5 reasons why you should start your own business in 2023
I’ve written a number of articles on challenges, setbacks and difficulties that entrepreneurs face that often go by unseen. I don’t like to think of myself as a pessimist — perhaps I’m more of a realist. There are many unglamorous things about becoming your own boss, but there are definitely amazing benefits to starting your own business.
Here are 5 reasons why you should consider starting your own business in 2023:
1) working for yourself means you’ll have Independence & Autonomy
Being your own boss and running your own business means you get to make the decisions for your business:
How you want your business to look
What you want your workspace to feel like
What kind of events, services or products you want to introduce and offer
The price points of everything that you sell in store and online
You can choose who you want to work for you
And who you might not want to continue working for you
Having the ownership to make decisions can bring a strong sense of purpose, autonomy and satisfaction. Research has found that employees who don’t feel this sense of autonomy in their workplace are much more likely to be dissatisfied. Most people spend most of their time during the week working. And if the lack of independence, decision-making control and autonomy is causing people to be unhappy — choosing to work for yourself can be incredibly empowering as you feel a strong sense of self-sufficiency.
2) being self-employed can give you more Flexibility & Freedom
As a business owner, you can set your own schedule and in some cases, work from anywhere you choose. This can be a great benefit for you, if you value work-life balance or have other commitments outside of work.
You can set the rules. The pace. The hours. Your morning alarm time. Whether you go grocery shopping in the middle of the day when it’s quiet. Being able to choose when you work, and how long you work for can give you the flexibility to make time for the people, hobbies, places and things that you enjoy outside of work.
Work is great, and working hard is makes up an important part of our overall health and wellbeing. But there is a lot more to life that just work. Having the flexibilty to choose your hours can be fulfilling as it allows you margin to rest, do the things you enjoy, and see the people that you love.
3) Starting your own business allows you to express your creativity
Whether you are launching a new product or providing a unique service, you have the freedom to create something that is truly your own. You get to pursue your passions. You get a blank slate to create something from nothing. To build something greater than you from the ground up.
Whether it’s your:
Business name
Business logo
Business website
Business Instagram
Interior design of your commercial space
Services and products
You get to have full reign over how much you want to outsource, and build your business to align with your vision, values and passions. For some people, it can be soul-sucking to be in a brain-numbing job, or work in a role that isn’t aligning with your values, experience and personality. Starting your own business in 2023 can give you the opportunity to wear your creative hat and think outside the box to build and scale your brand.
4) self-employment & business ownership can bring Financial Benefits
Owning a successful business can be financially rewarding. Yes, it can take a lot of time to get there. Yes, you might need to invest a lot more time and money than an employee would. Yes, you might have had to take a few more risks and make a few mistakes.
But at the end of the day, as a business owner, your earning potential is uncapped. It’s not limited by the base-rate pay, or even highest paying salary. You have the potential to earn more money than you would as an employee. As an entrepreneur, you don’t need to be paid per hour, and you can also benefit from tax deductions and other financial perks. The finance side of things might feel overwhelming (especially if you’re a creative).
But the beauty of working for yourself is that you can outsource and build a team, whether it’s inhouse staff or contractors who specialise in a field of interest that you might not be skilled in — e.g. a tax agent or financial consultant.
5) building a business is hard work & will require you to Grow out of your comfort zone
Running a business requires a lot of hard work and perseverance, which can feel cripping at times (hello imposter syndrome). But the demands of entrepreneurship is bound to lead to personal growth and development. Whether we seek it out or not.
Working for yourself will inevitably teach you new skills, build your confidence as you continue to step out of your comfort zone and overcome challenges along the way. It also goes the other way too.
The health of a business will always reflect the health of the owner. So if you’re growing as a person — mind, body, soul — this will be directly reflected in the livelihood, groundedness and vibrance of your business.
2023 is your year
If you’ve been thinking about starting your own business, and feeling stuck in a spiral of self-doubt — you’re not alone. Choose to step out of your comfort zone one baby step at a time. Start by doing 1 thing to build your business everyday. It will be undoubtedly challenging, but even more fulfilling.
Working for yourself will always be an incredibly rewarding experience. But as freeing and meaningful it is, being a business owner will also requires a lot of dedication and hard work. It will all pay off, because in the process of starting, building and scaling your business — you will grow, mature, shift, change and become more resilient, wise, and tenacious in the process.
