There has never been an easier or better time to start your own business then there is today. With the development and growth of the internet and social media everyone is connected together regardless of their income status or geography.
It is now very easy and cheap to get started – if you can connect with others you can start a business.
There are many benefits to starting an online business – here are 10 of them.
1. Be your own boss
For many reasons, one of the reasons they enjoy running their own business is that they get to be their own boss, which means that there is nobody to give them orders, and nobody to lay them off.
As you get older, the tolerance you have with somebody telling you what to do, especially if you are already highly trained and experienced in your field, gets less and less. Instead people want to make their own decisions, answerable to nobody. Of course, that means you are entirely responsible for what happens in your business, and any mistakes you make are all down to you. However, for many, this is much better than having to report to somebody else, no matter how good they are at their jobs.
2. Master of your own time:
When you run your own business, you are master of your own time, and are not tied by being forced to wake up by a certain hour because you have to be on a call or in the office by a certain hour. If you want to take time out during the day for personal matters, or to spend time with your children, then you can schedule your work around that. This means that when you do work you are likely to be happier, healthier and less stressed.
It also means you can take holidays when you want them, and not have to fit into somebody else’s schedule.
By no means does this mean that people who run their own business work less than those who work in an office. In fact, studies have shown that they tend to spend more hours working than regular employees. However, they are more productive and efficient because they choose when they want to work.
3. No Commuting
One of the biggest problems associated with working in a regular office or company is the commuting normally associated with it. Commuting, for many people, is a waste of time and money, and it can also be very tiring, leaving you stressed by the time you get to work, and exhausted when you get home again. It can also add several hours on to your work day. All this can be avoided when you run your own business, or, at the very least, minimised.
4. Increased Efficiency
Working for large companies in particular can be very inefficient, because there are too many meetings, and reaching a decision on anything can take a frustratingly long time because the interests of all the stakeholders involved need to be balanced. It is no surprise that start-ups with no resources constantly innovate much quicker. When there are only a few people to consult, or, in the case of a one-man business, just you, it is much easier to make a decision and implement it.
5. No Politics
One of the facets of office life that many people dislike is the politics involved when you work for somebody else. A fact of life is that people promote and pay people they like and trust. This is why there are always some questionable performers who rise to the top. The larger the corporation you work for, the more politics you must play. If you are the business owner, you don’t have to play any politics. You decide what’s best for the business. There’s nothing better than getting rewarded for hard work.
6. Location Independence
One of the major benefits of running your own business, especially if it is online, is that you can be located virtually anywhere in the world – or at least anywhere that has a good internet connection. This means you can relocate where housing is cheaper, or choose to live in a more scenic or secluded location that offers you, and your family, a better quality of life.
7. All the Income and all the Equity
As an employee, you earn a salary, and maybe get a tiny amount of equity (the vast majority of employees get no equity). As a business owner, you not only earn what your business makes, you also hold a massive portion of the equity that can be sold for multiple times revenue, operating profits, or earnings in the future. As an employee, you are making someone else rich. As an owner, you are directly making yourself rich.
8. Potentially Lower Tax Rates
Depending on the country in which you live, and the tax regime in operation there, working for yourself can mean potentially lower rates. For example, business expense deductions can reduce your taxable income, and small businesses are usually taxed at lower rates than income tax anyway. In addition, some jurisdictions offer incentives through the tax system for any small business that creates additional jobs, especially in areas of high unemployment.
9. The opportunity to learn new skills
When you work for a company or organisation, the opportunity to learn new skills is normally limited to the job you are currently doing, or perhaps one that you are being groomed to undertake in the future. There is no time or occasion to learn anything beyond that – even if you have the opportunity to do so. By contrast, running your own business, requires you to learn new skills all the time, just to enable the company to survive and prosper. For example, an IT specialist needs to learn something about finance to understand a company’s cash flow, whilst a lawyer must begin to grasp the essentials of marketing and advertising.
10. Eases the burden and cost of child care
For working parents, childcare can often be a difficult issue, and an expensive one at that. Particularly when children are young, one or other parent is often forced to give up work for a while, which can not only cause their careers to suffer, but also deprives the household of an income. And then, when the parent is able to return to work, they may be forced to leave the child with a child care centre or individual carer, the cost of which can be substantial. In addition, there is all the time off required if a child gets sick, or has a major school event which needs to be attended.
By contrast, if you are running your own business, you can schedule your work around family life, even if one parent is working in a conventional job. This enables both parents to share the burden of raising a child – which can be very emotionally fulfilling – and can also save substantial sums of money in child care cost.