The following is a contributed article by Lidia Hovhan of OmnicoreAgency.com:
5 Reasons That You Must Start Your Own Business Today
Starting a business is certainly a dream for most people. Imagine calling the shots and being your own boss. You also get to apply your own vision and creativity on products and services where you get the huge chunk of ROIs. Building a business can be a source of freedom but it is not for the faint of heart. You need a lot of courage, foresight, and prudence when it comes to building your own business. There is a lot of planning involved in business and you may have to learn from mentors and study other successful business models similar to your own to get some ideas and succeed.
Building a business can be a life-changing process and although you may find yourself spending more hours on it than if you were just stuck to a regular 9-5 job you will find that having your own business will give you more rewards. Having your own business also gives you a chance to be passionate and be involved in something you truly care about so you should definitely consider ways to get out of the usual employee route and consider ways of going to the next level and starting your own business today.
You can Find Freedom
We have mentioned that starting your own business can give you freedom. Many entrepreneurs that have been interviewed cite autonomy and independence as the key motivation for starting their own business. Even when you analyze entrepreneurs per country independence and autonomy are primary motivators. In Australia and Japan, about 57% of entrepreneurs want to finally call the shots, while the same reason holds true for 35% of entrepreneurs in the US and 39% in the UK.
Freedom can be such an exhilarating reason to start a business. You will have more control over your own talents and skills and you won’t be working for the whims of others. Embarking on your own business gives you a better chance of being able to achieve your dreams. Right now, startup companies can make a mark through the internet and the social media industry in making successful digital marketing campaigns that can help them build a presence in target audiences and niche markets.
You’ll Build a Source of Pride
Pride in healthy doses is great for self-worth. When you start your own business, you will be able to take credit when you’ve done something worthwhile which will boost your self-esteem. Even if you are just starting a small venture you will have invested time and sweat on it. Entrepreneurs are definitely more inspired by their work. In a study by the Human Performance Journal, it was shown that “Individuals that pursue entrepreneurial careers are significantly higher in achievement motivation than individuals that pursue other types of careers.”
Doing business can also give you several fiscal incentives. Read the fine print of tax laws because you can get a tax deduction when manufacturing certain kinds of products. If you are manufacturing software and tangible property you may be qualified for 3 to 9% in tax deduction according to the IRS.
You Can Do Things Better
There are problems all around and no company is ever perfect. In your own life, there may be circumstances and problems that pester you and drain you. It may not just be you but other people are also affected by these every day and innumerable problems. So, think to yourself, can you do better in finding a solution? If you can, then maybe you should start building a business in finding a solution to these problems. When you meet a need or solve a problem you create profits. People naturally don’t like pain. People will do everything to escape pain. Even advertisers are trained to emphasize how products and services can avoid a pain point. If your products or service is geared towards relieving a discomfort you are you’re on your way to making large ROIs.
You Can Make Money
When your business becomes successful you will be the biggest beneficiary. Successful businesses mean big money. We can see successful entrepreneurs in modern times with large net worth, namely Richard Branson at $4.9 Billion, Bill Gates at $81 billion and many others. These enterprising individual s made risks discovered something new and hit gold. In a study of entrepreneurs in different countries of the world money is a main motivating factor in getting into business. Of course, money is just one of the many things that can inspire you to get into business and not every venture will get you to the stratospheric wealth of our examples but embarking on a business can get you to build a decent amount of wealth that will satisfy you.
You Could Create Jobs
When you build a business, you will be helping the economy of your own country by creating more jobs. It doesn’t even matter if your business is just a small firm since it’s been said that small businesses are ahead in making jobs. Small firms create 64% of jobs in the US. To maximize employee efficiency some businesses, use Employee GPS tracking. This may be beneficial for productivity but this has some downsides which employers must use responsibly and smartly to avoid infringing on privacy or human rights issues.