You may be in a job you don’t especially like, or have tried to get one for years unsuccessfully. You may have shied away from going into self-employment because you believe that not everyone is cut out for business, and that means you.
However, the reality may be that you’re just afraid of the unknown. You probably have seen people you know fail at business or heard all sorts of horror entrepreneurship stories. You’re afraid to lose money you can scarce afford or to get into debt or get conned. But nothing in life is guaranteed, and who knows what kind of outcome could come of your taking a chance on yourself? Here are some reasons to start that hustle you’ve been putting off.
1. Job security
As challenging economic times persist, more and more companies are being forced to downsize to reduce their costs, which has made job security almost an impossibility. Thousands of people have been laid off from jobs across several sectors, including banking, manufacturing, media and retail. The automation of certain processes has also worsened the situation for jobseekers.
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Even if you have a job you love and all is going well for you, the management could change in future and your tables turn. Starting a side hustle could cushion you in case your job situation falls apart. It takes time for a new business to grow and become profitable, so the sooner you start, the better off you’ll be.
2. Spare time
Starting a business does require hard work in the initial stages, but as the business grows and you put systems in place and find competent people to work for you, you can free up your schedule to spend time with your family, enjoy your hobbies or travel without having to work within a rigid leave calender. Work hard for a few years and then enjoy your freedom.
3. Something you can pass on to your children
Starting your own business gives you a chance to build something that your children can inherit from you. Your children can learn responsibility from a young age and acquire important skills as they help out in the business, which can prepare them for success in life. Family businesses are some of the most successful ventures in the world.
4. Personal growth
Building a business pushes you to learn new things and grow. It becomes necessary to learn skills like accounting, strategic thinking, time management, negotiation, leadership and HR management. As you build the business, you’ll put in many hours of practice and you should consider undertaking some courses to boost your expertise.
Many people leave the school system without the critical skills the market requires - going into business ensures you pick them up.
5. Becoming an expert that people look up to
Think about how people regard someone who’s built a successful business, like Bill Gates, Jeff Bezos or Warren Buffet. Your business solves a problem and that puts you in the position of an expert in the field you’re in, or an authority that people admire and seek out. There’s a sense of pride and fulfilment that comes with this. Being a business owner puts you in a unique and enviable position.
6. Financial independence
Attaining financial independence doesn’t necessarily mean being among the world’s wealthiest people; it simply means that you’re able to live the life you desire without having to endlessly worry about money.
Only a small minority of employees manage to climb up the career ladder to the point where they can retire financially free. Too many others get used to living hand to mouth, so much so that when the monthly salary stops and they have to live off a pension, the adjustment can be difficult, turning retirement into a nightmare.
When you start out in business, you work long hours for little pay and your income doesn’t keep up with the increase in the costs of living. In business, you’re more likely to grow your income at a pace you dictate. Research on the world’s richest people, and you’ll find almost all of them run their own businesses.
7. Create employment
Being able to create employment for others is a self-esteem booster. It gives you a sense of purpose and focus because you’re contributing to humanity and changing the lives of tangible households. It also instils in you a sense of responsibility because other people are looking up to you. The bottom line is much as building a business requires hard work and sacrifice and comes with plenty of risks, the rewards far outweigh the inconveniences.
