Want to know the benefits of owning your own business?
I’ve helped thousands of students become successful entrepreneurs, while scaling my business to eight figures.
Here, you’ll learn…
- The BIGGEST pros of having your own business
- Disadvantages of building a business
- Steps to start your own business
Interested? Let’s get started.
What is a business owner?
As a business owner, you’re in charge of your own company.
With that said…
Your responsibilities vary depending on the type of business you own and how involved you want to be in running it.
Here are some common examples of different types of businesses you can own:
Small business
Most businesses are small businesses. The majority of US businesses have less than five employees.
Small businesses are also the biggest job creators in the US economy as they account for 62.7% of all jobs created.
A small business usually has only a few employees and is often owned and operated by a single person.
These businesses typically focus on providing a service or product to a niche market. They can be low risk to start, but they have the potential to grow to six or seven figures.
However, the definition of small businesses are businesses that earn less than $35.5 million.
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Enterprise
An enterprise is a company that has multiple departments that each take care of a different part of the business. They’re usually large companies that offer a wide range of services or products and have lots of employees.
Startup
A startup is a young company that’s still in the growth stage. Startups are often small, but many have ambitions for fast growth.
They’re usually focused on developing a product or service that will solve a big problem and disrupt existing markets.
Intrapreneurship
Intrapreneurship is when an employee branches out into a new market within a larger company. The risks of launching a new product or service are smaller when the launch is backed by a large company, so it’s a great way to test the waters with a new idea.
Okay, now that you know what a business owner is and the types of businesses they can own, let’s look at the biggest pros of owning a business.
What are the biggest pros of owning a business?
I never thought I’d be an entrepreneur.
It wasn’t something my Asian immigrant parents encouraged me to do and I didn’t have any friends who were entrepreneurs.
At the same time, I knew I wanted more flexibility and freedom. The final straw was when my entire family suffered from life-threatening illnesses within one year and I couldn’t take time off my job.
Over the years, I’ve found so many more benefits.
Here they are.
Being your own boss
One of the best things about owning your own business? You become your own boss.
In other words?
You decide what you want to work on, when you want to work, and who you want to work with.
If you’re feeling overwhelmed, you can take on less work. Or, if you want to increase your revenue, you can develop a new product, or try a new marketing strategy.
It’s up to you.
Flexibility
Owning your own business gives you the kind of flexibility in your life that’s hard to find in a traditional job.
Think of it this way…
Being in control of your work allows you to adapt your schedule to meet your life goals. Want to take some time off to visit a friend, take a trip, or go on vacation? You can do it. And… you DON’T need to ask anyone first.
You can also work from anywhere you want – in fact, 50% of businesses are home-based.
Unlimited earning potential
As an entrepreneur, you don’t have the same restraints on your income as you do in a 9-5 where you trade your limited time for a fixed amount of money.
Of course, starting a business DOES involve risk, but you can learn to minimize it and increase your chances of success. And starting the right type of business isn’t as risky as you might think.
On top of that, regular jobs aren’t what they used to be, with more and more workers feeling that 9-5 jobs are unstable.
Low start-up cost
You might think that starting a business means risking a lot of money, but that’s not a requirement at all. If you choose the right business to start, you can minimize the risk by having very low start-up costs.
For example, coaching and consulting businesses are great because they don’t require a big investment to get started and you can use your existing skills.. Unlike stores with merchandise, you have no physical products to worry about. Another plus? You can run your coaching business online and tap into a bigger audience.. That’s what I did with my own business, and I made over $200K my first year from coaching.
Scalability
One of the biggest advantages of owning a business is being able to scale it. With a good marketing strategy, you can generate consistent automated traffic and have clients come to you.
The result? You build a business that doesn’t require “hustling” to survive. You can take time off without the business suffering.
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Freedom
When you own your own business, you’re the boss. For example, if you want to take time off in the middle of the day or spend more time with your family – you can.
Read more here about how to build a Freedom Business and increase your flexibility, freedom, and profit.
Fulfillment and working on your own mission
40% of entrepreneurs start businesses to make a difference in the world.
Because when you start a business, you can follow your dreams of building something that you love and that aligns with your mission.
Instead of pursuing the goals of another company, you’ll be able to make something that’s entirely your own.
Personal growth
Building your own business is almost certain to make you go outside your comfort zone in one area or another.
You’ll need to overcome a lot of personal challenges, including things like your…
And so much more. But that personal growth is one of the best things that come with being an entrepreneur.
Independence
When you own your own business, you have the kind of independence that most normal jobs don’t. You get to work the way you want to.
It IS a lot of responsibility – and you need to learn how to become extremely self-disciplined.
