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The point of starting a business is to provide a solution in the form of either a product or in the form of a service. This is what you are bringing to the marketplace.
Something of value.
Yet, there is also absolutely nothing wrong with having an alternative motive for your business. Maybe you desire wealth, influence, power, or to simply do more for the greater good.
I have to be transparent in saying that by being in business for yourself, you’ll be faced with consistent ups and downs, but from my experience, the pros do usually outweigh the cons. In this article, I am going to highlight what comes from being in business for yourself, and I will not spend any time talking about the negatives. I also do not want you to be misconceived and think that everything will be great when you first start, or even years thereafter. If I said that, I would be lying to you.
Most of all anticipate growth.
One of the biggest blessings I can think of is being able to wake up whenever you want. Think back to the days you went to school. If you were like me, you had to wake up at 5 o’clock in the morning, shower, and go catch a bus to be able to make it to your studies. I do not remember one time that I was super excited about waking up that early. If you work 9-to-5, chances are there is a set schedule that you might also dislike.
If you would like to take a random vacation halfway through the year, you don’t have to clear it with management or get written approval from HR. This vacation can be as short or as long as you would like. There’s nobody telling you when you need to return to the office. Not feeling well? Don’t worry about taking sick days, because you can simply clock out. Or, can you?
This freedom is fantastic but is something to be aware of. Just because you have the freedom of time, does not give you the liberty to take too much time off, or to postpone projects and things that you should be getting done today. I would encourage you to make a dedicated effort to develop self-awareness around what you are doing with the hours you are awake. If you have a tendency of procrastinating, work especially hard to build self-control.
You’re The Boss
Some time or another, you probably had a manager, a boss, or a person who is in a position of authority that you simply displeased. Their attitude might’ve been negative, or they could’ve been a control freak. Whatever it might’ve been, when it comes to business you don’t have to worry about that any longer. You are your own boss. There’s nobody to bark orders at you, and, if anything, you are the one to give them out.
I was never one for authority growing up, or entering adulthood. It was something that I viewed as constraining. An obstacle in my way of doing the things that I truly wanted to do. Why go through another person when I could just make the change myself?
Being in business for yourself grants you the ability to control. As you scale and bring on team members and contractors, it is wise to develop your leadership ability. Don’t think that just because you have power, you can always display it.
There is a massive difference between a boss and a leader.
Let me be clear in saying this is not an income claim and I am not saying that the billionaire lifestyle and massive amounts of wealth will magically wind up in your arms. This perk is something that is extremely important to be aware of. Just like with building your personal brand, you have unlimited potential, with building your business you have an unlimited ability to make as much money, or as little money, as you choose.
The times in which you are aggressively hitting the phone, making calls, or selling your products or service, you will be making the most money. The times in which you take the foot off the gas, or direct energy in other directions, will, on the other hand, be the times where you make the least amount of money.
There are no set salaries, no strict bonuses, but also understand unless you’re making money when you’re sleeping residually, you also don’t get paid time off.
There is a sort of status and reputation that comes from being a business owner. Although with the influx of internet gurus and entrepreneurs, the status is getting less and less influential. To be a successful business owner is still coveted in society‘s eyes.
If you are somebody who desires influence, or power, starting a business can very well lead you to those things. You build a business to a high enough level and make a large enough change in the country or in the world, you will begin garnering the attention of people who would normally be out of reach.
Networking is a vital piece of growing a business and your personal brand, which can lead to referrals and to opportunities that you would’ve never thought possible.
It would be selfish to not mention what could arguably be the most powerful thing out of this entire list. Impact. Like I said at the beginning of the article, the entire point of getting into a business is to provide a solution for the market. When building your business, you’re having an impact on the world. You are making progress. You are advancing society.
This impact can directly translate to both money and awareness. Every perk is related to one another. If you were somebody who has a cause that you deeply care about, you are able to use the status that your business gives you, as well as the financial being to support that nonprofit.
Before You Go
Before you go and decide to start a business venture and go all in, heck, even your job, understand that it will take years of work, blood, sweat, and, yes, even tears to build a well-rounded business. Anybody can spend a couple of hundred dollars and get incorporated, but not everybody can build a multi-million dollar empire or more.
Ask yourself why you are starting a business, or are looking to. I’m not saying this in some cliché motivational speaker kind of way either. Your why is very simply the reason you want to be great, not get up in the morning.
I don’t believe anybody that says they are excited to get up every morning truly is every single day.
Best of luck in your ventures.
What are some other benefits of being in business for yourself? Let us know down in the comments.
This article was originally published in GREY Journal.