Starting a business can be intimidating when thinking about it for the first time. Yet, it’s one of the most important steps to become financially independent. Financial independence doesn’t necessarily mean becoming rich. Likewise, creating a business is not always driven solely by financial ambitions. This is why I want you to present with 67 reasons to start a business for yourself in 2020. Let’s jump right in!
Personal Reasons To Start A Business
I try to break the following list down into different main categories to help you get a better handle on its many items. Starting out, I will cover the internal reasons to start a business. These are the things that will motivate you from within.
1. Flexible schedule
When you run your own business, you schedule your time. If you feel like Mondays should be off, you can take them off. If you want to have breakfast with a friend spontaneously, you can do your work later that day. You’re the only one who rules over your time!
2. Make your own choices and decisions
You probably know the feeling: Your boss tells you to do something you think makes no sense at all. It just feels like a huge waste of time executing the task. The few bucks per hour you get don’t prevent you from dying a little on the inside every time this happens.
Maybe you even know how to improve a certain process, but nobody is paying attention because “it’s not your job”? Well, being able to make your own decisions is one of the main reasons to start a business, in my opinion.
3. Build confidence
Another strong reason for creating a business is that you will develop tremendous amounts of confidence in the process. Of course, there will always be obstacles on the way. Now that you’re making the choices and leading the way, you learn to deal with many different situations. This will also fuel the confidence you have in other areas of your life. Suddenly, formerly huge problems seem to you like they’re hardly worth a mention.
4. Reignite your passion
Many people work their jobs only because they have to. They need the money, but if they wouldn’t, they’d quit their jobs within seconds. When you’re working on your own business, you’ll automatically work with passion, which makes for one of the most powerful reasons to start a business.
5. Make new experiences
Life is a collection of experiences. It’s not natural to stagnate in one area and settle for pure comfort. Human beings have an inner urge to experience new things (even if they sometimes might not feel like it).
Moreover, creating a business will not only present you with business experiences alone. Your business and your life are interlinked, which means that you will experience new things in other areas of your life too!
6. Develop new skills
It’s so fulfilling to learn new skills and get better at doing certain things. Building your own business will force you to develop lots of new skills on the way. You’ll demistify a few bits and pieces of how the world works, in areas that you don’t even know exist.
7. You can create a legacy
One of the main reasons to start a business is that you can use your precious time to create something bigger than yourself. You hear founders of insanely successful companies talk about something “bigger than themselves” from time to time.
What they mean by that is simply that, at some point, your driving force might not be financial or self-centered anymore. Motivation changes over time. How great would it feel to start something today that will still be there in 30 years? Maybe even at a whole different scale? You’ll be telling people about the history of the business you’ve created decades back.
8. Live with excitement
Installing a 9-to-5 job as the center of your life will wear you down faster than you’d want to admit. You might do the same tasks every day for years. As a result, all the parts of your personality that are anxious for creativity and change will fade. You’ll feel this as boredom or a lack of purpose in life.
Starting your own business, on the other hand, will ensure you feel that fire burning inside you again. For me this is one of the main reasons to start a business.
9. Stop running the rat race
The modern term “rat race” refers to the current life model that looks something like this:
- Go to work every day.
- Get paid for the time you spend at work.
- Pay for your living expenses.
- Buy or do things that make your free time more “valuable” (so you’ve made use of the little free time you have).
- Run out of money towards the end of the month.
- Eternally repeat this process from step 1.
The only way to escape the rat race is to make your income independent from your job. However, the goal is not to “not work”, but rather to work on your own business. This will cut the cord between time you spend and money you earn. Then again, this is the only way to escape the rat race and become financially independent.
You can find out more about how you can create a financially independent life for yourself in the free email bootcamp. It shows you the steps that can lead you to financial freedom, no matter your current situation. Join the free bootcamp here:
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10. Develop a sense of purpose
Having a sense of purpose is what many people lack these days. That’s what makes it so hard to get out of bed every morning (aside from freezing mornings during winter time).
When you work on your own business, you will naturally feel motivated. You don’t need any external dopamine-drivers to make life bearable for you. Of course, there will also be days where you won’t feel like working on your own business. That’s normal. However, this feeling will be temporary and make space for motivation to kick in again once your batteries are recharged.
