20 Important Reasons to Start a Business

Last Updated on May 20, 2021 by MoneyVisual

Have you ever thought about

What could be your fundamental inspiration to start and build a business?

Well, different people start their business for different reasons.

For you, it’s a life-changing experience as you might be putting your financial well being at stake.

I know this is scary for you as you have never done it before.

From dreaming about becoming an entrepreneur like Jeff Bezos and Sara Blakely to toying with your business idea is not an easy journey.

And believe me over the past few years what I have observed is no matter how nervous you are initially but if you have good reasons to start with your business then you will be able to scale it up.

That’s why I have written this article explaining the 20 important reasons that will give you a kick start to initiate the process of starting your own business.

1. Achieving Pride

Pride isn’t easy to achieve but it does enhance your self-worth.

You can take the credit if you achieve something worthwhile.

Starting a small business will take your time, hard work, and knowledge. But that’s ok entrepreneurs are made to aim for big things.

At the end of the day, recognition and pride will boost your self-esteem.

Moreover, according to the journal of business venturing– out of 405 business owners 65% started their business as they wanted to achieve something.

2. Converting Your Need Into a Product

Maya Page (Founder) of Oily CBD said-

“I started my own business because the entire process of purchasing CBD oil frustrated me. I’m just a midwestern mom – I didn’t need chocolate haze-flavored CBD oil! I just needed a clean product that was effective and most importantly, organically grown”.

It’s not that every time you should come up with a unique business idea.

If you think you need a product that still doesn’t exist in this world and you have an idea to bring that invention into the market.

Then just go for it.

Design your strategy, go straight, stay focussed, and then implement your strategy.

3. Financial Independence

Many people start their business to attain financial security.

With determination and hard work, you can build a business that can provide you with greater financial security.

It may not take you to millions initially but will provide you several financial benefits over working for a wage or salary.

So it’s valuable!  You can even sell or pass this business or your heirs.

4. Get Job Security

I know if you are working for a corporate your main stress is whether you will be promoted or not.

These decisions are in someone else’s hand and beyond your control.

If you can build a successful business then you will have job security.

No one can lay you off and you are your boss.

You just need to keep your business operating to enjoy this security.

5. Reducing Work Commute

Reducing Work Commute

When you start your business you have the opportunity to choose your work location.

You can either prefer to work from home or choose a location that is most favorable to you.

You can even opt for co-working space or rent an office on lease.

Always consult your attorney before signing any lease to avoid any unforeseen expenses.

6. Tax Benefits

This is one of the most obvious reasons for entrepreneurs to start a business.

Believe me, it does help if you are a small business owner, like Austin Vibes Kratom. You can get tax benefits that will ultimately help you as an individual.

Nowadays government programs support small business owners and provide them tax incentives.

Just go through the laws of your country and take advice from a financial accountant or advisor before making any decision.

7. Developing and Improving Skills

Well, you don’t need to be an MBA. Many entrepreneurs start their business and learn new skills as they grow.

Do you know 65% of people start their business to keep up their learning?

You get an opportunity to manage your books, products, and services. This is possible with the help of the internet to learn and acquire new skills.

You can multitask after learning new skills and manage your tasks on your own.

8. Starting without Major Investment

Some people hesitate to start their business due to the funding requirements.

You always don’t need a huge amount to launch a business. Bootstrapping (Self-funding) through your saving or credit cards can help you to start with your idea.

Moreover, some businesses will not require a significant investment.

For instance, a consulting service will only require a website and licensing fees.

9. Enjoy Personal Fulfillment

There is nothing better than personal fulfillment if you have your own business.

Christopher Rather (Founder) of One Mean Dream quotes-

“When people decide to use their talents to start a business, they often find personal fulfillment because their abilities now serve a purpose.”

So, focus on achieving your goals and drive your business towards success.

10. Implementing Your Expertise

You need to be well-versed with different aspects if you are starting your business.

With your expertise and experience, you can take and implement decisions wisely.

In the long term, you will enjoy the helm of those tasks. You will always have the option to outsource but if you have expertise in a particular area then you can do it on your own.

11. Starting from Scratch

You make rules when you are the boss of your business. While starting from scratch you can build those products and services that fit your vision.

You can imply your ideas, opt for more efficient processes, and set a standard for employees’ wages.

You get a chance to run something on your own.

12. Helping Your Community

Starting a business is a perfect idea if you want to offer a product or service that is lacking in your area.

So, this provides an opportunity to fill that gap by providing your products and services and establish your business successfully.

Just think about that once and turn your small business into a million venture.

13. Escaping Your 9-5 Job

Working 9 to 5 is always dreadful. You cannot live your dreams if you are still working for a corporation.

So, wake up, invest in yourself first, and choose the career you love.

Starting a business will help you to make money and fulfill your dreams.

14. Creating Jobs

Creating Jobs

You can start a business and create jobs to support other families especially seasonal workers who get laid off.

It’s the time when you can pay back to someone if you owe it.

15. Support NGOs and Pursue Social Justice

You can set up a company for helping social organizations like charities, non-profit, and communities.

You can even employ people that don’t get work easily and help them gain valuable skills and experience.

16. Possesses Business Skills

If you have skills such as time management, efficiency, strategic planning, networking, finance, communication, and sales then you are born to be an entrepreneur.

If you are lacking, just hire some professionals at least until you learn them.

17. Readiness to Take Risks

The harsh truth is most entrepreneurs are not ready to take the risks because they know out of 100, 80 businesses fail.

If you work hard, do the research and develop a proper business plan then things will be in your favor and you will succeed.

18. Creating a Legacy

If you want to be remembered for long then start building a brand that outlives you.

It’s not just about innovation or uniqueness rather you should build something that lasts like an online store.

Remember, the steps you will take today will make a huge impact in the future.

19. If It’s in Your Blood

If your parents are entrepreneurs then you will get inspiration from them to start with something that gives you happiness and joy.

Though there will be many hustles initially if your happiness is in starting your business then you will get success.

20. You Won’t Know If You Don’t Try

You might be a thing that you will fail and nobody will buy from you. You don’t have to get shattered even before starting your business.

Stop guessing. You will only get to know if you will do it.

So, start today if you have an idea.

Conclusion

Remember you have to start your business to win the battle against all odds.

Initially, it could be terrifying but by only taking risks you will learn to manage things by yourself.

You can make your own decisions and control your destiny for your reasons. Start your business today and live the dream of your life.

<strong>Claire Mark</strong>
Claire Mark

Claire Mark is an investment and strategic planning consultant at Alcor, a global investment bank. She’s best known for her insightful blogs on business growth, startups, small businesses, and investments. Claire also has a good network in the Finance industry, especially the investors’ community. Apart from her work, she loves to bake and go out for gadget-free nature walks.