9 Immediate Benefits of Owning a Business
When we hear about the benefits of owning a business, we often hear about those perks that don’t kick for a few years...
...like the month-long European vacation and the second home in Malibu.
These dreams of wealth and freedom are typically discussed as a reminder of why the struggle is worth it… why we sacrifice sleep and freedom now. It’s like that famous saying:
“Entrepreneurship is living a few years of your life like most people won’t so you can spend the rest of your life like most people can’t.”
I won’t argue with the truth of this. Succeeding as a business owner does require a lot of fast growth and serious discipline. It’s a tough road, and the more you embrace the struggle in those early days, the more rewards you reap in the long run.
That said, a challenging life is not the same thing as a miserable life. There are so many benefits to owning a business that you get to enjoy the moment you start.
Entrepreneurship is like every other journey in life: the fulfillment is in the process.
The more you appreciate the little gifts in the day-to-day, the more motivation you find to push forward.
So, if you keep waiting to reach a goal before you’ll let yourself be happy—or if you’re still hesitating to start the daunting journey of business ownership—consider these immediate benefits of being your own boss.
1) There is No Limit to How Much You Can Earn.
Yes, it may be a while before you’re bringing in the kind of cash you dream about. Nevertheless, when you live the life of an entrepreneur, you get to live each day knowing you are in control of your own financial success.
You are not restricted by how much your boss makes. You don’t have to think about the average salary for your position and experience. If you get a great idea for ways to tap into a new market and make more money, you don’t need anyone’s approval before you execute it.
One of the greatest benefits of owning a business is that your earning potential is 100% up to you.
2) You Define Your Work Environment.
Company culture is in your hands. You don’t have to tolerate arrogance, snark, or sloppiness. If you always wanted to work on a team where people communicate and managers celebrate their employees, you can make that dream a reality.
3) Your Values Determine How Business is Done.
What values are at the heart of your personal work ethic? Are you all about showing empathy for customer needs? Striving for excellence? Training promising young professionals for leadership roles? Operating with transparency?
When you’re the boss, you get to center those principles that give you a sense of pride in your work. This also gives you more control over your reputation and relationships within the community.
4) You Choose Who You Spend Your Days With.
I’ll be honest: you probably will make a mistake in hiring at some point. Most of us do eventually discover the pain of bringing on a new team member who turns out to be a terrible team player.
But even if that happens, you’re the boss now. If there is someone in your workplace who constantly drags down the energy or complicates the system, you get to make the decision about when to try to motivate them to do better and when to cut them loose.
5) You Show Your Kids What’s Possible.
Or if you don’t have kids, you show your nieces and nephews. Or your friends. Or your friends’ kids.
No matter what your personal life looks like, there is probably someone in it who is watching you… someone who sees your success and is inspired by your choices.
One of the biggest benefits of owning a business is that you are constantly challenging your preconceived limits. And when the people watching you see you expand your idea of what’s possible, it inspires them to do the same.
6) You Live a Life Designed Around Your Priorities.
It will be a while before you get to enjoy this benefit fully. You have to put in a lot of work before you can walk away from the business for a couple weeks to help an elderly parent move or give your spouse that dream vacation.
Even so, you get to start prioritizing today. What is your goal? Are you trying to make a difference in your community? Earn enough to buy your mom a house? Get to the point where you have enough flexibility to truly prioritize family time?
The moment you start building a business with your ultimate goal in mind… that’s the moment you start living life on your terms.
7) Your Confidence Soars When You Own a Business.
But you have to pay attention. I see a lot of new business owners make incredible strides in their first year, but they wind up beating themselves up for not hitting insanely high targets.
When you first become a business owner, the learning curve is steep. You encounter unfamiliar challenges and have to develop new skills very quickly. If you stop to notice each small victory and celebrate every small sign of personal growth, you begin to realize something about yourself:
You can create whatever you want to create. You can learn, adapt, and face your fears.
You are incredible.
8) You Make a Meaningful Impact on Others.
This business you have created will in turn create opportunities for those around you. You provide a meaningful service in your community. You employ and inspire a team. You create new possibilities for your family.
The more success you discover, the more you improve the world around you.
9) You Spend Your Days Doing Something That Matters to You.
Our time on this earth is limited. Owning a business is a very effective way of taking control over how you spend the time you have.
How do you want to use your days? What impact do you want to make? What experiences do you want to create for yourself and for your family?
Starting a business is a way of taking this decision into your own hands.
It’s a way of saying, “I am 100% responsible for my life.”
“It’s up to me how I spend my days.”
“It’s up to me to surround myself with people who inspire me, teach me, and support me.”
“It’s up to me to leave a legacy designed around my values and purpose.”
Someday you’ll get that second house in Malibu. But what an incredible life you already have just because you started.
Further Resources on This Topic:
Free Video Course: Personal Development for Business Success
Free Tool: Business Plan Wizard
Opportunity: 911 Restoration still has territories available for driven, growth-focused entrepreneurs. You bring the Fresh Start attitude, we'll provide the training and support you need to thrive immediately. You can visit our website to find out why Entrepreneur ranks us #5 among franchises for less than $100k.