main reasons for starting a business | John Lawrence | Guida Accountancy

The main reasons for starting a business

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1st July 2020

What are the main reasons for starting a business?

Many people want to start their own business one day. For some it begins with a distant dream, a kind of hopeful wish that goes no further. For others, that desire can build and that ‘one day’ starts to become a genuine reality.

So, what are the main reasons for starting a business of your own?

A changing world

The world has changed in 2020. For many in ‘safe’ employment things have turned upside down. As a result of Covid-19 the threat of redundancy is either very real or has already happened.

Businesses will have to adapt to a new normal and I doubt anybody knows exactly what that new normal will look like. Job security is for many a thing of the past.

If this sounds familiar, then starting your own business may well have crossed your mind or perhaps firmly planted itself in your head.

Control your own income

Employment income is often restricted by a set salary structure, your employer’s performance, and your managers assessment of you. No matter how much you do for your employer your salary increase remains limited.

If you can make a success of your own business you are rewarded personally, the better you do the more you earn. Income potential is much greater.

You are no longer reliant on the performance and decisions of others and you can do things your way.

A passion for your idea

You get to choose the type of business you want, so that hobby you really enjoy could become your full-time, profitable enterprise.

And if you already love the work you do but want to take a different approach, this is your chance to do it your way.

A change of lifestyle

Starting your own business opens options for flexible working hours, working from home and spending more time with your families. This is often a big driver in taking that step into entrepreneurship.

Covid-19 has resulted in many employees being placed on furlough leave or working from home. The experience of spending more time with their families, and not having to do the daily commute, has been a surprisingly pleasant one. Going back to the daily grind has got less and less appealing.

A second income

Lots of new businesses start-up as a side-hustle, providing the guarantee of steady income from employment whilst getting a second income from your own business.

Sometimes this can be out of necessity of course, and it can be tricky to find the right balance, but it can be a great starting point, a way to find out if your business idea works before going all in.

Be yourself

Starting your own business gives you the opportunity to express yourself. So, you can implement your ideas, your beliefs, who you want to work with and who you don’t.

You are your own boss; you are an entrepreneur!

Let’s talk

If you are thinking about starting your own business, why not check out my business start-up services and book a complimentary call with me so we can discuss your idea and turn your dream into reality.


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