11. Challenge yourself
As a consequence of some of the previous points, the drive to challenge yourself is a huge reason to start a business for many entrepreneurs. They want to master something. They want to see if they are up to the task. And if they are not (yet), they make sure to bridge that gap.
If you don’t know what motivates you to start your own business, the personal challenge might be what gets you out of procrastination mode. After all, we only have this one life. We might as well use it to push some boundaries!
12. Satisfy your sense of curiosity
This reason to start a business is tying in closely with challenging yourself. You’ll simply never know how it feels like to build a business if you don’t try it. What if you were great at it, but you never found out simply because you’re too scared to try?
Or, even worse, you trust the limiting beliefs you might have accepted without any substantial examination. Personally, I’m afraid as hell that, in a few decades, I will regret not having tried.
13. Develop great habits
…because you simply have to! The health of your business depends on you and your way of doing things. You’ll need to acquire some helpful habits along the way. The good thing is: Your motivation will make it easy because you’ll see an immediate effect on your business and life.
14. Fuel your creativity (and your soul)
It’s no coincidence that so many employees describe their jobs as “soul-sucking”. How could they possibly feel something else when they are forced to do dull, meaningless tasks everyday. Earning a mediocre income as the sole driver will not satisfy your need for creative expression.
Starting your own creative business, on the other hand, will let your creative juices flow and put a big smile back on your face just like this:
15. Do something different everyday
As a business owner, you’re facing a wide variety of tasks. You need to plan your strategy, talk to customers, win new customers, come up with marketing ideas, do admin work and, of course, perform your actual business services.
For me, every day is so exciting just because I don’t entirely know what will happen. Of course, I know what’s on my list. But there’s no way to know in advance when unexpected opportunities enter the front door. You might receive notification that you’ve been chosen for an exclusive interview in a leading newspaper.
Every single one of these unexpected messages are reasons to start a business on your own. I assure you that, once you’ve encountered the first of these opportunities yourself, you will understand the drive and inspiration they can set free within you.
16. Even a failing business makes you proud
Many entrepreneurs don’t succeed with their first business endeavor. And that’s absolutely fine. After all, you need to learn certain skills, some of which you can only learn when you actually participate in the game. You can never prepare 100%.
A failed business endeavor feels a lot better than failing to try in the first place. It will fill you with the courage to immediately tackle the next business idea. By that time, you will already have learned that failing is part of the process leading to your first successful business.
17. Be a better boss
Do you feel like you want to improve something in the way things are moving? Are you suffering from working for an incompetent, despotic boss? When you think about reasons to start a business yourself, this could be something that drives you. You’ve got the opportunity to be a better boss and create a working environment where your employees (if you have any) feel welcome and comfortable.
18. Set your own rules
As much as you need to follow the rules of your employer right now, as a business owner you can set your own rules. Everything is only determined by yourself, from working hours to clothes to wear for work, to the way you conduct business and talk to clients. This can be incredibly freeing. Don’t underestimate the power of setting and following your own rules!
19. Build your intellectual assets
While money and things can be taken from you, your skills and abilities cannot. One of the reasons that drive me most in building my businesses is that I’m constantly learning new things.
I can only tell you about it, and you need to take it or leave it: with every single piece of knowledge and business experience, you make your confidence grow. You will find yourself in a position where you believe in yourself. No matter what’s happening around you, you’ll be certain that you can come up with a solution and find another way. This feeling is incredibly rewarding and, in my opinion, one of the most underrated life skills.
20. Broaden your mind
Constantly dealing with new people and new situations, you cannot help but get an insight on different perspectives. You’ll be able to better take the perspective of your clients or customers. Moreover, you’ll have more ideas when trying to overcome an obstacle because you’re no longer limited to only your own experiences.
21. Become a mentor
As much as I like to create businesses and bring ideas to life, I like helping others do the same just as much. That’s why I’ve built the YourPassionPays Academy in the first place. It’s one of my personal reasons for building a business.
I just love opening doors for other people. It’s an incredible feeling to see someone else overcome one obstacle after another and succeed in whatever they are up to. If you feel the same way, then you might as well find some strong motivation in the outlook of becoming a mentor for someone else.
