If you decide to start your own small business, then you are in for a lot of hard work. However, the benefits of starting your own small business outweigh this and you will find that the more you put into your business the more that your business will grow. The following benefits make all the hard work worth it. Running a small business offers you a means of great personal growth as well.
Love your job everyday
When you love the job that you do each and every day then it doesn’t actually feel as if you are working. You are enthusiastic about going to work and you are motivated to do your best. All the hard work and extra chores don’t actually tire you or demotivate you because you know that it is a small price to pay for business success.
This motivating experience will fuel your zest and passion for your job and your business will grow from strength to strength. Your new sense of purpose will resonate with customers and suppliers and you will be viewed as a strong business partner. This in turn will allow you to build a business that is centered around your customers and meeting their needs and wants through sheer enthusiasm and motivation for your business.
Make more money
Starting your own small business can be a way to make more money or make extra money on top of your full-time job. Ensure though that it is viable and that your work will return a profit. In the case where you do find yourself out of a job, starting a small business could be a golden opportunity to do what you love most and do what you are good at.
By taking on the challenge of running your own business will highlight your business acumen and your strong work ethic if you ever choose to go back into long-term employment.
One of the most difficult parts of starting a business is financing your start-up. This can be done in a number of ways. Finance from a bank is always difficult and time consuming so another way to raise money for your start-up is to use Crowdfunding. There are also a number of opportunities financed by Government schemes which can be accessed via your local Jobcentre.
Be your own boss
Being your own boss can have its advantageous although it does mean that you will have to put in some extra hours. But when you do what you love and you are making money this will soon become part of your normal routine as a small business owner. Remember that you will have no-one else to answer to and all your decisions will be yours alone. This will lead to personal growth and when a decision you make leads to success than you will reap great rewards. Note that being a start-up in an ever changing environment gives you a clear advantage. You can adapt quickly to meet customers’ needs and perform these services better especially if you add online digital services to your business mix.
Your work life balance will also be better maintained as you can schedule your business dealings around your family life. By choosing when to work and where to work means that you will end up working at the times that suit you and from multiple venues i.e. office and home to ensure that your family commitments can be met. This does mean that you are always at work even if you are at home but it will give you more scope to arrange work around your family.
Make a difference and inspire others
If you have a really good business idea that you would want to explore, then starting a small business is a good idea. Starting a small business is not as difficult a task and having a really solid business plan can make things even easier. Once you start trading and your business starts to grow you could employ staff. All the experience and knowledge that you have gained by running your own business single-handedly, can be given to new employees and training them could be life changing for them. Hence, the business that you created could make a difference to their lives and inspire them. You could also work with charities as an outreach programme and promote your business by being socially responsible in your local area.
By reaching out to your local community can provide opportunities for your business. It could provide your first customers or highlight a gap in the local market which would provide new opportunities for growth. In turn you would be putting something back into your local community.
Shoaib Aslam is the co-founder of Pearl Chartered Accountants, a UK-based chartered accountancy firm that has multiple locations across London. They are experts in helping startups and established businesses with all aspects of growth, strategy, scaling up, accounting and tax planning.