Seven Great Reasons To Start Your Own Business
Written by Mark Williams
Record-breaking numbers of people in the UK are starting their own business. Some are able to earn money from their hobby or passion, while others spot a gap in the market or find ways to offer a more appealing option. But there are many other reasons why you might choose to start your own business.
1. Many others are doing it…
More people than ever are starting their own business. In 2016, according to the Centre for Entrepreneurs, 657,790 new businesses were started in the UK. And it’s a fast-growing trend, with just 440,600 formed in 2011. There are now 5.4m UK SMEs – 2m more than there were in 2000. If others can do it – why can’t you?
2. Starting a new business is easy…
Registering a new business is simple. First you must decide whether to start a limited company or sole trader business (there are pros and cons to each). You can register a new limited company online; it costs just £12 and usually takes less than 24 hours. Registering as a sole trader (aka “going self-employed”) can also be done quickly and easily online.
3. It needn’t be expensive…
Much will depend on what you sell, but you can start a business with little or no budget. Only buy things if there’s no other viable alternative. Make do with what you have, borrow and buy second hand where possible. Get good deals from your suppliers. Lack of money isn’t necessarily a reason for not starting your own business.
4. You hate your current job…
Your work might be mind-numbingly boring or stressful. Your boss could be unbearable, while your colleagues or customers might annoy you. You might be underpaid and underappreciated. Perhaps you work long hours or must endure a long commute. Starting your own business might offer you a way out.
5. You fancy a new challenge…
If you’ve been doing it for while, your current job might no longer challenge you. And getting into a rut can make you feel unfulfilled and unhappy. Starting a new business could provide a far more inspiring challenge. You might even be able to try something new. Rising to meet new challenges can be enormously satisfying.
6. You want to be happier…
Research published recently suggests that more than half of UK workers are unhappy. Being your own boss can be tough, and it requires hard work, commitment and sacrifice. But being in control of your own destiny and calling the shots can provide a happier work life. You might also get to do things that provide more enjoyment. You might even enjoy a more favourable work-life balance, giving you the freedom and flexibility to take care of other commitments.
7. You want to earn more…
There are no guarantees, of course, and establishing a new business takes time, but working for yourself might give you more income. Starting a part-time business might simply enable you to supplement other earnings. However, come up with the right business idea and you might emulate the success of others who’ve achieved great fortune after starting their own business. So – what’s holding you back?
Find out how we can help get your new business off to a flying start.
Mark Williams is a freelance editorial consultant, writer and SME content specialist with over 25 years' experience. He contributes to The Guardian Small Business Network and planned and wrote the Start Up Donut website. As well as award-winning magazines and websites, his writing has featured in national newspapers and Sunday supplements.