Top 20 Reasons to Start your Own Business in 2024

I have known from a young age that I would like to run my own business.

This aspiration was a result of watching my dad create his business and seeing the trials and tribulations of having ownership over the direction of his career and livelihood.

I have always been fascinated by work. It consumes over 1/3 of our time in a given day and often comes to define us as individuals.

Yet, for many, work is just one of those things we do to ensure that we can live adequately and provide for ourselves and family. Most people I meet don't enjoy their jobs or seem constantly stressed by their day-to-day reality.

This post is for the individual who yearns to start their own business. It goes through 20 great reasons to start your own business.

I hope this article inspires you to take action to start your own business, or if you have already got your own business, I hope this article reminds you why that was one of the best decisions you have made!

20 Reasons to Start Your Own Business in 2024

1) Avoid the ridiculous corporate culture of 'face time'

I had to show that I had put in the hours. Otherwise, people would think I was slacking. This type of culture always irritated me - it's unproductive and demotivating.

2) Escaping the reality of a confined job description

This is one of the greatest reasons to start your own business. After time, a job becomes monotonous, mundane, and unchallenging. 

Running your own business is constantly challenging and exposes you to every facet of business - from stapling and filing to strategy, marketing, sales, and financial management. If you consider yourself a dynamic individual, your own business will provide the dynamism you crave.

3) Working for someone is constraining

Being your own boss opens up a new reality defined by a key human virtue of autonomy. You have the ability to control your lifestyle and your schedule when having your own business.

4) Purpose is a key ingredient for happiness

In an employee role, the realization of purpose is often consumed by the overall purpose of the business. Having your own business makes it easier to align your purpose with your company - be it the purpose to make lots of money, further a cause, inspire people, free up time, etc.

5) Be the creator of your destiny

Working for yourself opens up many more options regarding how, where, and when you work and it is another great reason to start your own business. The feeling of liberation can be overwhelming and is not for the faint-hearted. Many people I meet who have started their businesses have failed as they are poor at self-direction.

6) Escape the drudgery of the 9-5

You work for a boss you don't respect and colleagues you would not choose to socialize with.

7) Wear what you want when you want:

Of course, this is often tempered by the industry or nature of work you are involved in, but I know very successful business owners who work in their boxers or when they are in the office in casual wear.

8) The line between effort and reward is so transparent when you work for yourself

This makes having effort have much more purpose and the reward feel much more fulfilling.

9) Every day, get a huge feeling of accomplishment

You can walk into your office knowing you are building something for yourself and that each hour spent is an hour spent on building your empire - big or small.

10) Have full control over the strategy and direction of your business

You can lead the company in any direction you see fit, put new concepts into practice, and adopt an inventive strategy.

It would be harder to implement ideas at a regular company position that does not offer this amount of independence.

11) Run the occasional personal expenses through your business

Write off your biggest expenses, such as computer, phone, and many other things but shh... I didn't say that, and no business owner ever does that).

12) Grow your hair and a beard (if you're a woman, die your hair pink)

Not worry about what your boss thinks or have to answer to an employment tribunal.

13) Free up time in your schedule to pursue daily activities which are important to you:

In your own business, it is easier to structure your life around your work (as long as you design your business to run effectively without always needing your presence to oversee things). 

Spend extra time in the morning with your kids, come home for lunch, go to the gym during the afternoon and leave early because you can!

14) Get the sales buzz on a daily basis

Knowing that you have created something and successfully brought it to market is one of the most rewarding feelings.

15) Be able to proudly tell people that you had the ambition and intelligence to start your own business

It takes guts to stick your head out on the line and go it alone. Ambition because it requires relentless focus and perseverance to make it work. And intelligence because it takes strong commercial acumen to take £1 and turn it into £.

16) Give yourself the opportunity to make serious money

Unlike a salaried employee, where there is generally a ceiling to the amount you can earn, in your own business, the world is your oyster.

Now that doesn't mean you will make lots of money (or even some money), but it does mean you will have the potential to make buckets of the stuff if your business becomes relatively successful. The idea of an earning ceiling in your own business is only confined by what you think you can achieve.

17) Get the chance to add real societal value by becoming an employer

Being a business owner and an employer adds huge value to your community and the wider economy. Having your own business gives you a sense of stewardship which is often lacking in an employee-based career. Giving back by merely growing your business will make you feel great.

18) Avoid the ridiculous red tape and bureaucracy that often constrains an employee-based role

Take immediate action to get things done faster and more efficiently. As a business owner, you call the shots - no more stupid corporate procedures or authorization gatekeepers.

19) Get out of bed every morning and feel motivated

At least 90% of the time - because you are building something for yourself (and not for some other business owner/shareholder). Working for yourself is the biggest motivator as you have everything to prove and only yourself to blame.

20) Build something that not only pays your salary (large or small) but also has embedded value

Build a business that can be sold when you want to exit and live a good life. Your business should be seen as a cash-providing investment that can grow in value through better design and targeted effort.