your new found power, comes new found responsibility – or at least, new opportunity.
Being the shot-caller at the company means you have the power to give back to your community and those around you in a way that you see fit and can make sure it all goes to the right places. Many entrepreneurs spend a lot of time and money putting back into their neighbourhoods and the people who live there. It inspires the next generation of local business-owners and helps to ensure positive growth in the economy of not only the community, but the country as a whole.
In short: Small businesses account for a huge portion of the local workforce, so starting your own business is an opportune way to provide jobs in your community.
It’s not easy to start your own business, let alone maintain it or even make a huge success out of it, but the pros are undoubtedly stacked up against the cons.
We’ve showcased 4 simple benefits to running and owning your own business, but it is a very personal journey – you have to want it and you have to work hard for it.
But ask any successful entrepreneur or small business owner (even a big business owner) and we would put money on their answer to the question “Are you glad you did it?” being a resounding “Yes!”
Is starting a whole new business venture something you simply can’t take on right now?
Have you considered a side hustle?
At Bridgement, we endeavour to make the running of a business, your business, possible.
We’re here to help you make a success of your business by providing insight and understanding to a complex landscape and offering much-needed funding to make that success a possibility.
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