Have you dreamed of starting a business so you can become filthy rich? There's nothing wrong with saying yes, but not all businesses are created to earn as much money as possible. If you think you might want to start your own business, it's important you know why you want to do so. Here are a few reasons for starting a business that you might want to explore.
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1. Grow Wealthy
One of the most common reasons to start a business is to grow your wealth. The idea of starting a business is often part of a dream to build an empire that will make the owner extremely wealthy. I wouldn't mind my wealth growing exponentially from my business venture, but it isn't the main priority for me at this point.
Unfortunately, if you're only starting a business for the money you'll make, your business may not make it. Many businesses don't even make it past their third year, according to the Bureau of Labor Statistics.
You could quickly grow tired of the effort required to run a business if it doesn't allow you to gain some other type of non-monetary satisfaction.
That said, there are some people so motivated by money that they would suffer through anything to earn a nice living. If that sounds like you, then starting a business with the main goal of growing wealthy might work for you.
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2. Live a More Flexible Life
While earning obscene amounts of money would always be nice, not everyone starts their business with money on their mind. Some people prefer to build a business that simply earns them enough money to get by while living a flexible lifestyle. A common flexible business dream is to earn enough money working from a laptop to constantly travel the world.
Balancing the lifestyle you want to live with the need to earn a particular amount of money can be difficult.
You have to be willing to say no to many opportunities in order to keep the flexibility you desire. At the same time, you have to say yes to enough opportunities to earn enough money to stay afloat. I've personally had a hard time reaching the perfect balance of flexibility and earning, but I'm slowly getting the hang of when to say “yes” and when to say “no.”
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3. Help Others
Some businesses are started out of the desire to help others. Helping others with your business is a noble cause that can have a great impact on both your personal life and your community. There are always others who need a helping hand in one form or another. For instance, you could start a coaching business, a food pantry, or a not-for-profit to help a cause you truly believe in to get the attention and help it needs.
Starting a business to help others often results in a business owner just scraping by in their personal financial life. Remember, this kind of business will only work if you can keep yourself above water.
If you can run a business that will allow you to live the lifestyle you want while helping others, you've got something amazing on your hands. I'm thankful that my writing helps others improve their finances while supporting my family at the same time.
4. Pure Enjoyment
Some people end up with a business as the byproduct of doing something they truly enjoy. For instance, most bloggers start blogging for fun, but later find out that they can earn a living through blogging. These “enjoyable” businesses can become very successful and make the business owners quite wealthy.
Sadly, businesses that revolve around something you love doing can ruin the joy of that activity due to the pressure to run a successful business. What was once fun can easily become a chore when you are forced to do it every single day to keep the income flowing. If you're starting a business that involves doing something you love, make sure making it a business won't ruin the fun.
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Reasons for Starting a Business: The Bottom Line
Knowing why you're starting a business can help you be more successful. It allows you to make decisions to run the business for the reasons you want, rather than falling into the trap of running a business for reasons that don’t resonate with you.