More than ever, people are now turning to entrepreneurship. With one in five Brits saying they want to start a business in 2021*, you’re not alone.
But what are the reasons to start your own business? In this article, we’ll uncover 21 of the biggest.
[*Source: Small business]
‘The coronavirus pandemic triggered a surge in the number of businesses being set up… as entrepreneurs seek to respond to the rapidly changing needs of individuals and companies, and laid-off workers launch their own ventures.
The US, UK, France, Germany, and Japan have all logged substantial increases’Source: FT.com
Zoe, Ross, Lynette, Lindsay & Tom, Gopal, Howard, all started an instant travel business in the last 6 months with us. Read their stories by clicking on their names to see why they decided this was ‘their moment’.
Some of the 21 reasons below played a big part in their decision to start a business.
1. Find a work-life balance
Imagine working a 4-day week, or having your mornings to do whatever you like. The beauty of having a business means you get to carve out a work-life balance that suits your lifestyle and enables you to live life exactly as you want to. Throw the ‘employee’ rules out the window and start writing your own.
When owning your own business you’ll get to enjoy all the flexibility that comes with it. Whether that means working from wherever you want, deciding what hours you do, working in your PJs every Friday (because why not), hanging out with your beloved pet more often, being available to pick up the kids from school OR running every morning like you have always wanted to and starting at a cool 11am each day.
By starting your own business you have the power to make your own schedule. It allows you to prioritise what’s most important to you in life.
2. Take a risk – reap the rewards
With risk comes reward. Investing your time and money into a business will inevitably have risks associated with it.
Crossing the street, boarding a plane, eating that out of date salmon, they all have an element of risk to them. Risk in life is unavoidable.
But when it comes to starting a business, with careful planning, an entrepreneur can minimise the amount of risk by:
- Doing market research within the industry, to find out the pain they are trying to solve
- Write a clear business plan on how they plan to achieve their outcomes
- Calculating the financial cost, and weighing up the cost vs. benefit
If you are not willing to risk the unusual, you will have to settle for the ordinary.Jim Rohn
With franchise businesses statistically more likely to succeed than start-ups, that risk is already lowered significantly. By investing in a proven business model which enables you to start earning from day 1, franchisees don’t have all those expensive mistakes and learning curves to climb that start-ups who are starting from zero have to go through.
Read more about this here.
3. Never ending career progression
In employment there is often a ceiling. There are only so many opportunities to be promoted to more lucrative and senior positions. Pay rises are often few and far inbetween.
By starting a business and becoming your own boss your income potential is limited by your own will power and determination to make it happen. There is no cap on the potential of your earnings.
Your business will give you the ability to grow, to reach as high as you feel comfortable to go, and all without a boss barking in your ear.
Not to mention the new skills you’ll learn running a business will open you up to new positions, higher pay grades, and industries, if you do ever decide to return to employment. You’ll effectively be even more employable than before. So, there’s only a win-win.
4. You’ll grow in confidence
Nothing boosts your confidence like defeating the odds, or facing a challenge head-on and coming out the other side.
Even a small accomplishment can help boost your confidence, whether it be a new skill for your business or making something happen that you didn’t think you’d be able to do before, this will grow your self-belief and confidence.
When we are pushed outside of our comfort zone this gives us the opportunity to grow our own circle that makes up our personal ‘comfort zone’. The more this circle is stretched and therefore grows, the more confidence we build overtime.
Sarah shares this in the video below…
5. Ability to retire sooner
Running a business could enable you to make higher contributions towards your personal account than you could with a retirement account provided by an employer.
It could give you the opportunity to retire sooner as it would enable you to either sell the business, or will generate money to fund a retirement.
6. Pursue a passion
About one-third (or 30 percent) of human life is spent working (on average). That’s a big chunk out of what is already quite a short life.
Working on your business whilst doing something you really love might not feel like work if it’s your passion. A business can be a fantastic source of meaning in your life.
If you’re ready to make the conscious choice to make a living doing what you love most, there’s more satisfaction, better well being and happiness at the other side of it.
‘Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma – which is living with the results of other people’s thinking.
Don’t let the noise of others’ opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition’.Steve Jobs
Following your dreams and getting to do what you love is exciting. It gives us a sense of purpose in our lives. The feeling of contentment and the bliss that you’re doing something to change the world in your own small way — this is what life’s all about.
