It wasn’t easy when I first started my small business in New York mainly because I had to be consistent with my day job while simultaneously working aside for my new company.
When someone leaves a job and starts a new business, they are often discouraged by close friends and family members. No blame on them, most people think new business ventures can be risky, generate inconsistent income, and might even push a person towards huge financial debt. Even though there are potential risks, benefits of running your own business outnumber and overpower all the negativeness.
So why do most New Businesses Fail?
Most start-ups fail because they fail to generate enough revenue to continue running their business is mostly due to poor budget planning and poor marketing. Wasting your money on unnecessary things as a new company will ultimately force you to take out a loan when you realize that you have no money left for marketing. Taking a loan will often do more damage than good. Mark Cuban say it best in the video below…
The key to starting a successful business is effective marketing
It is easy to drift away and start investing your money where it’s not needed. One of the biggest mistakes start-up companies make is that they start buying too many supplies for the business instead of focusing on the marketing. Hence, they mismanage their budget. Getting customers should be the priority, and the best way to get more customers is by advertising wisely. Everything else comes later as you grow your sales.
One of the best ways to market any start-up is to start getting exposure online which is both affordable and effective in finding leads. While the first thing that might come to your mind is the Yellow Pages, the opposite true. Traditional advertising is being used at a much lower rate by consumers than ever before because they are turning towards the internet when searching for a local business service or product.
Some of the best forms of online marketing for start-ups are:
- Getting a business website for brand exposure
- Building an online presence for your business
- Search engine optimization (getting found in search engines)
- Getting listed in local citation sites such as Yelp
It’s important to hire a reputable marketing company so make your research about the company.
So Why Start a Business?
Starting up a new business skyrockets your earning potential and can get you one step closer to your dream house, dream car, and dream vacation. Don’t be fooled because the fact is starting up a new business requires a lot of hard work, persistence, resolve, and intelligence. On top of that the initial few months are the hardest when your monthly income from the business might just be nothing. However, after you have weathered the initial storm, the benefits of running your business start becoming clearer.
Top 8 Advantages of Owning a Business
Let’s take a look at some these advantages that you can never get when working for someone else.
1. You Are Your Own Boss: One of the most satisfying advantages of starting your own business is you are no longer answerable to anyone else. You get to be the king of your own little business kingdom. There are so many people out there who feel exploited by their respective bosses. Business gives you the power to break the shackles and soar above the rest.
2. Get More Time With Your Family: More often than not, people who are working for other companies seem out of breath and out of time. This is because they have to deal with the pressures and demands coming down to them from upper management. In all brutal honesty, owning a successful business empowers you make those demands yourself, not follow them. In the end, you get more time with your family while your business and your employees work behind the scene to make you more money.
3. Securing The Income Of The Future Generations: No matter how successful or satisfied you are with your current job you get no opportunities to pass that on to your children. So rather than building on your current success, they have to start all again. A successful business, however, passes from generation to generation providing financial security for your future generations.
4. Satisfaction Of Creating Jobs: One of the major benefits of running your own business is that you get to hire the workforce. Impact of a business in a society can be huge as it creates jobs and opportunities for different families. The satisfaction of recognizing talent and giving them an opportunity to grow can be profound.
5. Grow Your Circle Of Friends And Acquaintances: Do you really want to be stuck in a cubicle interacting with the same people day in and day out? Owning a business provides your enough opportunities to meet new people. Your business will force you to meet new clients, customers, and entrepreneurs along the road, giving you an opportunity to learn from their experiences and share some of your own.
6. Total Financial Independence: This is probably the number one reason people want to start up their businesses. In these tough financial times, it’s a dream to be able to afford anything and everything your heart desires. Not restricted to a fixed salary, a business gives you the opportunity and freedom to get the lifestyle you always wanted.
7. Make A Difference: Think about it, all the major changes in technology, lifestyle, and comfort in the past few hundred years were brought on by private companies. Imagine a life without air conditioners if Carrier Engineering Corporation didn’t manufacture and sell it to the public for the first time back in 1950s. That’s just one example, modern day innovators like Bill Gates, Mark Zuckerberg, Sergey Brin, Steve Jobs, and other great minds introduced the technologies that we today take for granted. Owning a business gives you that very same opportunity to influence the world around you in big or small way.
8. Be Recognized By Your Brand: The joy of creating a brand out of nothing and see it grow to be recognized by all is something that only a select few get to experience. You are not just an executive or a manager anymore; you become the creator and master of your world. The day people start recognizing you by your brand you can count yourself as successful, making you truly understand the benefits of running your own business.
Apart from the reasons above, there can also be tax advantages and disadvantages of owning your own business. For now, its up to you to decide what you want to do or if you even want to do it.