5 Benefits of Launching Your Own Small Business
Starting your own small business can be daunting and scary. In Australia, small businesses account for 95% of businesses. First, you need an idea. Then you need to take it from an idea to a business. Candis Creations started as an idea for creating everyday underwear that combined comfortable cotton underwear with pretty lingerie. But it took two years from having this idea to launching a business. Two years sounds like a long time but that is because there was so much to do! During that two years, I:
- designed many many pairs of pretty lace lingerie
- found a manufacturer that met my quality standards
- did all the small business set up administration like obtaining an ABN and naming my business
- website design and creation
It took a lot of patience but it was worth it because there are so many benefits to running your own small business.
Benefits of Launching Your Own Small Business
- You make all the decisions. You’re your own boss! Being your own boss means you make all your own decisions which is such a liberating feeling! Friends and family are great sounding boards for ideas. They’ll have opinions and great ideas of their own but ultimately, the final decision is up to you. I designed every aspect of Candis ladies’ underwear, right down to the fact that the care label is placed on the side and naturally sits facing the back so as not to be seen from the front.
- You set your own hours. You can work as many or as few hours as you choose and when. This means you can work around your other life commitments and vary your hours accordingly. But this also means you have to be self-disciplined. You don’t have set work hours which can mean you work too many hours or too few. It’s up to you to find the balance.
- You’re accountable only to yourself. You don’t have a supervisor. So it’s up to you to determine your goals and what you consider to be good versus not great performance.
- Total creative freedom. Your business is limited by only your imagination! If you dream it, you can make it happen.
- You keep all your profits (well, you and the tax man!). You’re working for yourself. So any money you make is yours to spend or save. You can either put that money back into the business or put it towards a new project. Just don’t forget to save enough to pay the tax man!
Launching your own small business takes courage and self-discipline. But if you’re determined then you can make it happen!