7. Help people – change lives
Profit, profit, profit. It’s what business is all about right?
Yes, profit is important, essential even for a sustainable, long-term business. But it isn’t the whole picture. By making a ‘making a difference’ the focus of your new business, you profit.
‘Businesses that consciously focus on making a positive difference, on having a positive impact, make 12–14 times more income than those who just focus on financial profit’Source medium.com
5 companies that make ‘changing lives and giving back’ the core value of their business:
- TOM’S shoes give away a pair of shoes to people in need for each pair sold
- Patagonia gives 1% of all sales to environmental organizations globally
- All Good Products is a B Corporation member that sells skin products that are good for you and good for the planet. Known for their reef-friendly sunscreen!
- Warby Parker is an eyewear company. After realizing that 15% of the world’s population lack access to glasses, they decided to distribute a pair to someone in need when you buy a pair
- Lego will invest $150 million over the next 15 years with a focus on addressing climate change and reducing waste
At the Travel Franchise, we’ve seen people like Suzy who want to be the go-to travel agent for other widowers who lost their life partner and are now travelling solo.
8. Spare yourself the ‘what if’
In the end, when your days are numbered, will you be thinking ‘what if’….
By starting your business and giving it all you’ve got, whatever the outcome, you won’t be sad or depressed thinking of all the things you could have done and achieved. No regrets.
Instead you would have lived the consequences, experienced the unknown and enjoyed the rewards.
Listen to your heart and if starting your own business is really what you want to do, have the courage to follow your dream.
9. Create an asset
By growing your business that consistently delivers value to the market, it will become an asset down the road.
Instead of living paycheck to paycheck, a business gives you an opportunity to build an asset that will generate wealth.
Investopedia defines this as: ‘An asset is anything of value or a resource of value that can be converted into cash’.
‘Just like buying a house, a business that is built correctly and grown becomes an asset that has value,” she says. “And just like any other asset (like your house or a piece of art) it can be sold.’Natasha Courtenay-Smith, a business mentor Source: Article. Bplans
10. Escape the rat race
A survey across 2,000 adults in employment found 1 in 10 actively dislike their work, blaming boredom, their colleagues and lack of praise. Over 50% of respondents felt ‘stuck’ in their role for the foreseeable future, regardless of how unhappy they are.
Have you had enough of the 9-5pm or shall we say 7am-7pm? The politics, the early starts, the pointless meetings, the soul-crushing targets.
Have you ever wondered if this is what life’s really all about? Then you might be ready to escape the rat race.
The urban dictionary defines the rate race as…
‘A term used to describe a frustrating, hard-to-break financial lifestyle. It is a lifestyle that is lived by countless people, oblivious to the very nature of it, to a degree that even when called upon, vehemently deny it…
Remember, the definition of insanity also entails doing the same thing over and over again, in an attempt to make things change.’Source: Urban Dictionary
11. Job security
Some people may argue that having a 9-5pm job has more security than starting a business. The feeling of safety, stability, and security fed by a regular paycheck may seem sensible on the surface.
But ask yourself this: Is starting your own business any riskier than relying on one source of income? And ultimately the decision of whether you keep that paycheck next month not being within your control?
When you start a business, you will need to face new challenges with a combination of determination, ambition, and grit. Since the money flowing into the business stops with you, it’s ultimately up to you to make your clients happy and keep the business moving forward.
Warren and Jane both realised there was no true job security in employment and after being made redundant several times. Becoming their own boss would help them to be creators of their own destiny.
12. Create a legacy
Building something that outlives you can be a compelling reason for some. If you want to be remembered long after you’re gone, you can build a company that goes on making a difference and continues for generations.
You don’t need to be the next Richard Branson, you just need to create something that lasts.
Building a legacy won’t happen overnight, but everyone starts somewhere. Just check out where these successful entrepreneurs started from:
- Richard Branson’s first attempt at business was by founding Student Magazine that he launched in 1966
- WhatsApp founder Koum was born in a small village in Ukraine where his father worked as a labourer
- J.K. Rowling, the world-renowned author faced numerous challenges. She was jobless at one point.
13. Surround yourself with good people
Starting a business means you get to decide who you work with. Some business owners claim this to be one of the biggest reasons they started a business.
