Why you should have your own small business?

Jürg Widmer Probst

Why you should have your own small business?

State of small businesses in the UK

In 2021, the employment within UK SMEs was 61% of the country’s total, at 16.3 million. And the small-owned companies had an impressive estimated turnover of £2.3 trillion.

Reasons to start your business today

Are you considering establishing your own company? Now is an excellent time to start as the economy has once again bounced back to pre-corona levels, with the December 2021 GDP matching February 2020 levels.

For many people, the pandemic has encouraged self-reliance and innovation. Job security proved to be a myth, and now entrepreneurs are looking within themselves for safety, success, and opportunity.

There are countless reasons why you may wish to establish your own business. Whether you are ready to seize an opportunity, believe you can meet a community need, or feel the urge to try something new, a company of your own provides these possibilities. You can build something that fulfils all these desires and propels you on to success.

Benefits of owning your own company

You are not alone if you are tired of the rat race and done with working on someone else’s schedule to fulfil their goals and line their pockets with profits. As of 2021, studies suggest that an incredible 64% of the British population wants to start their own business.

And as knowledge becomes increasingly accessible online, entrepreneurs can more easily find the information they need to get started.

Owning a business is not without its risks, but for many, the potential benefits are worth it. Some of these advantages include:

1.Getting to set your own schedule

If you are fed up with working 9 to 5, asking for permission when you want time off, and being unable to fix your timetable, then it’s time to consider starting a business.

Initially, you will likely need to put in a lot of work and long hours, but as you become more established, you gain more freedom. Then you can decide which hours you work and when, whether you make up hours another day or have employees you can rely on to keep things running smoothly.

2.Location flexibility

You can set up an office or work from home ‒ the choice is entirely yours. When you work for yourself, there’s no one else telling you where you have to be.

3.Increase your earning potential

Earnings for most jobs are capped. You can only earn within certain limits set by the market, and it can be challenging, if not impossible to exceed these.

With your own business, you can charge higher rates or work more hours if you wish to boost your income. Likewise, you can reduce the amount you work if you want more time to relax or do other things.

4.Find your passion

For many people, a job is just a job. It is a way to make money and nothing more. Entrepreneurs are different. When you set up a business, you do so because you are passionate about the industry or the possibilities your company offers. Working is not a chore if you enjoy what you do.

Trish Allen, the owner of This Little Gallery, decided to set up her own business because she wanted to spend the hours of her life doing something she loved.

5.Take a risk and receive the rewards

When you own a business, you indeed take on the associated risks, but you also get 100% of the rewards.

6.Set your own rules

Everything from how you run the business to who you hire to marketing strategies is decided by you. You won’t have to worry about managing the backlash of someone else’s bad ideas.

7.Create your future

Be more than just a cog in a machine. As the owner of your own business, you get to plan your company’s future and decide what direction you want to go.

Kasey Gahler of Gahler Financials began his business so he could drive his company and culture in a direction that suited his goals.

8.Expand your learning horizons

Starting a business often means taking on multiple roles at once. Of course, this can be scary, but it also provides vital hands-on learning experiences that can extend your possibilities.

Mad Dancer Media’s co-founder, Michael Wilson, states that the challenges and creative opportunities of learning to run a business fascinate him.

9.Stand out from the crowd

People today want something unique. They don’t desire what everyone else has, and this provides ample opportunity to succeed for small business owners.

10.Make direct connections

Beginning a company allows you the chance to connect directly with your customers and business partners. Use this to build loyalty and long-lasting ties to help you thrive far into the future.

11.Build your business from the ground up

You get to decide everything about your business, from its name to its logo, structure, and so much more.


Remember, you can write off business expenses. There will be some time before your business starts making a decent profit. During this stage, you will be able to increase your margins by writing off business-related expenses.

13.Enhance your job security

The covid-19 pandemic revealed that many jobs weren’t nearly as secure as previously thought. In the UK, nearly 8 million people lost their jobs during this period. With this realisation, many have decided to pursue their dreams and create their own businesses to protect their livelihood.

14.Give back

Is there something in your community that you care about? As a business owner, you can choose to give back to your community and build it up in a mutually beneficial way.

15.Choose who you work with

When you choose your team, there’s no need to dread work. You can surround yourself with competent individuals that you enjoy working with and who support your vision.

How to start one

There are plenty of resources available for those that want to start a small business, so don’t worry if you aren’t sure where to start.

First, take classes related to your business. The more you know, the easier the start-up process will be.

Secondly, get advice from a small business pro. Network with individuals that have started businesses and learn from their successes and mistakes.

Lastly, take advantage of alternative small business loans to fund the start of your business. The UK government and other institutions offer loans and assistance to people who want to build something new.

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