Why start a business image
At the core of the American dream lies personal independence, which can be found in the form of business ownership.
By becoming an entrepreneur and starting your own business, you are attempting to achieve freedom from corporate employment and create the lifestyle you want for yourself. However, don’t start a business only to buy yourself freedom; do it because you love it and because it’s your calling.
Determine what you are most passionate about and then find a way to turn it into a business and make money from it. The rest will follow with determination, tenacity, responsibility and consistency. Despite the challenges experienced in setting up, running, and growing your own business, it can be the best way to get the freedom and flexibility you long for.
Starting your own business gives you the creative freedom to run with your own ideas, decide what your business and brand will stand for, who your clients will be, what hours you will work, and where you will operate from. The flexibility gained from entrepreneurship allows more options and more possibilities to choose from, as you are your own boss and have complete control over decisions made for your business.
Whether you launch a product- or service-based business, or get into freelancing or consulting, you decide what business you want to get into. Though earning entrepreneurial freedom has a price: time.
It’s going to take time, and oftentimes an initial investment, to be financially independent and support the lifestyle you set out to achieve. In addition, it’s important to note that you will inevitably be spending time on doing things, like accounting, managing employees and administrative duties, that you don’t love doing but must be done.
These activities are unavoidable when running your own business, but it will be your vision and your rules on how you prioritize yourself, including your schedule and work/life balance, and your business goals. As your own boss, you get to decide where your time and energy are spent within your business.
Moreover, being in business for yourself promotes a sense of purpose, direction and fulfillment. With creative freedom to positively change your company, you also have an influence on the lives of employees, which can fuel your sense of pride and purpose by directly contributing to the health of your community. That motivation somehow gives you more energy and drive to get up in the morning and practice the discipline to continually push yourself to set and achieve new ambitious goals, even when you might not yet be seeing the fruits of your labor.
Sometimes trying to achieve entrepreneurial freedom, means you have to make sacrifices in your lifestyle in the beginning to have more freedom later, for example, if you want to take time off to study, travel or have a baby. This opportunity for self-growth and development that accompanies entrepreneurship helps you find the momentum to keep up your routine.
Finding your own rhythm will assist with your greater personal happiness, as many businesses require much physical involvement, time and effort. It’s also beneficial to find a mentor and supportive community that can guide you along the way, from friends, neighbors and teachers to books, blogs and business coaches. With so many valuable resources available for free online today, you can train yourself on your way to entrepreneurship.
When considering what type of business you are launching, you will always have expenses. Some are unavoidable, while others are optional or allocated over time.
The important thing to do first is to understand all the possible expenses (including unforeseen circumstances and emergencies) by talking to mentors and other business owners in your same industry. Learn from them and understand what mistakes you can avoid.
Also consider investments into your business. Whether it is buying inventory, paying for website resources, purchasing accounting software, payroll for employees, or any other expense, these are all investments into your business to achieve your ultimate bottom line of income.
Your potential income, though not the only motivation, is an important focus you should document and track. Measuring your income goals to what you achieve, including your net income (after expenses), will be crucial to building a solid financial foundation for your business.
Take control of your entrepreneurial vision to support your freedom and be flexible if things aren’t going exactly the way you planned. Your success depends on planning, evaluating, and adjusting your plans as needed.
Here are some great small business resources that you can leverage in building your dream business.
Learn more about how HOMEBANK can help you with your business banking needs. Let us help you achieve your business dreams by making an appointment to speak with a banker about your business banking needs or call us toll free at (855) 577-2001.