22. Learn to solve problems
In his book “Secrets Of The Millionaire Mind” (which was my first book about money, and one that paved my way like almost no other!), T. Harv Eker talks about how a person’s tolerance for problems is relative and dependent solely on former experiences.
He says that the more difficult the obstacles you overcome the smaller similar problems will appear in the future. And that’s spot-on. I have experienced this development in my own life countless times. And if you know people who make problems where there are none, you probably know this effect as well. When you start and grow your own business, then you will raise your own bar of tolerance for problems to much higher levels.
This book was the first one I read about money, becoming rich, business and wealth. It’s not an exaggeration to say that T. Harv Eker’s book has prepared me for everything I’ve done in business in the past 10 years. I highly recommend this book.
(Please note that links in this box are affiliate links. This means I get a small commission whenever you make a purchase through these links. This is happening at no extra cost to you.)
23. Make People Listen
Creating your own business will send a clear message to other people, as well as to yourself. They might ask you something like “Why do YOU want to start your own business?”, rolling their eyes in disbelief. However, people who take action on the things that are important to them naturally command respect.
You’re showing people what’s important to you. They can see you do it which makes your message so much more powerful than just complaining about how evil your boss is or how much you hate your work. Be the one who takes action! Let your actions speak louder than your words.
External Reasons To Start A Business
We’ve already covered some ground. By now, you might already know enough reasons to start your own business right away. However, there’s still a lot to more tackle! Let’s move on to external motivating factors.
24. There's no limit on your income
One of the biggest differences between working a normal job and building a business is the amount of money you can make. The income you earn from your 9-to-5 job is limited by the hours you put in. You negotiate an hourly rate with your employer and then you’re bound to that for a while.
When you’re working on your own business, there’s technically no limit to your income. Your hourly rates will be a lot higher than those at your normal job. Freelancer rates, depending on what job and market value you have, can range anywhere between $25/hr up to $250/hr, with some even making a lot more.
If you’re selling products (either digital or physical or both), then you can even leverage your systems to increase sales and with them increase your revenue. It’s not impossible to create a 5 or 6-figure monthly income with this.
One of today’s most popular business models is building a website or blog and monetize it in various ways. You can easily set up a website and start building your business within minutes. Of course, there’s more to it in the long run. But the beginning can really be that quick! And for the income potential it offers, I think it’s worth considering.
25. More job security
This is a big one! Still, so many people working a regular job think about job security in a backwards manner. Think about it:
Is it secure to rely on one source of income alone? And one that someone other than yourself has complete control over? What if your employing company runs into problems and decides to lay off a bunch of employees? If you’ve never learned how to make money other than from being an employee, you will probably freak out.
Now imagine you’ve built your own business and you’ve managed to grow it to a point where it brings in a full-time income. When a big client breaks away, do you think it would rip away your foundation for living? Or would you be able to just get more clients because you already know how it’s done?
That’s what I meant when I said in an earlier paragraph that nobody can take away your skills and knowledge. Once you know how it’s done, you can easily get new clients, sell more products and react to whatever situation you will face. People oftentimes think that they could suddenly stop getting jobs. However, you would only think so if you’ve never experienced the security that you’ll get from simply knowing how it’s done and how you can repeat it again and again.
26. You decide how much money you want to make
Closely related to the previous reasons to start a business is this point. Because there’s nobody offering you an hourly rate, and you having only so much hours in a day that you can devote to work, you can decide how much money you need and want.
Have $3,000 a month and want $4,000? Sell more products, take on more clients, work longer or raise your rates. It’s completely up to you to decide what your monthly paycheck will show – IF you understand how doing business works.
I have done a lot of trial-and-error research on pricing, and I’ve won some pretty interesting insights with this research. You can read about it in my article on how I make a year’s worth of income working only 30 days.
27. Economic cycles have (almost) no effect on you
While your employing company could follow a strategy of aggressively cutting costs in times of economic turbulence (thus getting rid of countless employees), you will still find clients and customers for your business. Economy will probably not threaten your existence unless it’s a worldwide crisis. You might see dips in your revenue from time to time, but then again you can re-evaluate, restructure and react.
I know many entrepreneurs (myself included) who experience practically no revenue changes based on economic cycles.