But you get to create your perfect schedule.
For example, I’ve built my business (over many years) to the point of not having to work on it more than a few hours a week.
Income
One of the biggest pros of owning a business?
There’s no income cap. Unlike most jobs, where you need to wait for raises, when you own your own business you have a direct connection to the profits.
The better your business performs, the more you earn.
Want to see an example of how starting your own business can change your life? Here’s a video of how Ruby (one of my students) went from an employee to an entrepreneur and replaced her income in seven months:
But building your business also comes with challenges.
What are they? Let’s find out.
What are the disadvantages of owning a business?
Now that we’ve explored the pros of owning a business, let’s look at some disadvantages.
Financial risks
Having a business always involves some risk.
There are financial risks, which are usually largest at the beginning when you’re not sure your business will work. Entrepreneurship doesn’t guarantee a steady income.
But you don’t have to take a lot of risks to start a business.
For example, start your business on the side and build it to the point where you’ve doubled your salary.
I’m extremely risk-averse. I had worked hard for my managerial job at a tech startup. So I built my business on the side and once I had 2x:ed my salary, I quit and didn’t look back.
Wearing many hats
You’ll also need to wear many hats as an entrepreneur. You’ll have more responsibilities than you probably did as an employee.
You’ll need to take care of accounting, taxes, sales, and marketing.
But after a while, you can start outsourcing and building a team, so that you can focus on what you do best.
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Long working hours
One thing that’s very common among business owners is long working hours.
Yes, running your own business takes a lot of time and effort at first, and you might not have the same work-life balance as when you had a regular job.
However, 58% of entrepreneurs say they spend time with their family in the evenings and 55% keep their weekends free.
Ultimately, you decide what your business will look like with the right business model and systems.
Alright, now that we’ve looked at some downsides, how can you start your own business? You’re about to find out.
How do you start your own small business in 24 hours?
Now you know what the pros of owning a business are.
Are you ready to become an entrepreneur?
You don’t need months of planning or thousands of dollars in the bank. By following these steps you can have your own small business up and running in 24 hours.
Overcome your fear
A ton of people want to start businesses, but…not many of them end up doing it.
Becoming an entrepreneur can be scary.
But that’s normal. As time passes and you push further and further outside of your comfort zone, it’ll get easier.
Here’s some more info on overcoming your fear:
Find a business idea and niche
Okay, so you want to start a business. But you’re probably wondering “What kind of business should I start?”
It can be overwhelming to try to find a good idea.
You don’t have to come up with the next Amazon or social media platform.
Instead, get the ball rolling with a “good enough” business idea. Starting your business, even if it’s not the perfect one, will teach you all about what it takes to be an entrepreneur.
As I mentioned before, coaching and consulting are businesses that work well for new entrepreneurs.
However, you need to find a niche to become a coach or consultant.
To do so, go over the skills you’ve developed in your life. Which one would other people be interested in learning?
I talk more about picking a niche here:
After you’ve gone over your skills and identified a few that other people might want to learn, pick the one with a high profit margin that you could most easily start a business around.
When I wanted to start my own business, the first thing I looked at was what skills I already had. At the time, I had learned digital advertising skills in my 9-5
So, that’s what I decided to focus on in my first business.
Think of your business as a way to get paid for the skills you already have.
So, what skills could you teach people? Start there.
Get your first paying customers
When I first got started in my coaching business, I interacted with people in my niche through Facebook groups.
My focus wasn’t really on selling. Instead, I offered as much value as I could to learn more about my market.
I ended up helping one woman for free – for two weeks. At the end of those two weeks, she reached out and asked if we could work together.
And that’s how I got my first client.
However, there are plenty of places outside of social media where you can get your first clients.
Get the Ultimate Guide
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6-Figure Coaching Business so you can achieve more freedom!
Think:
- Your network
- Podcasts
- Guest posts
…And so on.
That said, focus on ONE marketing channel and then expand from there.
Because in the beginning, it can be easy to obsess about getting a lot of clients.
Instead, focus on getting one client at a time. That will be much more effective in the long run for your business.
You can get more tips here:
Next steps
There you have it. Now you know the pros of owning a business.
As you can see, being an entrepreneur can be a great way to do things like…
- Do more meaningful work
- Travel whenever you want
- Replace the income from your 9-5
- Have more freedom in your life
Need help getting there?
I’ve been there too… And believe me, there are a LOT of things I’d do differently if I had to start over.
Want to skip the trial-and-error?
I created a FREE pdf you can use to help you reach six-figures:
Want to Build a 6-Figure Coaching Business So You Can Achieve More Freedom?
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Read more:
How to Start a Profitable Service Business with No Experience
