Reasons why might want to start your own business
Many women are looking to start their own business for a variety of reasons. Some are at home already and would like to contribute to the household budget, some may be working outside of the home and would really like to be at home. And some may even be single moms who are searching for how they can be home with their kids and still support their family.
I am not going to address all these areas in this post, but we will go over some of these scenarios over the next few weeks. In this post we are going to talk about why starting a business is a good idea.
1. Money
This is usually the number 1 reason women want to start a business. And while money can be made, it is important to be realistic, especially in the beginning. It can take time to see any return on your investment, much less a profit.
2. Self Esteem
Self esteem is another reason women want to begin a business. They may not call it that, but they want to do something with their skills, something other than taking care of children (nothing wrong with it!) Sometimes we just need an outlet. And one that makes money can be very rewarding.
3. Being there for your family
If you are currently an employed mom who must be away from her family all day, choosing to start a business can allow you to be with your kids more hours of the day. If you work an 8 hour day, plus an hour for lunch and then an hour commute each way, you could easily be gone from 7 am to 6 pm. (there is a downside, you may get no time away from your family!)
4. You get to choose your schedule and work with flexibility
This has its benefits for sure. Being able to schedule around activities and practices and school is nice. However, it can also mean that you are working late into the evening. Just know that you have to be prepared for this!
5. Saving on expenses
If you are currently employed outside the home and decide to start a business, you may lose your income, but you will instantly decrease your expenses. No more commute, daycare, nicer clothes, convenience or fast food meals because of your long hours. Keep this in mind when calculating if you can afford to leave work.
6. Many businesses can be started on a shoestring
Most of us already own a computer, a cell phone, and have internet service at our home. Websites are easy to set up and a basic site can be free to start with. If you are starting a service business, you can print business cards and go. If you have a product based business, it can be a little more costly and take a little more time, but you still don’t have the overhead of a brick and mortar business.
7. No worries about layoffs
When you are employed, you have 1 boss and if they don’t need you anymore, you are out of work. If you are self-employed, you have multiple clients, or bosses if you will. If one doesn’t need you anymore, you have others to take up the slack at any given time.
8. Tax benefits
You will need to consult a tax professional, but in most cases you will have plenty of tax deductions for your business. This may even result in a loss the first year or two, lowering your overall tax liability. Remember, mileage is a big deduction and if you drive for your business at all, keep up with your mileage!
9. Do something you love
Maybe you hated your job. Maybe you are an accountant by trade, but would really love to be doing pottery instead. Life is too short to do something you hate. Use your business to bring you closer to that which you love to do. Starting your own business gives you an opportunity to follow your passion.
10. You need something more challenging
Whether that is more challenging than changing diapers or more challenging than answering phones all day long at an office, you want to do something to grow, to stretch yourself further than you’ve ever been before.
I understand that different people have different opinions of working outside the home, inside the home, stay at home. This is not meant to challenge those opinions!