28. Make use of tax benefits
It’s true that business owners can make use of tax benefits that aren’t available to regular employees. It’s in a state’s best interest to support business owners. Why? Because they create the jobs and pay the people who, in turn, spend their money to fuel the economy. As a business owner you are helping your state. And the state gives you some nice incentives in return so you keep helping.
You have to be aware of the so-called self-employment tax, though. It’s not a reason not to start a business. Yet, you should be aware of it. You can find out more about the self-employment tax over at Investopedia.
29. You get to know interesting people
One more of my favorite reasons to get into business is that you meet all kinds of interesting people you wouldn’t meet otherwise. You can connect with clients, customers, co-workers, colleagues, leaders, CEOs, journalists and many more like-minded people.
For me, this is one of the most inspiring reasons for creating a business as your social circle shifts to a whole other level. I’m not saying these people are any more lovable or valuable than others. However, they will most certainly bring knowledge and opportunities into your life that you wouldn’t find otherwise.
30. Participate actively in the development of your area
Who says that you can only start a business online? Who says you need to envision a corporate empire with hundreds and thousands of employees? Maybe you want to do something that satisfies a need within your local area.
Does your area lack a high-profile restaurant, which happens to be just the business you want to start anyway? This is your chance to hit multiple targets with one arrow. This same example can be transferred to countless other business ideas. By getting into business to fill a void in your area, you can do something valuable for your community as well.
31. Build the lifestyle you want
It’s an obvious effect of the limitless income potential and time freedom, but I’m stating it here nonetheless, just in case it isn’t as obvious for you.
You can build your lifestyle completely independent from any outside orders. If you want to travel a lot, you can simply decide to leave 2 months of the year free of work (or work while traveling if that’s possible for your business). You don’t NEED to work the same amount every month, because nobody tells you to do so! You can as well live of the income you make in the remaining months.
This, of course, can be scaled as far as your business models allows. There’s no reason why you wouldn’t be able to operate your whole business while traveling. Or to work one month, make a 6-figure income and take the rest of the year free – if you want to do that. You probably don’t once you feel how much fun it is to work on something that’s completely your own.
32. Create multiple streams of income
Did anyone say you’re restricted to one thing? Will you create a business and then work on it for the rest of your life? Maybe, and maybe not. That’s just one more thing you can decide on your own.
Want to do two different things, like building a blog as your online business, and running a local organic food shop? You can!
Additionally, creating multiple streams of income will make you even more financially secure as your income is divided up between several businesses. If one (temporarily) dries out or you decide to end it for whatever reason, you can simply focus on your other income streams and grow them. This is real financial security!
33. Build one pillar of financial freedom
If your goal is to become financially free, then you’ll need to get into business sooner or later. Unless you aren’t already financially free or win the lottery or inherit a fortune, you cannot become financially free by just working your 9-to-5 job.
Financial freedom is achieved by having so much money in the bank that you can cover your living expenses from the dividends of your investments. One of these investments can as well be a business you own.
For me, financial freedom means simply to have the freedom to do what I want at every moment of my life. That doesn’t mean I don’t want to work. On the contrary, I love working on things that matter to me. I just the difference between working completely for the sake of it and working because you need to earn the money.
If you haven’t done so yet, you can check out the free Financial Freedom Bootcamp to learn more about the process of becoming financially independent, no matter your current situation.
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34. Make a change in the world
Some reasons for building a business are rather self-centered while others are completely altruistic, such as this item of our long list of reasons to start a business.
It’s absolutely possible to start a business that improves something you care about. You might offer efficient and clean energy systems for homes. You might get into agriculture and build a business of completely organic produce without the use of dangerous pesticides. Or how about building a chain of retirement homes when space is becoming scarce.
35. Help others getting what they need
Creating a business is always about solving problems. Once you understand that everybody is in need for specific things and services on a daily basis, you’ll start to see the amount of opportunity lying right there in front of us.
People, as well as businesses, could need your product or service. As long as you make their life easier or help them make more money (or whatever it is they desire), you’re fulfilling the purpose of your business. Making money doing what you love while helping others is just incredibly fulfilling!
Get the FROM IDEA TO INCOME blueprint for free and discover how to find and execute profitable business ideas!
