They say some people are made for doing jobs and some people are made for operating a business. A person who does a job usually earns more or less the same salary every month. But when you run a business, your monthly income is usually not fixed. One month you may make less money but another month you may make more. And from that income, you also have to pay bills, employee salaries, rent and many other business expenses.
After hearing all this, you may be thinking that doing a job is probably better. But having your own business is a completely different experience. You become your own boss. There’s no denying the fact that the risks are also higher but if you have the confidence that you can build and operate a business, then why should you step back? In this blog post, we discuss some reasons why you may consider starting your own business.
Here are the top 5 compelling reasons why you should consider starting your very own business from scratch:
When you start a company, you become your own boss. You are also responsible for all the employees you hire. There is no higher authority sitting above you in the company telling you what to do. If you are operating as a sole proprietorship or a one person company where you are the only owner, this becomes even more true. You have major control over decision making and operations of business, subject to applicable legal and regulatory requirements.
You also get to enjoy profits generated by business, although the exact financial benefit depends on the structure and expenses of business. Of course, this is different when you have partners or other shareholders. In a partnership firm, private limited company, or other structure where you are not the only owner, profits may have to be shared and important decisions may need to be taken together.
But still, you must agree that being a business owner gives you a different level of control and responsibility compared to being an employee. Also, being a business owner and creating something of your own does have a different feeling altogether.
Finding a good job can be a pain in the neck for many people. Another concern is layoffs. Many large companies, including multi-national companies, have announced layoffs in recent years and job security has become a concern for many employees in different sectors. The COVID-19 pandemic also resulted in many businesses permanently shutting down or reducing their operations.
At the same time, the growth of AI is changing the nature of many jobs. Some tasks that were earlier performed by humans can now be automated using certain AI tools. Because of all this, many employees live with fear of losing their jobs. And this fear is not limited to people who are earning lower salaries. Even employees earning very high salaries may wonder what will happen if their company decides to reduce its workforce.
One way to reduce your dependence on a single employer is to build your own business provided you have a viable business idea, required entrepreneurship & leadership skills, funds and other things necessary to operate a business successfully. Of course, starting a business does not mean there is no risk at all. In fact, there can be way more risks. That said, at least you are working on building something that is your own.
Many people have different passions and hobbies. For some, it may be makeup. For others, it may be designing clothes, cooking, photography, teaching, music or something completely different. So why not try to convert that passion into a business?
For example, if makeup happens to be your passion, then you could start a makeup academy or some other beauty related business. If you love designing clothes, you could start a fashion boutique. If you love singing or music, you could start a music coaching academy.
This way you are not only trying to earn money but are also getting a chance to work towards something you truly enjoy doing. Imagine waking up every day knowing that you are working on the dream you always had. That feeling can be very different from simply working as an employee for a company because you need a salary at the end of month.
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Many successful businesses are created because their founders notice that there is a gap in market and try to fill it. Take Barbadian Singer-Songwriter Rihanna's beauty brand Fenty Beauty as an example. For decades, many beauty brands offered a relatively limited range of foundation shades. Fenty Beauty entered the beauty market with a much wider range of shades. It launched 40 foundation shades with aim of serving customers with different skin tones. The idea of this brand was simple, i.e., to identify an underserved group of customers and create make-up products for them.
Another example is Uber founded by Travis Kalanick and Garrett Camp. Before app-based cab services became common, booking a taxi was a much more inconvenient process. Services like Uber made it possible for people to book rides through a mobile app within just a few minutes. Examples like these show us how some businesses can solve problems that people happen to face in their everyday lives.
Maybe you also have an idea that can fill a gap in the market. Maybe you have noticed a problem that nobody is solving properly as of now. If you genuinely believe your idea can work, you can think about starting a business around it. And then who knows where it can take you? Maybe one day, your company could also become a well-known name loved and praised by many.
When you start a business and eventually hire employees, you are not only building a company for yourself. You are also creating employment opportunities for other people.
This can be a very important contribution to the growth of country. The employees working for your company earn salaries because of business you created. With the salary they receive, they can pay for their basic needs like food, house rent/loan payment, education, healthcare and many other needs of their families. As businesses grow and create more jobs, they can contribute to economic activity as well as provide livelihood opportunities to more and more people.
This means that when you manage to build a successful business, the impact is not just limited to your own income that you get to take home. You may start with one small business but as the business grows and expands with time, you could end up providing jobs to dozens, hundreds or even thousands of people. And that is one of the biggest reasons why starting a business can be so meaningful and praiseworthy.
Ready to start a business in India? Get in touch with our company registration consultants at Registrationwala for complete support in the company registration process.
Q1. Which is the best business structure for me?
A. The best structure depends on factors like your budget, ownership and decision-making control, etc. If you want full ownership and control, you can consider a sole proprietorship or one person company. For two or more individuals, options include a partnership firm, LLP or private limited company, where ownership and decision-making are shared. Each structure has different features as well as benefits. To choose the right structure for your unique requirements, you can get in touch with us for a free consultation.
Q2. Can I start a business without paid-up capital?
A. Yes. You can totally start a business without any paid-up capital in place. However, you still need to take care of other expenses like incorporation costs associated with company registration form, stamp duty, etc.
Q3. Can I operate an unregistered business?
A. Yes. You can certainly operate a business without registering it. You can do this by choosing a structure like a sole proprietorship or an unregistered partnership firm. However, these structures have certain drawbacks like unlimited liability in case of business losses and debts, lesser credibility compared to registered businesses, etc.
Q4. Can I start a company while working for another?
A. You can start a company while working for another one as long as your employment contract allows it and your employer has no issues with it. Also, your business should not conflict with your job and target the employer’s company’s clients.
Q5. Can I start a sole proprietorship with limited liability protection?
A. No. It is not possible to start a sole proprietorship with limited liability protection. If you want to operate a business alone while getting to enjoy this particular feature/benefit, then you can start a one person company instead.
Hey there, I'm Dushyant Sharma. With the extensive knowledge I've gained in past 8 years, I have been creating content on various subjects such as banking, insurance, finance and all the important registration and licensing processes for various companies. I'm here to help everyone with my expertise in these areas through my articles.
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