March is “National Start Your Business Month,” something LegalZoom really believes in. LegalZoom was specifically founded with the intention of helping the next great American entrepreneurs realize their dreams. So if you’ve ever considered taking the plunge and turning your idea into the next big thing, here are 10 reasons to do exactly that:
1. Be Your Own Boss
There’s one way to ensure you’re never laid off again, by becoming your own boss. Lets face it, in a time when the corporate world has never been more unstable, independence is looking more and more like a viable alternative. The U.S. unemployment rate is still hovering around 9% that fact alone makes taking the risk all that more appealing.
2. Your Interests, Your Fulfillment
There’s an old adage that states, “Do what you love and you’ll never work another day in your life.” Not only does owning your own business allow you the flexibility to create your own schedule, which can lead to other areas of fulfillment as your family can surely attest—there are also immeasurable gains for doing something you love for a living. Generally speaking, it takes 2,000 hours to master a craft, complete this goal and people will surely pay you for your mastery—whatever it may be.
3. Cut the Commute
Gas prices. That term alone is enough to send shivers down the spines of most commuters these days. When you create your own business, theoretically it will be closer to your home, if not in your home itself. Thanks to reasonably priced and high-speed Internet connections, your office can travel almost anywhere in the world. Additionally, with mobile payment apps for your smartphone and other business software now readily available, you never have to leave your house again.
4. The Challenge
For many entrepreneurs, this is the most important factor in starting their own business. There is an inherent drive in most American business owners that makes them want to prove something to the rest of the world. Never underestimate the quality of overcoming adversity and succeeding despite the odds. Many have taken this leap before today in worse economic circumstances and achieved their goals. Don’t let fear stand in the way of changing your life for the better.
5. Help Others
Some business owners are driven by special causes. This can be witnessed in many of the mission-driven companies, who not only want to succeed—but they want to help others while doing so. This includes employing people and giving them the financial stability they need to live their own American dream, while potentially helping others out of dire circumstances. This business model is no more difficult to start than any other, and no one ever disparaged someone for inspiring those around them.
6. Available Capital
The good news, banks have started lending money to entrepreneurs again. The bad news, it’s not as easy to get a bank loan as it used to be. The better news, technology and an ever-growing global economy now offer viable alternatives for raising capital. Peer-to-peer lending may be a good place to start. In addition, be sure to research how credit unions, merchant cash advances, purchase order financing and microlending can help supplement your financial goals. And don’t overlook the very competitive marketplace of the standard credit card itself. With a little analysis, you can discover exactly which card offers the most incentives for the kind of business you’re starting.
7. The Talented Talent Pool
The upside of any recession is the large talent pool created from its fallout. Stung by the loss of their job, many of these workers are now available for less money than they were accustomed to before the seismic shift. There are plenty of executives, sales reps and other highly skilled professionals looking to make a difference with a new opportunity. In addition, if the opportunity offers other incentives like profit sharing, stock options or advancement—your new business suddenly looks even more attractive to these individuals. Never underestimate an employee with something to prove. Interview and hire the right candidates and your business can soar higher than you ever expected.
8. Market Readiness
Look at this factor from two different perspectives. First, if you as a business owner see a genuine gap in the marketplace and know that you can deliver on a specific customer need—this is the single best reason to start any business. However, if you can’t quite perceive if this is that precise moment in time, don’t fret, simply enjoy the fruits of someone else’s labor. Don’t get discouraged if your timing is slightly off, with all of the technological advancements, it has never been easier to start a new business than right now. Gone are the days of technological infrastructure. Now you can simply store it in the cloud. Gone too, are the days of cross-country sales meetings. Now you can connect through Skype. It has never been a better time to market yourself with the advent of social media and the very nature of a plugged-in audience.
9. Most Things are Cheaper – Seriously
With the stigma of freelancing long-gone, you can hire top talent on an as-needed or even virtual basis. Through auctions, you can get the tools you need for your business in an easy and cost-effective way. Expensive office space is no longer the norm when employees can work from home or in shared workspaces. Plus, with social media, you can run campaigns your way and save on expensive PR firm costs when generating publicity for your business.
10. Tax Incentives
Depending on the type of new business you create, there are valuable tax incentives to consider. In addition, new purchases like laptops, printers and other office supplies can be written off—as well as everyday expenses that you incur while running your business like gasoline and even some square footage within your house. Consult with a tax advisor to learn what deductions may apply.
Your new business can be a reality as soon as tomorrow. Don’t put it off until someone else jumps on your idea first.
LegalZoom offers services for starting a business. If you are unsure what type of business structure to start, you can get help deciding, and find other helpful resources here.