Reasons For Starting A Business Based On Opportunity
Sometimes the only reason to do something is because it just makes sense or because you see a winning opportunity. Sometimes, you just get into business because you see the potential reward. The following items on this list belong to this category.
36. Be paid based on your performance
Personally, I always want to put everything I have into everything I do. At a normal job, this can easily lead to frustration because no matter how much you put in, you’re valued just the same as those co-workers who only do the bare minimum.
If you’re someone who always tries to do his best work, then you should be compensated for your results, not for the time you spend working. Building your own business allows you to do just that. Your results are what affects your revenue, no matter how much or how little time you need to get them.
37. There's always something to improve upon
As far as business ideas go, people oftentimes assume that there is already everything there. According to them, it doesn’t make any sense to go into business because the world itself is already saturated with everything anyone could want or need.
Think again! That’s simply not true. You can always tackle something that needs an upgrade. Don’t you find many aspects of everyday life annoying? Printers stop working at a certain point. Cars break down because parts of them are put together with mediocre components. Craftsmen never show at the appointed time. You get the idea!
38. Create jobs
One of the beautiful side effects of building a business is that you can provide jobs to other people. While I’m advocating working on your own business instead of getting a job, there are still hundreds of millions of people who would rather spend their time working a regular job.
You can give these people what they’re searching for. In a way, you’re also solving a problem on this front because you might just provide a better working environment than other employers do. At the end of the day, you’ll improve the quality of life for your employees simply by being a better, more caring employer.
39. Overcome unemployment and layoffs
If it were for nothing else, then one surefire reason for starting a business is to end a period of unemployment or to turn a layoff into an opportunity. There are countless ways to make money aside from a regular job.
It might not be the best bet to search for your next 9-to-5 job and repeat the game. You might as well make use of this opportunity in disguise and start your own business. It’s never too late and it’s never too early!
40. Cross-use your skills and resources
Let’s assume there’s a spark of excitement lighting up inside you. You begin to picture yourself as a business owner or freelancer. More than likely, you’ll not want to leave it at one business venture once you tasted the game.
The good thing is that you can always use the skills you’re acquiring on the way for any future endeavor. If you know how marketing works, you can just implement that knowledge in your next business without starting over at square one. You will collect all kinds of useful resources and skills over time, and you will then have them at your disposal at any time.
41. Solve problems that are bugging you
In the previous reasons to start a business, I already touched this point briefly. Starting a business is always about solving problems in one way or another. Thus, you also have the opportunity to work out a solution for a problem that really bothers you. Chances are that there are many others being annoyed by the same thing.
42. Use your financial power for good
When your business operates at a profitable level, you can start using some of the money to support a good cause. With your own business, you can build the financial power to make a real difference.
Maybe you even want to found your own charity, supporting something you really care about. Areas like medical research always need money. Imagine how great it would be if your business supported the discovery of a cure for dementia! You could hardly be helpful here when your whole income only came from working a regular job.
43. The internet is your best friend
You probably don’t need to be told that the internet has brought us endless ways to get into business. This reason to start a business alone could fill a whole book. At this point, I only want to mention it because it maybe is the one thing in history that made creating a business so accessible for all kinds of people.
There are so many ways to make money on the internet, even if you just want to make some extra bucks on the side to support your household. You can even make money by taking surveys, for example on Survey Junkie!
44. Starting a business is only a matter of hours
Although there is, of course, more to it then setting up a business in a few hours and then waiting for the checks to roll in, the actual setup process really doesn’t need to take any longer.
I’ve already mentioned that you can easily set up your website hosting in as little as 30 minutes. Once this step is taken, you can immediately start to build your website and online business. There’s no excuse why starting a business could be too much paperwork nowadays. Just make up your mind and get into the game!
45. Bootstrapping lowers entry barriers
Speaking of how easy it is to start a business nowadays, here’s more good news. Bootstrapping is the art of cutting costs at the beginning of a business endeavor to begin without any external funds. You can launch a website and operate it for one whole year for under $100. Bootstrapping enables young entrepreneurs to fund their businesses solely with their private savings.
By the way: the fact that someone doesn’t have enough money to start a business prevents far too many people from executing their ideas. My main objective is always to provide you with all the resources that help you get into business yourself. That’s why you should check out my article laying out a way to come up with your business startup costs.
