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5 Great Reasons to Open a New Business - Finnegan Pierson - Blog

5 Great Reasons to Open a New Business

Hundreds of new businesses open every year. They serve different industries and provide different services, but they all have one thing in common: a driven business owner who wanted to strike out on their own.

Making the decision to open a new business is tough. There’s risk involved, but the rewards can be worth it. Here are a few compelling reasons to open your own business.

You’re Ready To Be Your Own Boss

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When you work at a normal job, you’re subject to the whims of your employer. If they change the rules and regulations, you have to follow them or risk punishment.

By starting your own business, you’ll be in control of everything. You’ll be in charge of policies and key business decisions instead of having bosses or supervisors who make those decisions for the company. This gives you full independence at work.

Keep in mind that you’ll also be in charge of day-to-day operations. This means you’ll have to find ways to encourage employees to work productively. You’ll also have to figure out how to finance your business, whether that’s through a merchant cash advance or a traditional business loan. It’s a lot of responsibility, but the payoffs are well worth it.

You Fulfill a Need in the Community

Think about the services and stores you have access to in your community. Are you happy with the ones you have? Are there certain services that just aren’t available to you where you live? If so, you have a compelling reason to start a new business.

By opening a business in an underserved industry, you’ll fulfill a need in the community and can give people access to better quality services. Even better, you’ll corner the market on those services. This helps stimulate your local economy which, in turn, creates more jobs and strengthens the community for years to come.

You Want Full Control of Your Income

As an employee, your hours and your income are based on the needs of your employer. It doesn’t matter if you have more availability and could work longer hours. You’re stuck with the shifts they give you. Worse, you can’t guarantee that they’ll recognize your hard work and give you a raise even when you deserve one.

As a business owner, you’re in charge of your income and the hours you put in. You could potentially increase your income each month and, depending on the type of business you run, work better and shorter hours.

If the business isn’t performing the way you want it to, you’re able to implement changes to speed up its growth. Just remember that you’re going to have to motivate yourself to reach those new income goals.

You Want to Pursue Your Passion

When you work for someone else, your day can feel like drudgery. You’re only able to work on the projects and tasks they want you to when they want you to do them.

As a business owner, you’re free to follow your passions and build a business that focuses on the things that inspire and motivate you. You’ll still be working hard each day, but it will feel less like work and more like fun.

There will always be slow days, but as long as you can stay fired up about your passion, you’ll enjoy what you do.

You Can Do It Better Than Anyone Else

You don’t have to open a business in an industry with zero competition. In fact, competition can be healthy! It all depends on whether you can do things better than others in your area.

If you have a skill or can provide products that are better suited to the needs of your community than the ones provided by other businesses, it’s time to set up shop! Brand loyalty only goes so far. If you can consistently improve quality and do things better than others, you’ll be successful.

Starting your own business is exciting, but it takes work and a lot of determination. If you’re not sure that you’re ready, that’s okay, but if any one of these reasons stands out to you, consider opening your own business.

Publish Date: April 23, 2020 3:58 AM

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