Why You Can and Should Run a Business
The thought of starting a business can be a scary thought. It might be the fear of the unknowns that hold most of us back and not the thought of whether we’re competent enough or intelligent enough or whatever else we feel is needed to run a business.
As with anything, learning to manage, be the boss, and run a business are just things that happen over time and with practice.
So, think of getting started more of a pep talk than a to-do list.
For that reason, this article will discuss a list of things you can do to get yourself into the mindset of running your own company. From there we will cover what you need to do, day-by-day, in order to get started.
While we will cite data to a U.S. audience, the reasons for starting a business really aren’t going to be that different, whether you’re in Canada or South Africa.
1. You can do it because others are doing it. Think the country is dominated by big businesses run by people with MBAs? Wrong. 99 percent of businesses in the US are small businesses, and they employ 80 percent of the population! You don’t need any “special” training to run a business. You just need an idea, the desire to learn and adapt, and the ability to take action!
2. You can do it because there is a business appropriate for just about everyone’s interests, experience, passions or expertise. “Starting a business” really only comes down to figuring out your business idea, (…/How_to_Start_a_Business/Getting_Started/figuring_out_your_business_idea) doing your paperwork, and sorting out the money. Given the number of funding resources available today, you shouldn’t have too much of a problem getting that initial startup cash, especially if you focus on a lean business model or Minimum Viable Product (MVP) route to market.
3. You can do it even if you start from home. According to the Small Business Association (SBA), 52 percent of all small businesses are home-based and of the 28 million small businesses in the U.S. - 22 million of those are operated by people who consider themselves self-employed (they have no employees and no additional payroll).
4. You get tax benefits. Oh yes. This even applies to freelancers. Depending on the type of business you register as, you could write off a number of your expenses including travel, telephone bills, food, portions of repayments on things like cars, and so on. And, depending on the business you start, there may also be various government incentives. If you’re unsure about what to do and how to register, I strongly advise speaking with your accountant about the tax benefits you could be eligible for.
5. Most importantly, you get to do what you want, when you want, the way you want. This is an opportunity to give the things you do meaning and to add value in the places where it matters to you. For example, you may consider starting a café business since you love to make specialty coffees, lattes, and deserts.