46. There's yet another funding method - Crowdfunding
If bootstrapping doesn’t work for your business, then crowdfunding might be your best bet. The concept is that you present your idea to an online audience using platforms like Indiegogo or Kickstarter. Then, the people in your audience can send you money so you can realize your idea. In exchange, you would offer them something like a copy of the finished product or any special treats your creative mind can come up with.
Crowdfunding significantly reduces your initial financial risk as it’s spread across so many contributors. You can then just focus on bringing your idea to life.
47. The world is moving towards a gig economy
When you’re thinking about what motivates you to start your own business, then you might find it helpful to learn that worldwide business developments show a strong trend. Businesses are moving towards a gig economy and away from full employments.
Though there will probably always be regular jobs, their relative number declines because business owners rather give project-based tasks to freelancers to save the money for additional employees (and at the same time buying an experts know-how). If you become one of these freelancers – and you absolutely can! – then you’ve got a promising business opportunity at your fingertips.
48. Opportunity is everywhere
…if you know how to see it! One thing I’ve learned through the years of developing and realizing business ideas is that it’s really a question of consciousness. Once you learn to set your radar on spotting opportunities, you’ll find yourself in an abundance of profitable ideas.
The only obstacle, however, is to learn how to see these opportunities. And a good place to start is asking yourself what you’re paying money for. Think not only about common things like groceries, but also about one-time special expenses of any kind.
Then, think about problems you face which you’d like to solve but don’t know how. Chances are others face similar problems! If you can figure out a solution and turn it into a product or service, you have a business!
Check out the From Idea To Income Blueprint to learn a simple 5-step process to come up with and realize your own profitable business idea.
49. Actually create something that people will pay for
Although probably not the strongest of all reasons to start a business in the beginning, this one becomes huge over time. It certainly is one of the most rewarding experiences to create something of your own that other people really want and need.
For me, having people (willingly) pay for something I offer is a whole different level of appreciation. Spending money on something has a lot higher resistance rate than just complimenting someone on something. Consequently, it’s a much stronger gesture in my eyes.
50. You can delegate tasks you don't like
When you’re working as an employee, you experience this game the other way around. However, when you are building your own business, you get to decide who does what.
You can delegate any unwanted task to one of your employees, or if you don’t have any, you can decide to outsource tasks to other freelancers. It’s easier than ever to purchase specific services like logo design, graphics in general, or even complete call center services for your product support (if you need one). Here you can make use of the gig economy on both ends!
51. You choose your dream team
Although you can decide yourself where you want to work. You can’t make any decisions regarding your co-workers, though, if you’re not responsible for assembling your team. Usually, your employer puts your team together. This oftentimes results in working with colleagues that make you want to stay at home.
Sometimes, it even gets too competitive or even offensive because some team members want to climb the ladder and become the favorite employee at all cost (not realizing that this status is nothing more than a motivational strategy from your employer). When you own the business, you decide who you want to work with!
52. Automation allows more vacations
Building a business comes with more freedom on all ends. One of my most favorite side-effects of being in business is that I can create everything in a way that it runs without my presence.
In today’s digital world, you can automate almost every business process. Especially if you sell products online, there’s hardly anything that needs your personal presence. If you want to spend some time on vacation with your family, then you can easily plan your year accordingly. Once you have your vacation plans, it’s only a matter of setting up your systems so they take care of everything while you’re absent.
53. Work from anywhere in the world
Relating to the previous point, you might not be able to automate 100% of your business processes. Well, you can still automate as much as possible, and then do the rest while you’re on vacation with your family.
If your business is set up properly, you should be able to perform every necessary task with a phone and a computer – unless you are offering a local service business that requires you to be present yourself, of course! Otherwise, you can enjoy a great time with your family in Hawaii and take a few hours a week to work on your business from there.
14 Reasons To Start A Business You Might Not Expect
The next paragraph deals with my favorite category: false assumptions and what I call “entrepreneurial truths”. It’s about ideas you entertain about building your own business before you actually do it. Many of these presumptions turn out flat wrong once you actually get into business and see how things really are. That’s what this area is all about!
54. There's never a right time!
One of the main reasons while people don’t get started (even though they have a great business idea at hand) is that they think time’s just not right. They think they have to prepare more, plan more, reduce risk even more and wait for someone to tell them “GO!”.
