Why own your own business?

In this modern day and age, when so many jobs are available in so many different industries, anyone could find themselves lacking the incentive to start a business. That is totally understandable. I mean, why take a risk when you can work in a job where your pay is secure and risk that stability? Starting a business requires capital, labor, resources, and management skills, just to name a few requirements. 

However, when working in a job, the only thing you need to provide is your time and human capital. The rest of it is provided to you by the employer. Starting a business is risky. Yet, many new businesses in the United States continue to open every year. In fact, according to the Chamber of Commerce, a record-breaking 5.5 million business applications were filed in 2023. So why did 5.5 million people decide to take on that risk? Let’s take a look at the potential rewards.

Personal and Career Growth

Through owning a business, you can actually learn a lot about yourself. It is believed that different people have different management styles. Owning your own business might show you what type of management style you have. Are you a bold risk-taker? Or perhaps you are a calculated and conservative decision-maker? Some situations might arise where it allows you to change your decisions. It has been agreed by many that adaptability is one of the factors that contribute to the success of a business. So when the situation arises, will you be an adaptable entrepreneur and decide based on that situation?

Not only will you learn a lot about yourself, but you will also learn from your experiences while running a business which will allow you to grow at a tremendous rate professionally. Depending on the type of business, you will learn what it takes to market your product in your industry to your target market. You will also learn how to manage your finances better. Will cutting back on costs compromise the quality of your service/product? If you choose to cut back, would it benefit your business depending on the output? Experiences such as this, will be invaluable towards your professional growth. Of course, with every business decision, there is always going to be a risk that comes along with that decision. Yet, the beauty of entrepreneurship is that your failures will also be an opportunity for you to learn and grow.

Financial outlook

As an employee, you may not necessarily get to dictate how much you can earn. However, being a business owner means you can enjoy the benefits of generating profits from your products. So the more you sell (the higher the profits), the more income you can command during a given period. As your business grows and becomes more profitable, you also have the option to reinvest your earnings back into the business in order to generate even more revenue and profit.

Independence

As your business owner, you get to decide what direction you want your business to take. Depending upon your industry, you may even be able to set your own schedule, allowing you that flexibility that a regular employee may not be able to afford. You can also decide how much time and energy you’d like to devote to a certain area of your business. Of course, there will always be rules and regulations you must follow depending on the industry and business you are operating. For example, if you were a franchisee you would have to make sure you are operating within the guidelines of a franchisor so as not to diminish your brand and the company’s brand. Overall, owning a business could be a liberating experience as it allows you to take charge of your life.

However being independent can also sometimes result in a lack of support network. Without a support network, it can sometimes be difficult to understand what is needed to take your business to the next level. For example, as an entrepreneur in the janitorial industry, if you had access to a better system for sales and marketing would you be able to secure more business for your firm? Owning a business, of course, is not easy. It takes a lot of time to build and figure out a system that works. This is one of the reasons why Summit Building Services decided to franchise. As your Franchise partner, our goal at Summit is to support your success story, which is why we have included that in our mission statement. Regardless of whether you decide to start your own business, we wish you all the best on your entrepreneurial journey and hope this blog gives you some insight into some of the reasons why you should own your own business.