Saturday, March 11, 2017

Top Ten Reasons to Start a Business

You may be thinking of starting a business. Below are ten reasons why that could be a good idea for you. Ultimately it is your decision, but it should be an educated decision. You are in for a lot of hard work, late nights, and frustration. It is not easy, but it can be worthwhile. Here is why.

10) You can make a lot of money. OK, some people would put this as #1. Not me. Making money is the RESULT of all the other reasons. If you start your business because you only want to make a lot of money you will eventually fail. But, business ownership can lead to financial independence and security. Please do it for the right reasons.

9) You can hire who you want. There is a saying in business, Hire slowly, Fire quickly. You will have people work for you. There will be a team of people who work with you (think accountants, lawyers, bankers). They will help run and grow your business - maybe. It is critical you have the right people doing that work. As you business grows you will need to rely on and trust your employees to provide the customer service you want and need for your company to grow. You will need your team to help you make good decisions. So take your time in bringing in the right people. And if you learn the fit is not right then cut ties as quickly as you can.

8) You make the decisions. You wake up Monday morning and discover there is a problem at work. You deal with it. You do not have to go to a boss or committee to get permission to take action or to decide what the best action to take might be. You deal with it, or delegate who you want to deal with it.

On the other hand, you wake up Monday morning and see an opportunity. You can jump on it. You do not have to go to a superior and make your case. Just do it.

7) You can set your own hours. I played in a charity golf tournament a while back. One of our foursome had played golf the day before, and he was going to play the next day. He loved golf so much he played five days a week, more some weeks. When the weather got cold, he went south. He would periodically be on the phone with the office and provide direction to one of his employees. He had built his business to the point his employees took care of 95% of what needed to be taken care of. And he played golf. Now this did not happen on day one, it took time. But he was able to do what he wanted.

6) You can be respected in the community. Most business owners I know want to give back. They want to be involved in their local community and contribute in some way. By being involved they make a positive contribution and also make connections. They help other businesses, organizations, and families. Some serve on the local chamber. Some coach a youth league sport. Some volunteer for charity events. There are countless opportunities to share their expertise with others.

5) You are your own boss. This does relate to #8 above, but it is more than about making decisions. You can be the boss you want to be. Remember those bad bosses you have had? You do not have to be that way. Remember that one good boss you had? You can emulate how she treated you and other employees. Your business is an extension of you. It expresses your values. You create the culture of the business.

4) You receive tax benefits. This is a very practical reason. The car you drive, the trips you take, the dinners you buy, the home office in which you work, and more, can all be provided by the business and/or be a tax write off. (Disclaimer - I am not an accountant or an attorney. Please consult with a reliable CPA regarding these benefits.)

3) You can do good for society. Look around. There are a lot of problems in the world. Choose one, it does not have to be a big one like world hunger, and develop a solution for it. If you can solve one problem, and if people will purchase your solution, and if enough people will purchase your solution, you have done two things. You have bettered their lives. You have made money doing so.

Another benefit you are providing society is you are creating jobs for people. They work for you, you compensate them. They spend and save that money. That contributes to the economic engine. Even if they do not work for you directly you are still helping provide jobs. When you do business with a supplier that supplier is able to pay employees.

2) You can be proud of what you have done. Your business is your baby. You have conceived of the idea, You have nurtured the idea and felt it develop. Finally, you have delivered your product or service - and it is beautiful! Step back and admire. You have contributed to society and have helped make people's lives better (including your own!).

1) You can do what you love. This is the number one reason to take this step. If you have a passion for something and want to spend a lot of time doing it, why not get paid? I know people who love to bake - and have started successful bakeries. I know people who love computers and analytics - and have started successful technology companies. I know people who are really in to health and nutrition who have started successful businesses around those. What would jazz you every day if you had to do it? That is not work.


I recently read a book by Simon Senek called Start with Why. It is an easy read, and a profound book. His message is clear - know and understand WHY you are doing what you are doing. I highly recommend the book. You can read it in one sitting, but will want to refer back to it.

Here is a link to it on Amazon:  Start With Why

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