As understandable as it is, you should be aware that there’s never a right time. Starting my own businesses never felt totally right in the beginning. That’s nothing but your inner security system telling you that unknown grounds might be dangerous. Feel the fear and do it anyway! There’s never a right time, therefore the time is always right.
55. You really can start in your living room
It’s absolutely true that you can start a multi-million-dollar business from the table in your living room. Internet makes it possible. You don’t need to spend a lot of money on expensive offices or business furniture. In fact, you can act a lot smarter and use the money you have for focused marketing efforts. That will lead you a lot further than a representative office.
Check out this comprehensive guide on how to prepare for starting your own freelance career so you can get a better idea how easy it can be if you have the right guidance.
56. You can always find the money
One of the main things holding people back from creating a business is that they don’t have the money – or so they think. In fact, that’s one of the most common comments I get on any business post I make. Here’s the good thing:
It’s always possible to get your hands on the money you need if your idea works. Chances are you don’t even need a huge sum of money from outside investors (although you might think you do). I have started all of my businesses with only my own savings. And I started out with literally $0.26 in my pocket. It’s true, I’m not joking! So, no excuse on the money end for you.
As this is such an important topic, I’ve even put together a course that will help you come up with $1,000 within 90 days. And with $1,000 you can easily start a 6 or 7-figure business. Check out the Freedom Fund Framework.
57. You are the right person
Yes, you are! Nobody is born a business person. Nobody knows how to build a profitable business when entering this world. Everybody has to learn it! However, some people are more lucky than others as they grow up in an environment where they learn about these things simply because they’re around people who have their own business.
If anything, this insight belongs on the list of reasons to start a business because it should be a strong encouragement for you rather than an intimidation. There are introverts out there setting up some of the most profitable businesses in the world.
You, too, are cut out for business, even though you don’t think so yourself. I’ve watched people transform from “I hate anything business” to savvy entrepreneurs, simply because they opened up to the possibility. They realized they were right for creating a business only when they did it!
After all, how else would you be able to find out if you’re “cut out” for anything? You always have to try it!
58. Connections are key...BUT
Unlike many people think, it’s not that much of an issue that you don’t know the “right” person. Although it’s really important to have the right connections, here’s the good news – and another great reason for starting your own business:
We’ve already covered further above that one of the most fulfilling reasons to start a business is that you naturally expand your social circle. Well, that’s exactly what applies here! You might not have the right connections, but you can totally create them. I have done it many times, and I didn’t have anything in the beginning – certainly no business connections! If I can do it, you can, too.
59. It's not too late
Another thought that destroys countless brilliant business ideas before they see the light of day is the notion of being too late.
“There’s already a shoe store in town, so why bother? With millions of online boutiques, there’s no space for me. I’m just too late…”
Be aware that most successful businesses you know have NOT been the first ones around. Oftentimes, they’ve built on something promising and then expanded and improved upon it. As long as you find a problem to solve for people, timing isn’t paramount anymore because you see the obvious need for your service right in front of you!
60. Skills can be learned
This false assumption is responsible for even more unfulfilled business potentials. You might think you can’t start an online business because you know nothing about it. That’s fair, but don’t forget that you can learn any skill you need. You would also learn to operate internal software at your new employer. Somehow that’s never an issue.
But learning how to make money through affiliate marketing seems impossible? Learning how to find clients seems impossible? That’s nothing but perspective! You can learn any skill you need. Or do you think Jeff Bezos has been born knowing how to operate an online book store and turn it into world’s greatest eCommerse business (Amazon)? I don’t think so…
61. It's less risky than a 9-to-5 job
We’re educated right from the start about how things should be done in life. Somehow, the idea of getting “a secure job” has almost gained common sense status. However, I’m rather worried about my friends who have a false sense of security, simply because they have signed a permanent employment contract.
If you think this is really secure, then you’re deceived. As soon as your employing company gets in trouble (because of any outside forces you certainly can’t control), the company will do anything to survive. Oftentimes, this means getting rid of employees to protect the company and the remaining employee’s jobs.
