The benefits of running your own business


“I would love to run my own business” is a sentence that many young millennials are now using.

According to the Financial Times, there were over 660,000 new startups in the UK alone in 2017 making it a record year and evidence that times are changing in the world of employment.

People who have never started their own business before tend to look to the ‘risks’ that are associated with owning a business rather than looking at the strengths, which can in the long term deter someone with high ambition from achieving something great. The fear can hold them back.

But what are the strengths to running your own business? Many say the money straight away, yes this is a strength, but it is not the only one.

You are the creator

Your message, your vision and your creativity is what drives the business. Whatever you decide to do is what the company will do, and is what other people in your business will follow as well.

Personal development

Running the business allows you to develop in several different areas especially when the business is a start up. Whether that is in sales, marketing, administration, legal, finance etc, you are essentially are a ‘one man band’ so you develop a lot in these areas.

Control over your schedule

When you are employed you have to ask permission for everything, going to the toilet, going on holiday, asking for time off etc. However when you own the business you get complete control on how hard you work, how many days you work and effort you put in.

Giving others an opportunity

As a business owner, you are essentially a coach to people as well. Your job is to provide the people in your business opportunities to grow and progress in the company. The number one reason for turnover in any company is that they aren’t getting the return for their hard work. As long as people get a return, they will continue to work hard.

Fun

Running the show is fun, you get to do whatever you want (within reason). That could be everything from changing the schedule, selecting the new colour paint for the walls or playing games with the team. You can make it a fun environment.

Being the inspiration

Others look up to you, they will be under your wing, and if you do it right, you will change that person for the better. You can teach them the critical fundamentals of running a successful business which is; Work ethic, student mentality and attitude.

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