As a child, many people express what they want to be when they grow up. Those careers may range from doctors, lawyers, teachers, dentists, scientists, and so on. Being a business owner isn’t something you hear most children say, unless they grew up around entrepreneurs. Starting a business can give you so many opportunities and benefits. Here you will find 5 key benefits of business ownership and why so many people embark on this journey.
1. LIFESTYLE
There is nothing worse than wanting to do something but you can’t because you don’t own your time. An example of not owning your time is if you are an employee and you work for someone else. If you want to take a vacation, you have to request the time off work because that time doesn’t belong to you. It belongs to your employer, especially if you work your business on a part-time basis. Lifestyle is all about how you choose to live your life. It’s about the experiences you create for yourself, the places you visit, the difference you can make in someone’s life because of the work you do, and the quality of your own life. Lifestyle covers so many different aspects. As a business owner, you have the ability to create the lifestyle you want to live. And the best part is, you don’t have to get permission to do so.
2. FREEDOM
Freedom can come in many different ways. Some examples include financial freedom, time freedom, spiritual freedom, and social freedom. As a business owner you get to decide the capacity in which each of these freedom types will factor in your lifestyle. Two of the major types are financial and time freedom.
3. FINANCIAL GAIN
This isn’t always a promise when you start your own business. The upside is that, depending on your business model, especially if it’s an online business, a ROI can happen sooner rather than later. Taking your business online cuts out major costs that are associated with a brick and mortar business. You don’t have to pay lease, nor for utilities, inventory, and employees. Going this route gives you the ability to see immediate returns on your investment. With a brick and mortar business, the ROI may take longer because of various expenses that it takes to run it. Whether online or in a storefront, consistency and commitment are key if you want your business to thrive.
4. HELPING PEOPLE
Having your own business means you are providing a good or a service to others and that good or service you provide is helping them in some kind of way. There are also different types of services your business can provide to the community through volunteering your time and through philanthropy. Because your business can create more time freedom for you, it gives you more time to help others in whatever way you see fit.
5. OPPORTUNITY TO WORK FROM HOME
Rush hour traffic, morning coffee, and eating out for lunch are just a few examples of things you don’t have to worry about when you work from home. The biggest advantage would be not spending time in 2-hour morning and afternoon traffic depending on where you live. Not to mention, how much money you would save on gas and cups of coffee, and the tax advantages that come with working from home.
Business ownership isn’t for everyone. A clear understanding of your life goals and passion will help determine if this is a journey you may want to pursue. If you found value in this post, please share the knowledge by passing it on!
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