Why Are You Starting Your Own Business?

Sep 18, 2018 | Business Essentials

So, why are YOU starting your own business?

People of course make the decision to go into business for themselves for all kinds of reasons.

For some, it’s because they have a vision that working for themselves is a means to create a more flexible work/life balance and a means to develop financial self sufficiency.

For others, it is about pursuing a passion or an interest.

It can often be simply based on a desire to help people in their own way and in their own time.

There are also people who have no choice other than to start their own business. This could have happened because:

  • they have had their full time position made redundant
  • are in an age group where finding a job is exceptionally difficult
  • they have a disability of some kind and as such are unable to pursue a traditional career or employment pathway
  • they are a full time carer for a family member and have few options to generate an income, except that which comes from their own business.

starting your own business and dreamingExtrinsic and Intrinsic Rewards For Starting Your Own Business

The kinds of rewards we anticipate from running our own business will be a combination of external, and internal rewards. Following are some common examples:

Extrinsic Rewards

  • The income you generate for yourself – in your own business there need be no limit on how much you earn (unlike the limits that exist when you work for a boss)
  • Depending on your level of income greater disposable income
  • The reputation and status you develop within the business community
  • Your reputation and status you develop within your local community
  • The opportunity to travel – if you have a predominantly online business there are no geographic limitations. All you need to operate is a laptop and an internet connection
  • Having an online component in your business can also mean you have the ability to create and automate multiple streams of income.
  • Having an automated income as suggested above also means greater freedom of choice over how you use your time

Intrinsic Rewards

The sense of fulfillment you get from:

  • doing something you truly love and are passionate about
  • helping others and making a difference in their lives
  • from solving difficult problems for other
  • simply providing quality service to others
  • seeing your business evolve and grow as you have planned
  • from being a good provider for your family

starting your own business bucket listDo you have a Bucket List?

Most people are familiar with the term ‘bucket list’. It came from the popular movie of the same name and it is about listing all the things you’d like to do or have before you die.

It is a powerful exercise and one that can assist you to ride the highs and lows as your journey of operating your own business unfolds.

When the going gets tough, and there will be those times, it will be helpful to remind yourself about why you got started in the first place.

So, if you’ve never done this, start on your list today.

Grab a notebook, or your journal if you keep one and start writing down your dreams and aspirations which, by starting your own business you want to do and have in your life. Things that inspire, excite and fulfill you!

Add to it as new ideas come to you. And of course, cross items out as the aspirations you have are fulfilled.

And, on a regular basis take the time to look at your list and vividly visualise the various events you have listed there actually coming to fruition.

Summary

As Stephen Covey, author of Seven Effective Habits For Highly Effective People once put it, “begin with the end in mind.”

When you are in the process of starting your own business take the time to document your reasons for getting started on this journey.

To remain motivated and focused you’re going to need a heap of reasons other than simply making money to make a success of your venture.

The more you can itemise and develop an emotional connection to the outcomes, and rewards for all your hard work, the easier it is going to be to stay on track.

Other helpful resources

My mentor and business associate John Munro has written a small e-book entitled “Can You Survive As A New Consultant or Freelancer?”. You can download your free copy here.

John has had an impressive career in corporate life and has valuable insights into important questions every new business owner ought to be asking themselves in order to establish their new business on solid foundations.

I recommend you take the time to read his booklet. You can find out more about John Munro here.

Here at thoughtconnected.com.au we also provide coaching and mentoring services which are especially relevant to people in the early stages of starting their own business – you find out a little more here.