Thinking about starting your own business?
As our economic climate changes, the era of the big paternal companies employing thousands of staff is coming to an end. In stead, more and more South Africans are considering opening their own businesses. The critical importance of small businesses and co-operatives are critical for economic transformation, job creation and economic inclusion.
Are you considering making the change? Here are our top 8 reasons to consider taking the plunge.
1. You’re in control
If you are the kind of person who likes to take control and make decisions and get things done, then starting your own business is for you. If you are not working for someone else, and you are in the driving seat, you can make decisions on how best to steer your company into the future. Owning your own business gives you the opportunity to direct the culture of your company, you are able to make your own decisions about how best to operate day-to-day and this leads to creating a culture, a brand and an organisation.
2. Choose your hours
Owning your own business means you get to define your own work-life balance. You get to decide which hours you operate, whether they are from home in your pajamas at midnight or on the side of the hockey field watching your child’s first match. Provided that you are a self-motivated, driven individual with a strong work ethic, this kind of flexibility has huge benefits. Owning your own business lets you set your own priorities.
3. Choose your team
Owning your own business means you get the final say on who gets hired and fired. Putting together a team with a shared vision and the right skills is essential for businesses to succeed. Surround yourself with positive people who give you the confidence and optimism you need to keep moving forward. Employ people who are as passionate about your product as you are and create a work space where each member plays a valuable role. The smaller your company, the larger choice you have about who you work with.
4. Your risk, your reward
There is no question that starting up a business is a huge risk. The latest statistics of small businesses in South Africa, which show that on average about 50% of all start-up businesses in South Africa fail within 24 months, are scary enough to make you give up before you start. If you make informed decisions, buy a business that has potential for growth and you ensure that you have the right support structures in place, it is possible to make a success. Even though there is a risk attached, when you do succeed, the reward is so much more gratifying. The better you are at managing risk, the more rewards you can reap.
5. Create value for society
Do you want to change the world? You can’t do that while you’re in that awful job you hate. If you want to make a difference and to create something valuable for society, then start your doing own thing. Small businesses play a significant role in the South African economy. The National Development Plan envisages that the small business sector will create 90% of the expected 11 million jobs by 2030, so knowing that you are playing your part in job creation, is admirable.
6. Beat boredom
Some people love routine. They enjoy the stability of performing the same tasks day after day. If you are the kind of person who can’t stand being bored, then you should start your own business. You can bet that each day will bring new challenges and new opportunities to be creative and learn something new. The great thing about owning a small business is you rarely experience the same day twice, as your business grows, so do you.
7. The need for speed
If you’re a little impatient, having your own business, means you can get things done faster. Small businesses have a small turn around time. They don’t need to wait for approval, jump though hoops and deal with the red tape like large companies. With your small business you can be proactive, react quicker and be at the forefront of new products, techniques, or promotional strategies.
8. Do what your love
Entrepreneurship is a journey of self-discovery. If you are working on something you are passionate about, it won’t feel like work. You spend more hours of your life working than anything else you’d ever do, so why not make it your passion? Feel the satisfaction of promoting and supporting something that you truly believe in, and you are bound to be successful.
So why not take the plunge and start today? Contact us at Arlis for advice on how to get started on the entrepreneurial journey.