Most people at some stage in their lives consider, or at least give a passing thought to, starting a small business. Some of the many reasons and benefits that individuals have given for embarking on a small business venture include:
1. To earn a better living and make money for yourself:
If your business is a success, then this maybe the eventual outcome, but there are likely to be some hard times in the initial stages.
2. To be your own boss and totally independent:
Starting a small business and being your own boss, means making all the decisions, and taking responsibility for all the outcomes, good and bad. You may be so independent that it becomes lonely.
3. To have flexible working hours and a better lifestyle:
It may be possible to arrange working hours around your other activities to some extent, but there are still only 24 hours in each day. In the end, you are the one who has to ensure the work gets done.
4. To be able to develop your own creative ideas:
Your ability to be innovative and market your ideas will become an essential part of your small business success.
5. Because you see a need in the market which you can satisfy:
This is really a requirement rather than a reason. If there is no need for your product or service in the market, there will be no business.
6. Starting a small business to produce a better quality product or service:
This will earn the respect and recognition of your customers and the business will profit.
7. To build a family business that can be passed on to the next generation:
What if your children are not interested in the business you have chosen, and have no desire to carry it on?
8. Because you always dreamed of starting your own business:
Dreams can come true but in this instance, only though careful planning, management and hard work.
9. Because starting your own business is an alternative to being unemployed:
It is a very worthwhile alternative, and could turn your life around it properly planned and implemented.
10. Because you want to try something different:
Sometimes it’s the devil you don’t know. Before starting a small business, careful research into the viability of succeeding in something different is essential before taking the plunge.
Each of these are all good reasons why you should consider setting up a business, and some of these reasons will be more important to you than others.
You will need to sit down and go over each of these carefully before you embark on this great adventure of starting your own small business.
Continue with reasons for starting a small business or go back to start here