Starting a business is a huge commitment, and you may be wondering whether you have the time or the cash to give it a try. However, with the number of start ups on the rise, it’s obvious that many have caught the entrepreneurial bug and want to make their own mark on the economy. No matter where your skills or talents lie, here are six reasons why you should have a go at starting your own business.
1. It can cost less than you think
If you already have a hobby that you want to turn into a business then you may already own a lot of the equipment that you need. For example, if you plan to make and sell handmade jeweler then you will probably have already amassed lots of supplies while you have been learning the skills. Some businesses can be set up for practically nothing, and many people who work as graphic designers, writers, or in administration roles can set up a business simply using their laptop and their own ingenuity.
2. You can set your own hours
Those who are working full time in a 9 to 5 job will often find their income sucked up by childcare, travel, and endless other expenses. However, when you start your own business you can usually work the hours that suit you, which is ideal for those who have family and other commitments.
If you’re not ready to completely give up your full time job and want some stable income, then you could start your own enterprise and dedicated evenings and weekends to it. This is a lot of work, but is less risky than going it alone all at once, and means you can grow your company at your own pace.
3. There are endless things you can do
Everyone has a skill or talent that they can charge for, and whether you’ve worked in a certain field for several years, or are fresh out of university, there’s bound to be something you could do. The most profitable small businesses are usually those run by someone who has professional experience – for example in accounting or a certain field of medicine – but if you don’t have a specific skill set you could offer:
• Cleaning • Dog walking • Window washing • Data entry or typing services • De-cluttering and organisation packages
These are small jobs, but people often hate doing them or have no time, and therefore you can charge a decent amount to get them done. It’s important to ensure you have the right insurance, so make sure you do research into the licences and cover you need.
4. You can claim for business expenses
Those who are self-employed have to do their own taxes and keep accounts, but the upside of this is that you can claim for tax deductions on laptops, equipment, and other expenses. Perfect for if you need a gadget for work, but also a nice perk as you can enjoy them out of work hours too.
5. Your location is more flexible
Unless you are in a customer facing business, you can pretty much work from anywhere, and this allows you to live in the countryside, the middle of the city, or even abroad, allowing you to move to an area where property is cheaper. Just make sure there’s reliable broadband or WiFi, and if you are planning to make items that need shipping then you’ll need to have a post office or reliable courier available in the area.
6. You could get help from the government
Small businesses are good for the economy, and are often a sign of recovery. That’s why there are many government schemes to help small businesses, from grants and loans to mentor ships from experienced entrepreneurs. These are often heavily publicized in the media, so make sure you do your research and find out the kind of help you might be entitled to.
As well as central government, there are also schemes run by local authorities to help residents start a businesses, and this can include networking events, courses, and even grants.
In the digital age there are fewer obstacles to starting a business, and wherever you live or whatever your skill set, there’s bound to be something that you could turn your hand to.