When you operate your own business, on the other hand, you have a job as long as you find clients. And be aware that finding clients is also what you employer does! He’s not paying your salary, the company’s customers do! And after all, it’s much easier for you to find customers than for a giant company, as you don’t need that many. Forget job security unless you are in the driver’s seat.
62. Your own judgment might be more reliable
Just because other people have made it to a position where they make decisions for you doesn’t mean they are better suited for making these decisions. They simply occupy the position requiring them to make the decisions.
When you get into business you might find that your own decisions are judgment is much more accurate than your boss’s. Use this advantage together with other reasons to start your own business!
63. Work-life balance is a myth
You can’t even remotely imagine how many people remind me to “find something to balance against my work”. Well-meaningly, they assume it’s important to leave work behind at some point in the day. However, that’s only because THEY need to unwind from their own energy-draining jobs.
When you work on your own business for your own reasons, you don’t need that. And frankly, you can’t, because your business is a part of your life. Don’t confuse this with being consumed by work (which you shouldn’t be, in my opinion). It’s more about the mental state of permanently being aware that you’re a business owner.
For me and other entrepreneurs I’ve asked about this, it feels great to sit at Starbucks for a Caramel Frappuccino with a friend and having a great conversation. Even more so when I suddenly get a breakthrough idea for my business during that conversation, or because of it. Why in the world would I want to leave something behind when it’s of such importance to me?
64. Your ideas are worth real money
This is something I’ve been struggling with myself a lot. It seems hard to value something properly if it comes as easily to us as an idea. Still, only because something’s easy for you doesn’t mean it’s not valuable for others.
The best way to earn money is by doing something that’s easy for you (because of practice, experience, and maybe talent). It doesn’t have to be hard or feel like labor before you deserve being compensated.
Start acknowledging the value you bring to others, no matter how easy it it for you. One of the best reasons to start a business is that you can make money doing what you love and what you’re good at!
65. You stop trading your time
We’ve already covered the aspect that, when building a business, you’re no longer paid on time but on performance. However, from another perspective, it’s an equally intriguing reason to create a business for yourself!
Think about what your life is worth to you. Don’t you find it scary to sell your precious and scarce time for $12, $20, even $50 an hour? Although you might initially earn the same amount with your own business, you would still be working on YOUR OWN business then. And don’t forget all the other advantages that come with it.
66. Work doesn't feel like work
Right now, I’m sitting here writing these exact lines you’re just reading. Picture me sitting at my desk with my cup of coffee right next to me. It’s empty, and I’m about to get up and refill it.
I don’t feel like working at all because this article has been an idea that I’ve come up with, and it means something to me. It means putting something into the world that helps readers gather the courage and motivation to start their own business. And that’s what I’m passionate about!
It’s not working, it’s taking one step towards fulfilling the purpose of my business and my life. That’s the feeling you will have when you work on your business as well. Of course, there will still be tasks that feel like you just want to procrastinate on them as long as possible. But even then, you’ll see the purpose behind the task and find your motivation through that.
67. Failure is a desirable thing
When I started out, I was impatient. I thought that whatever I tackle needs to be the work of my life. After many years in the game, I now know that this idea is not helpful, even restrictive sometimes.
Trying things and then failing is what enabled me to create 10 businesses in 10 years. And every single one of these 10 has failed a lot of times, too. Failing doesn’t mean something will end. It only means that something you’ve anticipated to do hasn’t developed the way you wanted.
Failing also makes you think about ways to solve problems. As a result, whenever that same problem appears again, you’ll know how to tackle it immediately. Of course, you can use this skill in every business endeavor you take on in your life. Failing adds skill and experience to your journey, and that’s what will make you successful at the end.
Final Words: 67 Strong Reasons To Start A Business In 2020
If you really made it to this point, then you’re really determined! You seem to be on the edge of getting started yourself. Otherwise, why would you take the time and read such a long article about reasons to start a business?
If you find yourself resonating with any of these reasons, or even several of them, then I encourage you to get into the game yourself! There’s really no other way to transform your life than actually making the necessary decisions yourself. And as far as money and freedom go, building your own business will certainly have the power to change your life.
Let me know in the comments section if you have any questions or thoughts. Also, feel free to add your personal reasons and tell me about them. I might even add them to the list! Finally, when you’re ready to get started, but don’t know how, start by downloading the free From Idea To Income Blueprint below!
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