Daydreams of becoming your own boss are fast becoming the most popular form of escape for those unsatisfied with employment. Having financial, creative and directional freedom of your job sounds idealistic to some, however, it’s easier than you think to make these dreams a reality.
If your work is no longer motivating you, consider why. Is it that you could do a better job yourself, or is your heart just not in the industry? Working in an environment that doesn’t stimulate you can slowly ebb away at your motivation until you think there must be a better way.
If you find yourself ticking off these common motives which drive entrepreneurs to start a business, perhaps it’s time to take the leap. Building a business is a scary yet exhilarating feat which takes a lot of planning, resources and drive to complete, but with the right acumen, it’s definitely achievable.
So check out these 8 compelling reasons why it’s time to hand in your notice and begin your entrepreneurial journey.
1) You can do a better job
You got into your field because you love it. You’re good at your job and you can see yourself building a career in this area. However, has your current company lost touch with the very reasons why you got into the industry? Or are you simply fed up failing to convince them that there are huge missing areas to be tapped into?
If you have something to offer that can’t be found elsewhere, locally or nationally, then it’s time to consider going it alone. You’ve already got knowledge of the industry which will be a massive advantage and you can fill in the blanks which your old company was making.
2) You have a passion for something else
Life’s too short not to do what you love. Don’t trudge through an unstimulating 9-5 for a regular pay cheque at the end of the month when you could cash in on something you have a passion for and try to make it succeed.
Being passionate about what do you means you’ll wake up every morning motivated to work hard and make your venture succeed, and that passion will go a long way to ensuring you succeed. When times are hard, you’ll be motivated enough to plough through the problems until you come to a resolution.
Will Shu is the co-founder of one of the fasted growing companies in the UK today. Deliveroo started with just three restaurants in Chelsea, and Will himself being the sole deliverer of food to customers. His advice?
“Have one idea that you’re super passionate about. Don’t start ‘Etsy for pets’ if you don’t really like dogs right! You have to be pretty irrational as well because chances are it’s not going to work out but you have to believe in it... you have to go completely all in. That’s the only way it can work.” (Startups.co.uk)
If you’ve spotted an opportunity with potential for income, don’t be afraid to explore it.
3) You’re not alone!
Federation of Small Businesses, House of Commons Business Statistics.
With such a high percentage of small and micro businesses holding the majority of the market, there is plenty of help and resources to give you a leg up onto the entrepreneurial ladder. From more formal help such as start-up consultants to asking your local businesses how they started, venturing into self-employment isn’t a journey you’ll have to do unguided.
The Gov.uk website is a great place to start which covers all the basic technical requirements of setting up a business. For a more insightful look into how small businesses are starting up in your local area, seek help from councils and other local government bodies who offer free advice on a range of issues Startups face.
4)You’ll be challenged in new ways
We live in a world of specialist knowledge. Even within these specialist companies, the workforce is broken down; HR, IT, Marketing, Sales, Production etc.… people are used to passing on tasks to the relevant department.
If you start your own business, at first you will be all of these things. Not only will you have to do the job you love, but you’ll have to rely on yourself for admin, promotion, sales and budgeting as well. Your skill set will expand into new areas and this steep learning curve will equip you to succeed and grow as a person.
5) Creative Freedom
As cliché as it sounds, everyone is unique. Why try to put a round peg into a square hole and work to somebody else’s guidelines? If you start your own business, your brand can be an extension of yourself, and thus can grow and evolve as you do. Feed your personality, the direction you want the business to go and your aspirations into it, and you’ve already taken the first step into creating a unique brand which will differentiate you from the competition.
6) You’re not afraid of failure
You’ll encounter bumps, trials and tribulations along the way. Some things will work, some things won’t, and it’s down to old-fashioned trial and error to see what works best for you. Even Richard Branson fails (anyone remember Virgin Cars?). ”I have made hundreds of mistakes… I’m sure I’ll make many more this year, and learn valuable lessons from every error. Anybody who tells you they don’t make mistakes has just made one.” Entrepreneurs are problem solvers, they see a problem and work tirelessly to fix it, and you will know that you can cash in any failures into the experience pot and learn from them.
7) You crave independence
With your own businesses comes flexibility. You decide your hours, place of work, employees if you want to grow and have no one to answer to but yourself. Self-restraint won’t be an issue because you’ll know what needs to be done, and if you don’t do it there’s nothing to fall back on.
8) You want to be proud of your job
You spend the majority of your life at work, so naturally you want it to be as fulfilling, challenging and satisfying as possible. Taking the leap into your own business faces uncertainty yes, but the pride of building something from the ground up, however small, will make the hard work worth it. Your income will be made directly from your efforts, which will make each paycheque even sweeter and hard earned.
Have we convinced you that it’s time to start a business? A common fear that potential business owners face is a lack of confidence and not knowing if they have what it takes. The judgement is of course in your hands, but there’s always room for another Startup to join the thousands of small businesses which form the backbone of the economy.