According to a study conducted by Baylor and Louisiana State University, Small Business Owners report overall better physical and mental health compared to the average worker. Being a Business Owner comes with a plethora of advantages that align with this study. It's no secret, then, that most entrepreneurs are overall satisfied with starting their own business.
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The benefits outweigh the drawbacks: independence, flexibility, personal fulfilment, control over day-to-day life, and an increase of disposable income for many. Working for yourself means setting your rates to what you know you’re worth. For Virtual Assistant Business Owners, there’s no difference.
As an Entrepreneur, you have advantages that big corporations don't, such as building solid relationships with clients, flexibility, and choosing who works for you. Let's discuss the top five benefits of running your own business.
Independence
One of the freedoms of being an entrepreneur is complete independence. Working for yourself means there’s no one higher on the totem pole you have to answer to. If you have a better solution, you have the freedom to execute it. The choices and decisions made aren’t harshly questioned. The choices and decisions made aren’t harshly questioned. Entrepreneurs have the bonus perk of deciding which clients and employees they work with.
Word of Advice: Though you are your own boss, as an entrepreneur with others under you, it's a great practice to listen to the voices of those who work for you. Be sure to value your team and to make them feel respected and appreciated working for you.
Flexibility
Being an Entrepreneur means you set the hours and days you work. This means any important days or holidays desired off, you have the freedom to take them off. You also have the flexibility to work from anywhere. No, we're not talking about anything extravagant that is often advertised for working for yourself. What we mean is: You have the flexibility to work from home, the library, or even a coffee shop. For some professionals who have the flexibility in location, it’s possible that more productivity is done at home rather than in an office.
Word of Advice: Keep in mind that it's normal (and expected) to work longer and unusual hours with fewer days off for many beginner entrepreneurs in the early start of growing your business. This is because there's so much to do in the beginning. However, most entrepreneurs believe the sacrifice is worth it in the long run.
Personal Fulfilment
Entrepreneurs believe in what they are selling. Whether that's a product or service, most successful small business owners believe their product will add value to the world or a specific market. V.A. Business Owners are no different. In the “Beginners Guide to VA Freelancing,” it’s mentioned the importance of V.A.'s niching down. Targeting a particular industry to offer services requires some forethought and taking inventory of knowledge, experience, and abilities required for that specific niche. Whatever the case, doing passionate work brings genuine meaning to small business owners' lives.
Word of Advice: It's great to have a few niches you plan to target, as well as targeting one or more profitable niches in case yours is something particular.
Power
Owning your own business gives you a sense of control in your life. Entrepreneurs are uniquely positioned to be fully immersed in their company and brand on all fronts. As Business Owners, Entrepreneurs have the power to have their voice heard and approve or disapprove of certain concepts your direction their company is going in. They can innovate and guide their business down the best path they see fit. Unlike an employee for a larger company that may not value your opinion, your voice has power and authority. You can express your views freely.
Word of Advice: Similar to the point made under independence, a true leader values the opinions of others and looks for new ways–not just their own, for strategy and best business practices.
Money
There seems to be a fear that if you start your own business, financially, you're free-falling. Yet, for many, Entrepreneurship can provide more stability long-term than traditional employment. For example, if one client decides to end a business engagement, this doesn't spell doom to your livelihood as you have more clients at hand. Just because business has ended with one client doesn't mean you and the client can never collaborate again in the future. It's great to keep clients as potential connections to others in need of your services. It's important to note that picking up both long-term and short-term clients will help keep a steady flow of income.
Word of Advice: Don't jump into Entrepreneurship for the sole purpose of making money. For many, in the beginning, they can expect not to see much cash flow to their personal accounts as it is wise for most of the money made to go back into the business and pay employers and contractors alike.
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