According to studies, the statistics have shown that many new businesses have started in the United States over the last decade and have jumped by a great percentage, catalysed by the COVID-19 pandemic.
In 2010, the number of new business applications was 2.50 million but in 2020, the number of new business applications was 4.35 million. That is a massive increase of 74% more! It has become the biggest increase in history.
With evolving customer behaviours and advancing technology like social media, artificial intelligence (AI) and augmented reality (AR), the business world has become much more interactive and alive.
Many businesses are turning to social media to advertise their products and/ or services instead. Traditional advertising has been long gone with the emergence of these new advertising media, making it so much easier for businesses to reach their target market. It is no longer restricted to location and type etc.
In fact, now you can run ads on social media at a more affordable rate compared to traditional media and furthermore, you get to access insights on the backend to track the results of your marketing campaigns real time and tweak your marketing strategies accordingly within a short period of time.
Free scheduling tools are also available so you get to spend your time more efficiently. There has never been a better time to start a business and the time is NOW!
If what has been mentioned so far has not convinced you yet, let us share with you on 10 great reasons why you should start a business:
1. You have identified a need or a problem
The business you wish to start may be what the world needs. Therefore, do not underestimate what it can provide for your customers and the impact it can have on the community.
Most entrepreneurs are motivated by their desire to change the world. While the world may not exactly change in a major way, the fact that it will be existent to solve a problem and to make people’s lives better is already your own way of contributing to the world.
2. Job security
If you have ever experienced being laid off, fired, or downsized, you will have an idea of how scary it can be to lose your job and not knowing when you will land one again. If you start a business, you secure your future since you are the boss.
You are the one who has control over everything so you will not have fears of being let go. For as long as you can keep your customers happy, your business will stay. Not only that, you will also be financially independent.
3. Start with your warm network
Your circle of friends, family, relatives, and even acquaintances can be your first customers. The moment you become a business owner, they will be with you as you take on one of the most challenging journeys in your life. They are the perfect people to support you as you grow to be an experienced entrepreneur.
4. You can take advantage of government grants for entrepreneurs
The Singapore government and its associated agencies can provide you with a grant to help support you financially as you start your entrepreneurial journey. The grant can help you to grow your business quickly without worrying about where to get the cash.
5. It is a great way to start building your legacy
What do you want to leave behind to the people you love? Maybe it is a house or a fat bank account. But more than material possessions, you want to leave them something that you have invested all of your passion, time and effort in – your business.
Also, as you become an expert in your field, you will talk to a lot of people and maybe even teach some of them. Helping those who are just starting out to reach their goals will give you unmatched satisfaction. The lessons you have imparted to them will be remembered even after you have left this world – a lasting legacy.
6. It helps you chase your dreams and passion
Working a day job may help you reach your dreams after a couple of years. However, if you want to get there faster, the best way to do it is to start a business. If you are someone who is naturally passionate about entrepreneurship, having your own business is a great way to develop your skills while doing something you really love.
Furthermore, you can delegate the undesirable tasks to people you trust in your team. This way, you can focus on the areas which are important to you and have increased productivity.
7. It is a way to make your spare time after work count
If you are thinking of a profitable way to spend your spare time, starting a business is the answer. While some people relax and pursue their hobbies (which is nice and good for them), you can spend it doing something that you enjoy while earning money at the same time and that is starting a business. Having multiple streams of income will help you reach your retirement goals faster.
8. You have more control in a proposal or business strategy
If you have worked for a horrible boss who will not even listen to what you have to say (and he or she may not even remember your name), starting your own business is the best way to be the kind of boss people would love to work for.
Also, since you are the boss already, you get the chance to implement any business strategy you have in mind. What’s more, you have control over the business proposals. Is there anything sweeter than that?
9. You have time flexibility
If you want to go on a vacation, attend to your family or child, be at your doctor’s office for an appointment, or just stay at home to catch up on sleep, you have the flexibility and freedom to do it all when you are a business owner.
10. It is a personal fulfilment
Building your own business gives you unsurpassed happiness over time. It makes you realise how you were able to overcome all challenges that come with starting a business, making you feel proud of your efforts and hard work. Nothing beats that feeling you will have when you see your brainchild grow each day and start to impact people’s lives.
In conclusion, pursuing your passion and doing what you love will last in the long run. Life does not need to be the same old same old, it can be an exciting journey as each day unfolds with the new and unexpected. We hope you are on the way to becoming your own boss!