The Benefits of Owning Your Own Business

The pandemic has resulted in the UK’s strongest start-up boom in a decade as entrepreneurs are forced to reassess their priorities and employment prospects. Incredibly, a whopping 700,000 new businesses were founded in the UK last year*!

It’s important to point out that owning your own business is not all sunshine and rainbows. The latest stats suggest that almost 1 in 5 new businesses fail in the UK each year. So, if you are considering owning your own business the most important question to ask yourself is WHY? Why do you want to own your own business? You need to have a strong reason, motivation and drive to see you through the obstacles and challenges you will face along the way.

Whatever your reason(s) for wanting to own your own business there are a plethora of benefits in doing so. Here are our top 7 benefits to owning your own business.


Independence

  • Choose the people you work with from customers, to suppliers, to employees
  • You make the decisions about who to hire and fire
  • Interact directly with clients/customers and get rid of those who you do not like
  • Travel the world for business
  • Freedom to make decisions you feel will move the4 business forward without anyone else’s approval first
  • You are the boss and can’t be fired!


Lifestyle

  • You choose when and where to work
  • Many stay-at-home parents choose to become entrepreneurs as it gives the lifestyle
    flexibility necessary to raise a family and have a successful career
  • You can be spontaneous and say yes to adventures without requesting a day off and waiting
    to find out if it has been authorised
  • Being present in loved one’s lives as you can work around school runs, family gatherings etc


Financial Rewards

  • You take on the risks and reap the rewards
  • There are many income tax breaks available to those running their own businesses, particularly mileage
  • Saving for retirement and paying a lot less tax
  • You are more likely to earn what you are worth, unlike working for an employer
  • Once your business is established you may begin to make a decent amount of money, even get rich!


Learning Opportunities

  • Each day is filed with new opportunities to challenge yourself, be creative and learn something new
  • Push yourself beyond the limits of everyday thinking, ideas, challenges and execution
  • Hands on experience running a company allows you to learn many business processes and functions you might not otherwise have access to
  • Opportunity to connect with the smartest people around the world


Creative Freedom & Personal Satisfaction

  • You are the creator, you get to build your dreams
  • You direct the culture of your company
  • When you follow your passion, it doesn’t feel like work
  • Immense pride in building something of your own
  • You can watch your business succeed
  • The opportunity to create great change and innovation


Control

  • You are you own boss and control your own destiny
  • You make all the decisions and make your own rules
  • Share your core values with a wider audience
  • Much more control and stability being your own boss
  • Ability to make pivots and adjust to market changes


Helping Others

  • Helping your customers and clients to be the best
  • Investing in projects that mean something to you
  • Creating jobs in the community
  • Positively impacting your community through the products or services you provide or through the local causes you support.

 

Running your own business comes with many challenges and is rarely a ‘get rich quick’ solution. Having said that, you have 1 life and if your goal is to own your own business then you should absolutely go for it!

There are ways to remove some of the risk associated with starting your own business, for example by owning a franchise. Franchisees can reap all the benefits of owning their own business with a lower risk and failure rate.

Franchisees have access to already established business practices and built-in assistance, instant brand recognition with a customer base and a lower risk of failure, making financing easier. There are many, many more positive reasons to consider owning a franchise business. To find out more about franchise opportunities with Xcelerate Gyms and to discuss owning your own business, click here and register your details and a member of the team will be in touch.

* a study by UHY the international accountancy network found

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