Why You Should Start a Business or Side Hustle Today
Being your own boss can be very rewarding, but the entrepreneurial journey isn't for everyone.
This story was first published on Thrive Global.
Starting your own business has never been easier. As long as you have access to the internet, you can start a business or side hustle almost instantly. If you still dream of leaving your 9-5 job, being your own boss, and finally start pursuing your passion, then keep reading. We’re going to talk about why now is the best time to start a business.
I can dive right into all the reasons why you should start a business, but let’s take a look at some bad reasons to start a business and why we need to address them.
1. You shouldn’t start a business if you just want money
This seems counterintuitive since the purpose of having a business is to generate income, right? But if you expect to be driving exotic cars and drinking champagne from your private jet, I’m here to tell you that being a business owner isn’t as glamorous as it seems. You’ll likely work more hours in the beginning and make almost no money during the first year. It’s imperative that your main reason for wanting to be a business owner stretches far beyond money. Good questions to ask yourself are : “Could my product or service fill a need in my community? Or how can my business positively impact the people around me?”.
2. Be prepared to answer to no one and everyone
Being your own boss has great benefits. Except when you decide to go solo, you’re trading your one boss for many bosses. As a business owner, your boss becomes your customers and your employees become your stakeholders.
3. Expect to work more hours than your 9-5
Being a successful entrepreneur doesn’t require you to work endless hours every day. However long and often you decide to work will determine how much money you can make. If you dream of scaling your business into a large empire someday, then you should be prepared to dedicate a lot of hours. However, some people are just fine with keeping their business small and only working minimum hours each week. If you’ve decided that being an entrepreneur and starting your own business is still the right move for you, then let’s talk about why the best time to start a business is right now.
1. 9-5 jobs are no longer certain
The COVID pandemic created a wave of mass job loss, especially in the retail and travel industries. For the lucky few who were fortunate to keep a job, remote work revealed to have its own challenges. The question remains : “will you keep your 9-5 job and risk another pandemic (or variant) possibly leaving you jobless?” I hope your answer is no. As much as we hope this will be over soon, we need to prepare ourselves for another wave of unemployment. In other words, now is the best time to pick up a passion project and monetize it.
2. You can pursue a life you want and have job security
The most secure job you can have is one in which you are the boss. The security comes from servicing a niche market. Once you find a market that values your product or service, you have a promising business on your hands. One major reason why people stay at their corporate jobs is due to “the golden handcuffs”. You know, all the perks and benefits that only large corporations can offer their employees. The truth is entrepreneurs and freelancers can receive health coverage and invest in their retirement accounts just like anyone else. You don’t need to be working for a company to start a financial retirement package. Now, imagine getting to own and run a business that is completely yours. You can work from anywhere you want and for as long (or as little) as you want. There are plenty of people out there who serve as living proof that this life is possible.
3. The side-hustle business is booming
With so many people planning to start a business in the future, now is the time to start and get ahead of the growing competition. In fact, major social networks like LinkedIn have announced plans to roll out a new “freelance marketplace platform” to fulfill the growing need for freelancers. This will undoubtedly boost the freelancing economy and create a strong start to the beginning of your business. It’s obvious that people love being able to make money from home whenever they want to. Starting a market-validated business has the potential to easily bring in a significant amount of money each month. With a good business, your revenue can help pay off debt faster, allow you to invest more, or simply save up more money. Now is the perfect time to start testing your business ideas because pretty soon, most people will be running one themselves.
Don’t wait to start your business
The thought of leaving a comfy 9-5 job might seem scary, but you actually don’t have to make the jump yet. Start by running your business on the side while still having the security of a salary. When you see that your business is ready to scale and can make you more money than your regular job, that is when you should think about quitting. But don’t wait too long. It’s easy to fall into the trap of thoughts like : “I’ll be happier once I get a raise”, or “everything will change if I can get this promotion.” The truth is, you won’t be happier because you’ll still be working 40 hours a week for someone else’s dream. You can accomplish so much more. So, dream and start making your business dreams a reality.