Part I: Why Everyone Needs a Business
What do the top 400 people with the highest incomes in America all have in common?
They all own a business.
Because there is a lot to be said about this topic, this article will be broken up into three parts.
Today, we will talk about Part One: Why Everyone Needs a Business. In Part Two, we will discuss five fears holding you back from starting a business and how to get over these fears and finally in Part Three, I will give you five ideas that you can use to start a side business right NOW.
Did you know that over 540,000 new businesses are started in the United States every month! Why so many? Because our generation craves financial and time freedom that only owning a business can create. If having this type of freedom is not enough reason to start your own business, here are a few more:
#1 – Multiple streams of income:
This is probably the most common reason people start a side business. Did you know most businesses are started while people are working their full time day jobs? There are many success stories of individuals starting a side business, that ended up being billion dollar companies. Do you have a hobby, passion, or skill that can create an additional source of income for you on a steady basis? No one should depend on one paycheck that they do not control. Our economy is changing. The cost of living is going up, however, incomes are not. If you lost your job tomorrow or had to take a pay cut, do you have another income source that could sustain you or your family? The average millionaire has 7 different income streams. What are yours?
#2 – Job Security:
Did you know that in less than 10 years, 1/3 of the jobs that exist today will not be around. That’s right. The people that perform those jobs today will be replaced by technology. Are you in a position that could be replaced by a robot? While it may sound crazy, it’s already happening all over the world. In today’s economy, no job is guaranteed. If your job were to be eliminated tomorrow, do you have other skills that would allow you to take on another position? While there is no guarantee that your business will succeed, the beautiful thing about that is you control how hard you work, your level of success, and you control whether you’re hired or fired.
#3 – Work/Life balance:
While it won’t be easy in the beginning, as your business grows and becomes more successful you get to control your schedule and your flexibility. You decide when to start your work day. You decide to work during the hours that you are most effective and productive, instead of hours someone else sets for you. Most importantly, you can schedule time for your priorities, instead of focusing on someone else’s priorities. Making more money doesn’t just allow you to buy more stuff, it allows you to buy more choices. Choices allow you to create balance. Financial freedom truly leads to time freedom and time is not something we can buy more of.
#4 – Passion:
Starting a business allows you to focus on something you truly love doing. When you enjoy your work, the long hours you invest in growing your business doesn’t feel like work because you’re having fun and you’re investing in yourself and your growth. Everyday you are learning something new, challenging yourself, solving problems creatively, and meeting amazing people. You spend more hours of your life working than anything else you do, so why not do something you love?
#5 – Legacy:
When you start a business, you create your destiny and potentially your family’s destiny. Entrepreneurs are free to chart their own course, make their own decisions, learn their own lessons, and most importantly set their own limits. When you go to work for someone else, your limits are capped by their decisions. So start a business today, even if it’s just on the side. In life, you either become an entrepreneur or you work for one. Which one will you be?
Enjoyed this article? Share using the buttons below and stayed tuned for Part II.