5 Reasons Why You Should Start A Business (And 3 Reasons Why You Shouldn’t)
There are many reasons why starting a business is a good idea, and there are some foolhardy reasons too. This is a potentially life-changing decision, so you don’t want to commit to something that is going to negatively affect your life. In this article, we will present the case from both sides, giving you some perspective if starting a business is something you are currently thinking about.
Why you should
- You can’t find job satisfaction. While there is plenty of work out there, from retail to manufacturing jobs, you want something that is more aligned to your interests. If the job market isn’t cutting it, starting your business in a field you enjoy is the natural next step.
- You have a genuinely good idea. You may need to do some research first, but if your good idea fills a gap in the market, you have a greater chance of succeeding in business.
- You enjoy a challenge. Running a business isn’t easy, but if you have the dedication, passion, and motivation to rise to the challenge, you are going to find it easier than others in a similar position.
- You have prior experience. If you begin a business with no prior experience, you are going to struggle. At the very least, you need to be skilled in the area you are going into. Beginning a web design company with very little knowledge of computer programming, for example, is a bad idea, even if you do intend on hiring other people to help you.
- You have money in the bank. Beginning a business with no money is rarely possible. You might need evidence of your savings if you are trying to get a bank loan, and there will be an initial outlay of expenses on anything that will get your business started. You may not make a profit initially either, so having some money put aside will help you in your first few months of business.
Why you shouldn’t
- You despise your boss. Beginning a business needs to be founded on a solid basis, and not something associated with something that can usually be changed. We all have experience of a boss we hate, but that isn’t a foundation for quitting your job and starting up on your own. There may be ways to deal with your boss without making the drastic decision to leave because of him.
- You want to become rich. Yes, there are stories of entrepreneurs who made a fortune, but they didn’t make all that money without hard work. Everybody starts from somewhere, and you will not become rich overnight – or the night after! If you don’t have the dedication for the long haul, and you are only in it for the money, you may never see signs of the fortune you are wanting.
- You don’t have a plan. Every business needs a plan, from the initial idea to a mapping out of the short and long-term future. If you are thinking about setting up a business without clear thought, with an ill-conceived idea, and little idea of the intricacies of self-employment, you are going to run into trouble, and possibly failure.
We hope we have given you a little food for thought. If you have a good reason for starting a business, then we wish you every success. If on the other hand, you haven’t got a clear plan or reasonable incentive to do so, then you should probably embark on some self-reflection before making the move.