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6 Great Reasons to Go into Business for Yourself Right Now

If COVID’s got you stuck at home, you’ve probably been thinking more about going into business for yourself, here are 6 reasons that could be great for you.

6 Great Reasons to Go into Business for Yourself

It’s always nerve-wracking when you’re thinking about going out on your own. It’s difficult to predict what will happen in the future, and it creates much uncertainty, which is off-putting. Nevertheless, it’s only the brave that go ahead and reap the potential rewards of going into business for themselves. 

That being said, many of us are finding ourselves being pushed into ‘being brave’ right now. Take advantage, this could be the opportunity you’ve been waiting for.

If you’re wondering whether it’s worth going into business for yourself, here are six great reasons to do it. 

 

1. It Won’t Get Easier Later On

 

We’re all getting older. As we do so, we have less energy and drive to succeed. By delaying going into business for yourself, it discounts the fact that it won’t be any easier later. Putting in long days and weekends as a business owner to get a business up and running comes much easier when your body can handle that treatment. Conversely, it’s more daunting when you’re older. 

Also, there are usually more responsibilities as we get older. Most people still marry and have kids. This involves trading up to a house from a flat and paying to bring up one or more children through to adulthood. Taking risks becomes much harder when this is in your future. 

 

2. Few People Ever Got Rich Working for Someone Else

 

While it’s true that the people in the top 5 percent get enormously rich, the average person has a salary which is uninspiring. Trying to save enough for a well-padded retirement and doing it while you’re still relatively young is very difficult for most people. This is why few of us have enough to retire even when over 60 years of age and must rely on pension payments from the government to survive. 

The reality is that unless you are sitting pretty at the top of an industry, it’s unlikely that you’ll become wealthy through working a job. Sure, there is the potential for stock options in some situations which makes you an equity owner, but most jobs don’t offer that kind of benefit. To retire early or become rich, entrepreneurship is one of the few ways that it does happen. 

 

3. Your Skills Might Not Be Valuable Later Either

 

If you have built up a set of useful skills that are very “now” and relevant, it is likely that won’t remain the case. Eventually, they’ll be old hat because too many people know how. While you undoubtedly will learn other skills as they become popular, that doesn’t mean that they will be more valued down the road. And when your previous skills haven’t held their value in the marketplace, you’re stuck at that point.

When you move forward with a business using the skills you have today, you’re taking full advantage of them now. They aren’t left to decline and then stop being used. You’ll also likely pivot the business into other areas according to market demand, making business needs and not skillsets a key driver of your success. 

 

4. Economic Downturns Create New Opportunities

 

While we’re all seeing the same news cycles about an invisible virus that now spans the globe, that doesn’t mean everything has to stop. Indeed, the world governments have been very keen to encourage companies to switch employees from office work to working at home. They’re not saying stop all work forever, even though some of the news articles might paint things in a depressing light. 

If you look at history, there have always been downturns and economical volatility. That isn’t anything new. And with every recession and subsequent recovery, there have been stories of entrepreneurs who started their businesses and made a success of it. Despite other people not being brave enough to try, they did it anyway. You can too. It’s that simple. 

 

5. Going Into Business for Yourself Could Be More Expensive in the Future

 

While the cost of technology is steadily declining, not all costs are reducing when it comes to business. Certainly, leasing an office and paying rent for one large enough to employ many people has never been cheap and will remain one of the costliest expenditures to afford.

As the staff gain more skills, they may become more expensive to hire too. Many variables could turn starting a business into a costlier proposition when it’s deferred to later. 

It’s much better to strike while the iron is hot, especially if the entrepreneurial fires are burning red hot! It’s sensible to get all your ducks in a row on the personal side of things first though. If you have personal debts outside of a mortgage, look at whether debt consolidation would make life simpler for you. You’ll certainly get much busier as a business owner, so consider simplifying your life through debt management by looking at simplepersonalloans.co.uk. Then you can focus on your business alone. 

 

6. You’re Allergic to Being an Employee

 

If you’ve never wanted to work for someone else or you’ve tried it and hated it, then you have a decision to make. 

Ultimately, if you don’t feel you enjoy or are suitable to be an employee where you’re told what to do and when you can do it, then going into business for yourself might be for you.

Whether that makes you allergic to employment, we’ll leave it up to you to decide. 

The good news is that if you realize it at a young age, then there are many decades to pursue business ventures to find what works. It will certainly be an adventure, but if you’ve decided it’s the right path, don’t let anyone stop you.

Being an entrepreneur and starting a business isn’t for everyone; it takes a certain type of person that is willing to put up with the extremes of success or failure and invest their time and money in the pursuit of a worthy goal. Yet, for many people who choose to take this well-trodden path, there’s gold at the end of the journey. And, of course, the journey itself should be interesting too. If it’s not, perhaps you didn’t start the right type of business for you. Never mind, just try again. After all, that’s what being an entrepreneur is all about. 

1 Comment

  1. Shamsudeen Adeshokan

    Hi James,

    This is such a useful article. I can relate to some of the points listed here.

    #1. Starting a business of ours won’t get easier as we get older. Older people tend to take less risky route to the destination. This is not so when they’re young.

    Business involves risk-taking and making some decisive decisions. So starting your business at an early age is the better way to go.

    #2. To some of us, the idea of working for someone else just doesn’t fit in, no matter the incentives. This is a good indication that starting your own business is your dream career and the future.

    Thank, James, nice share.

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