10 Reasons to Start a Business Now

Now is the best time to start a business because people are always looking for solutions to their problems. However, you need to do it online because in fifteen years’ time 95% of all sales will be done online.

1.        Follow Your Passions

Find out what you want to do and why you want to do it. It needs to be exciting for you as well as filling a need in the marketplace.

2.        Control Your Lifestyle and Schedule

Perhaps you’ve spent years in the corporate world, and you feel ready to turn over a new leaf after years of reporting to a superior. Starting your own business can give you a more flexible lifestyle and schedule so you don’t feel like you’re running in circles on that corporate hamster wheel. You can opt to schedule meetings around your family schedule, or you can opt to work from home – the sky’s the limit when you’re the boss. You still have to get the work done, but nobody’s looking over your shoulder making sure you do it their way and according to their time limit.

Starting a business is hard work, and that flexible schedule may not happen right away. Even if you’re working long hours, however, you know that you’re doing it for yourself and your family and not for a distant boss or shareholder.

3.        Work Where and How You Want

Part of having more control is being in charge of how you do the work that produces your income.

"Starting my own business has allowed me to work how, when, and where I want," says Pete Wattle, owner of a Realty Company. "Having the freedom to work on your time is incredibly liberating and something that most people don't get the satisfaction of feeling."

Not only do entrepreneurs have the logistical benefit of controlling their time and space, but they also get the psychological benefit of having daily autonomy in their work lives.

4.        Take Advantage of Low Barriers to Entry

The internet has opened the door wide to a huge variety of online business models, such as e-commerce outlets, online service-based businesses, and digital product purveyors. Many of these options can be started with a surprisingly small amount of cash.

Worldwide online connectivity also provides the opportunity to easily recruit talented people from anywhere in the world to help you start or run your business. With many people looking for new avenues for work during the pandemic, the talent pool is only growing deeper.

"I decided to start a menswear blog because the barrier to entry was so small: it only took a couple hundred dollars to register a domain, pay for hosting, buy a WordPress theme, and get a logo designed," says Bradley Powell, founder of a men's lifestyle website. "After that, my ongoing costs were minimal, and my business could grow in direct proportion to the amount of work I was willing to put into writing and promoting each new blog post."

5.        Address a Problem

As the founder of a business, you may have the opportunity to help people solve problems in their lives. You can create a business specifically aimed at fixing an issue that exists in the marketplace, which will not only increase your chances of success but give you the warm feeling that comes from helping people.

You get bonus points if the company you start also solves a problem that you've been experiencing yourself. You can solve two problems at once in that case, since creating your own business may just solve another of your problems: finding a satisfying and lucrative career.

6.        Find Personal Fulfillment

When you design your own business, you get to do it exactly how you want. You develop your own vision and figure out the best ways of enacting that vision. As an employee of a corporation, on the other hand, you're enacting somebody else's vision in the way they dictate.

That's why "having your own business gives you the opportunity to really feel passionately connected to what you're doing," says Andre Pennells. "When you start your own business, you get to decide: Will I have a social impact? Will I have an environmental impact? Will my employees love coming to work every day?"

7.        You Will Get Tax Benefits

Starting your own business takes funding and it may take some time to turn a profit, but you can start taking advantage of some substantial tax breaks right off the bat. Government programs support small business entrepreneurship and seek to reward these endeavors with impressive tax incentives. You’ll want to work with a business coach or an accountant to make sure you’re setting up your business in a way that will allow you to get the benefit of these government programs.

Note that there are also a variety of programs aimed specifically at business started by women and minorities, so you may be able to get grant funding and other benefits to get your business off the ground.

8.        You Will Have True Job Security

The stress of climbing the corporate ladder is real. You never know whether you’ll be promoted or whether you may be handed a pink slip – these life-altering decisions are in someone else’s hands and beyond your control. When you start your own company, you know you’re investing in your future and in your own job security. Moreover, should you choose to start a family business, you could be providing jobs for other members of your family, as well. Your destiny is in your own hands – no more layoffs in your future.

9.        You Can Achieve Financial Independence

Many people commit to starting a business with the dream of financial comfort. While it’s true that getting your company off the ground can take grit and result in some lean times while you’re getting started, the ultimate goal of being your own boss is cultivating financial independence. With determination and hard work, there’s no cap on how lucrative your own business can be. If you aspire to build wealth, there’s no reason why you can’t achieve that goal.

Starting your own business has several financial benefits over working for a wage or salary. First, you’re building an enterprise that has the potential for growth – and your wallet grows as your company does. Second, your business itself is a valuable asset. As your business grows, it’s worth more and more. You may decide to sell it, or you may hold on to it and pass it down to your heirs. Either way, it’s valuable.

10.   Don’t be Intimidated by the Numbers

Don’t be afraid of the math. You need to understand the numbers that go into

your business. Find an accountant or mentor that can explain it to you.

So, there you have it! What is holding you back?