Advantages of Starting your own Business

Most of the people experience a wave of panic when the time comes to implement the great idea of starting own business. What is the reason behind it? Most of the young, promising entrepreneurs would say, ‘fear of failure’.

But when you look at the figures of the Australian Bureau of Statistics (ABS) then you will find that things have turned out to be more encouraging in the past five years. There were 2,100,162 trading businesses active in Australia by the survey of the year 2014. Most of these businesses are related to the construction industry (16.1%), operating in Western Australia, including the major cities like Perth. Now comes the real thing! In the financial year of 2010-11, 294,210 new businesses were registered in Australia. Out of them, 50% were still active by June 2014. Among these, 97% were the small businesses. So, one can say that your business will not have a short likelihood of survival.

Now, let’s know some of the key advantages of starting your own business-

The gear of destiny will be in your hands

When you will be in the driver’s seat, you can steer things as per your choice and create a new future. You can direct a whole new culture for your company and work your ability in the creation of a brand and then an organization.

Can balance work + life on your terms

The best thing is that you can decide your work hours. You need not worry about what to wear, where to sit and when to sleep. You can make your schedule, set your priorities and give preference to whichever thing you may want.

Take risks and reap rewards

take-risk

It is true that starting your own business is a risky proportion, but if you could improvise those risks then the reward will be all yours. It has been the greatest strategy game ever with unlimited number of variables to manage. For many, things may turn out to be overwhelming, but those who successfully undergo this metamorphosis come out with flying colours.

Challenge yourself

Some people try to seek new opportunities and challenges every day. As an entrepreneur, being involved in own business can help you learn things on a daily basis, whether it is related to taxation, accounting or HR issues. You can hone your knowledge and take things to a different level every day.

You can be passionate about what you are doing

If you do your work as work, then it will not only turn out to be dull and monotonous, but will also become more prone to mistakes. On the other hand, when you pursue your passion and transform it into your business, then the chances of success would remain pretty high. You cannot figure out how many hours you have worked when accomplishing a task that is fun to you. That will help you display your true caliber and actual work potential.

You will become proactive

A proactive approach is very important in a business. It will help you to get things done at a faster pace. It helps you in all the future endeavours of your business, including the new products, marketing techniques and promotional strategies.

The happiness of giving back

When you acquire a substantial revenue fund out of your business, you can work for your community. One such step cannot be achieved by a working professional. You can create job opportunities for the Freshers, donate charities and can feel proud of whatever you have achieved. Not with only that, it will also help to create a strong goodwill in the market, helping the company in a long run.