Why now is a great time to start your own business

Despite the general economic doom and gloom, bank lending and business  outlook – now is exactly the right time for budding young entrepreneurs to start  their own business.

Here are 7 reasons why every young person should consider starting their own business:

Part time income vs. Part time job

If you are fortunate enough to find a part-time job, chances are you will be  rewarded at the national minimum wage which in the UK £3.68 per hour (under 18s)  or £4.98 (under 21s). That’s something like $6 – $7.50

Working 15 – 20 hours per week is barely going to cover your essential  expenses, let alone help you save for anything more substantial.

If you applied those 15-20 hours per week into your own business, do you  think you may be capable of generating more than the £60 – £100 ($100- $150) you  are earning now?

Follow your passion

Your own business can give you the opportunity to follow your passions. Do  you have hobbies or pastimes where you can literally lose yourself for hours?  Would earning money from these ever really feel like work?

OK you may be thinking but can I really make money from video games or  collecting football cards? You may not be a pro athlete or future rock star, but  you can write a blog about it, produce an eBook on their training schedule or  create a website or fan page.

Ask yourself this question, has anyone ever earned money from doing what I  love? If the answer is yes, look for ways in which you can do something like  that too.

Amount of Information Available

With the popularity of TV shows like the Apprentice, Dragons Den and Shark  Tank there has been a real increase in access to advice, tips and inspiration to  start your own business.

There are more websites, books, TV programmes, podcasts, videos and courses  available today than at any other time in history. Chances are your local  library has more business advice than you could ever read – for free!

Low Cost – Low Risk

There was a time when starting your own business involved high start up costs  for premises, vehicles, machinery or other equipment. Banks wanted collateral or  security on loans, which meant that aspiring young entrepreneurs either needed money  behind them or had to put up assets such as a home to get started.

For many this risk was too great and crushed dreams before they could really  begin.

The internet has been a real game changer. Businesses can be started online  for pennies, ran from bedrooms, kitchen tables or even coffee shops. The  internet allows businesses to trade worldwide 24 hours per day, while free  services such as YouTube, Facebook and WordPress allow you to get your message  out to a potential audience of millions.

Personal Development

Running your own business can be great fun, but is also likely to involve  some effort. The payback is not only financial but can also be measured in your  own development. Skills of communication and financial awareness together with  qualities of perseverance and self-reliance are by-products of the business  process.

These life skills will be of benefit whether you chose to stay self-employed,  employed or enter higher education.

Mindset

Allied with personal development will be the mindset you develop as an  entrepreneur. The can do attitude, the openness to try new things, take risks  and explore new possibilities will be of great value to you, both as an  individual and to any potential future employer.

It was once felt that the entrepreneur was a bit of a maverick who didn’t fit  well into corporate life. More recently however big business has realised that  the flexible, innovative, can do approach is exactly what they need to move the  company forward.

Recent research reveals that entrepreneurs are happier and more optimistic than previously when in employment

Little Acorns – Mighty Oaks

Everything big was once small. By starting your own business you are  launching something which one day may be the next Google, Facebook or Apple. You don’t need to wait until genius strikes or come up with the next amazing gadget  or phone App. People have achieved substantial business success in every  conceivable area. The one thing they have in common was that someone had the  courage to begin.

Posted in:

Leave a Reply

Your email address will not be published. Required fields are marked *