You’ll have complete control over not only employees, but the suppliers, the partnerships you have, and most importantly your clients. Work with people who are a good fit for your business, that make you feel good and inspire you.
As a home-based travel consultant you’ll be able to build relationships and even create long-lasting friendships with the people you help.
Meet David Walker, a franchisee who has hundreds of clients, who he loves to work with everyday.
14. Experience Freedom
From taking vacations when you feel like it to waking up at any hour of the day, to scheduling when you have breaks, who you spend your time with, what days you choose to work or not work… The list of possibilities is endless.
One of the biggest reasons to start a business is that your life is your own to decide exactly how you want to live it, with no-one to justify it to.
15. Everyday will be different
Escape the boredom. When you run your own business no 2 days will ever be the same.
New things will pop up, new goals will be set, obstacles must be overcome and a journey in unchartered territory is exciting.
“Choose a job you love and you’ll never have to work a day in your life.”
16. Pride and purpose
Whether it’s climbing a massive hill on the weekend or starting a business, accomplishing something that challenges us gives us a sense of achievement.
Another reason to start your own business is to create a sense of pride and purpose.
One of the biggest differences in starting a business as opposed to working for another company is the sense of pride you’ll get from building something of your own.
17. Give back to your local community
Starting a business is the perfect opportunity to give back to your local community, to make a difference. No matter what industry you work within.
Giving back to the community is a great way to promote your business. It’s also a good way for getting the word out about what you do, it will also improve your company’s image to the wider community.
Inga, who joined us to start her instant travel business held a community gathering.
18. Do it better
No company is perfect. One reason to start a business is to go after these problems. If you can relieve a pain point for people, then you have a reason to go into business.
There is always a niche in which to add value, a target audience out there who hasn’t yet felt their needs are met, or a minority group that has been sidelined.
By starting a business you have the opportunity to do it better.
Meet the people who chose to start a travel business and do it better:
- Ben and Toni saw a gap in the market to be Lapland specialists as they knew so many families wanted to take this magical trip
- After Suzy experienced difficulty in travelling after her husband died, she wanted to create a travel agency that supports widowers
- Simon loves to golf and saw a gap in the market for luxurious golfing holidays.
- Julie loves to travel. But when noticing there were many other women out there in their 50’s who were also solo travelling, she decided to meet their needs.
Did you know when you join as a franchisee you can join our sustainable travel initiative to learn about ecotourism, book sustainable holidays and give back to the planet?
19. You’ll experience new things
There are experiences that you’ll never otherwise would have had without starting a business.
The people you’ll meet, the challenges you’ll overcome, the doors that will open, a whole new world of possibilities awaits you.
Nathan Chan, the founder of Foundr Magazine, a very successful global media and education company, started in a common predicament: he hated his job and he had no idea what to do. Over time, with hardwork and grit, he turned his passion into a successful business.
Nathan has since interviewed some of the most successful entrepreneurs of our time such as Richard Branson, Arianna Huffington, Mark Cuban, and Tim Ferriss.
20. It can be very profitable
It’s not just large corporations that make the big money. There are countless stories of everyday entrepreneurs hitting on an idea, or seeing an opportunity that no one else did and making it big.
If you run your business well, the rewards can be huge, particularly from a financial point of view.
By starting a business you have the ability to earn more than you’ve ever done before. There is no cap on your salary.
Buying a franchise with an already proven business model, you increase the chances of earning big.
- Palvi reached £2 million in holiday sales last year
- Lindsay and Tom reached £100k in their first 8 weeks of business
- Nicola joined the 1 million high flyers club despite working another job alongside her business
With the ability to win your entire franchise fee back with our Money Back Challenge there’s even more opportunity to make starting a travel business a lucrative step for you.
21. Find your own reasons
Whilst reading this article, you’ve perhaps written down a few reasons of your own.
You may relate to only a couple or all of these ‘21 reasons’. Either way, there must be some reasons we haven’t covered which are personal to you.
Take the time to reflect on these.
Here are just a few of the reasons we’ve heard over the past year, from people who chose to start a business with The Travel Franchise.
- “The whole COVID situation and lockdown made me realise I wanted to work from home again. I was keen to spend more time with the family, to be more flexible with my hours” (Franchisee, Howard)
- “I had been in the same job for many years and I wanted a change” (Franchisee, Warren)