New Business Checklist: 10 Key Reasons to Start a Business

In This Video

The Side Hustle

You don’t have to quit your day job – You can do a side hustle while you’re still in school or while working your regular job. Most people think they have to be ready to give up the comfort of the predictable pay check to start a business.  That’s definitely not the case! Side Hustles are becoming more and more common. It’s estimated 1 in 3 Americans are doing it. 

If you have a passion, a hobby that can earn you extra cash – do it!  An extra $200 a week equals $10,400 a year!  IF you really love it then You can give more and more time to that side business and let it grow to the point of not needing that full time job you don’t love. 

You can be yourself

Pink hair? Don’t care, tattoos? – don’t hide them – rock them! Dress how you’re comfortable!  Being your own boss means no one gets to tell you what you have to wear or not wear.  You can leave the piercings in, not worry about conforming by wearing a uniform or “proper office attire”. 

Being your authentic self will attract the customers that will want to work with you and you want to work with.  My oldest daughter is an accountant and doesn’t really fit that mold style wise.   She actually has pink hair, wears doc martins and has tattoos.  There is no skirt suit in her wardrobe. She definitely got some interesting looks as she interviewed for her internship.  Thankfully she found a firm that really appreciated her work and could look past her style. That’s not always the case in corporate America Being self-employed I don’t have to worry about that and it says right on my website – “Not your father’s bookkeeper” if you’re not comfortable with pink hair and tattoos then I’m probably no the right for you. When you’re self-employed you can do that!

There is no better time

If you’re just starting out It’s never going to get easier to start your own business with no mortgage or kids to worry about or schedule around. You have total freedom to spend your time anyway you want. I know a kid who is 21 now and have known him since he was in middle school – he started a company instead of going to college.  Because he has no wife or kids or to worry about giving his time to, he can spend any and all the time he wants on his business and does!  Because he’s still a kid living at home with his parents and doesn’t have a mortgage or rent, he doesn’t have to worry about making a certain amount of money or spending that money on keeping a house, paying for daycare or feeding a family but can reinvest anything he makes back into the business. He can travel for his business at the drop of a hat and not worry about missing a kid’s school concert.  His business is growing leaps and bounds because of he can focus 100% of his time energy and funds

Schedule your day around your priorities

Whether it’s family, school, doctors’ appointments, if you’re a Nite owl or like early morning you get to be productive when it works for you – no time clock to worry about.

IN a nut shell – freedom! (Insert the Braveheart freedom cry) This is when people say – you’re lucky you’re self-employed.  If you don’t want to work you don’t have to.  Kids need your time or attention you get to give it to them and not worry about if you’re boss is going to be disappointed or if you have sick or vacation time to take. 

Want to structure your day so that you can go to soccer games or be room mom? You can.  Not tired and feel like working? You can!  Or the opposite – need a down day – take it! You get to choose.  I love that I get to create my own rhythm and am not forced to be to work by a certain time.  Some days I’m in my office with the sun up – other days I’m working in the evening – because I want to or that’s what worked for my family’s schedule.

It’s Cost effective

Working from home means no gas or wardrobe expense to go to work this can be life altering.  Being self-employed and working from home means I don’t have to spend money on office attire, gas to get there, parking, contributing to the office birthday pool fund. 

You’ll be amazed at the money you’ll save by being home? I know it really surprised me.  You don’t realize how much money slipped through your fingers going to work. Instead, you can save it, invest it in the business or splurge on something for yourself (spa day anyone?)

Make Extra Money while staying active and social

If you’re retired or retiring, why not make extra money sharing your skills and life lessons while staying active and social?  I have met a few retirees who have amazing lessons and skills we could all learn from.  Share that knowledge by being a consultant. 

You can choose how much you want to work, how far you want to travel and where and get paid very well to imbue others with your wisdom?  The added benefit of keeping your mind sharp and connecting with others makes it a win win.

Work doesn’t feel like work

You get to decide who you work with as subcontractors, vendors, employees or clients. Doing work that is more suited to your personality and interests makes life way more satisfying. I think we have all had that coworker or boss that we just have to grin and bear.  You know the one – the whiner, the over sharer, the one upper.  We have to be nice and we are stuck spending time with them 5 days a week. 

Well – being self-employed means you no longer have to do that.  If there’s someone that I need to take a deep breath before taking their call – they won’t be connected to my business for long if at all.  If they’re rude or disrespectful – it’s an even shorter time. 

Imagine having your day filled with clients you enjoy, employees and subcontractors you actually like outside of the office and vendors that you have gotten to know and enjoy personally.  Some of my dearest friends have come from my business.  I get excited to work with them and make a positive impact. I care about them and their business. When this happened your day flies by because it doesn’t feel like work

Better earning potential

 No more working to make other people money while you’re hoping for a raise.  You get to set your rate and Your work puts money in your pocket.  As an employee someone else decides what your time and skill set is worth.  They decide if you’ve earned a raise or bonus. Hopefully that raise will at least match inflation.

Being your own boss means you get to decide what your time is worth.  Even better – As a sole prop or LLC – all the profits are yours to keep.  Since you get to decide on the company’s expenses you have quite a bit of say about that profit.  Being paid directly for your efforts is very different from working to get paid a wage and having your employer get the benefits of your hard work. Having your work product equal your pay makes you really care about the customer or client’s satisfaction.  It’s a wonderful feeling to know people want your expertise and will pay for it accordingly. 

The tax code was written for business owners!

According to the Internal Revenue Service (IRS), you are considered to be self-employed “if you are in business for yourself, or carry on a trade or business as a sole owner or an independent contractor.” Because of this – Being self-employed can significantly lower your tax bill.  You get to claim certain benefits and allowances if they are for your business.  These can include travel costs, home office deductions including utilities and phone and a host of other deductions. 

This is where having a great CPA is a very worthwhile investment.  They can advise you on how to make the most and pay the least amount of taxes.  I’ve been self-employed for over 20 years and every year I still learn more things I can deduct and bring down my taxes due.

Being Self Employed is Fulfilling

Most entrepreneurs do what they do because they like helping others.  What could be better than following your passion AND making money?! 

Being able to support ourselves and our families and have fun doing it makes it so there is no thank God it’s Friday or dreading Monday. Many entrepreneurs can and do work longer days and weekends because it brings them so much joy.  They’re excited to be in their business and it doesn’t feel like a job. 

Can you imagine Loving what you do so much that you set an alarm to remind you to stop working because you lose track of time and don’t want to stop?  It’s possible and happens all the time

So – Does starting your own business seem like something you’d be interested in?  Hopefully I just gave you the boost you needed to dip your toe or maybe even dare to jump into the entrepreneurial pool. 

Could it be just the thing you were made for?  You’ll never know unless you try.  Need a little help? Not sure where to start? 

Come join my online community of Money Making Mammas – where you can get the support you need along with other women just like you.  With resources and courses to get you up and running with confidence and know how – We talk everything business and more to build the life you’ve dreamed of.

 Have questions or need consulting expertise for starting a new business?

We can help!