We all hear stories of those successful entrepreneurs; whose business idea turns into a successful company in what seems like overnight. However, the reality for most of us starting businesses is a lot of hard work, dedication and a lot of failures. Despite the possibility of failure and all of the hard work, starting a business reaps many benefits in both the long term and short term.
New Zealand is recorded as one of the simplest countries in the OECD to start a business. So, whether you try and fail, try again then succeed, or get up and running on the first go, New Zealand is the place to try.
There are so many reasons we could list on why you need to start your own business, but down below we have listed our top 5 “must knows” if you’re considering starting your own business.
1. You Can Discover Freedom
Freedom is the eternal guarantee of entrepreneurship and starting your own business. A study conducted by Global Entrepreneurship Monitor attribute freedom being the key motivation for just over 50% of new entrepreneurs in New Zealand. Owning your own company involves becoming your own manager, determining when you’re working if you’re working and what you’re working on. Of course, there will always be tasks and responsibilities that are unavoidable but by being in control of your business you are able to be in greater control of your time management and workload. Finally, you may be able to work a more flexible schedule, depending on the type of business you choose, which can allow you to spend more time with family and friends. Your own company can also cater to those who love forming their own choices without input from others.
2. Income Potential
Once you launch your own enterprise, you get the chance to gain an infinite income dependent on your own contributions and the company’s performance or loss. It varies from working for a corporation where your profits can be constrained by a salary structure or your superior’s appraisal of your results. 26% of New Zealanders attribute income motivations to starting their business (Global Entrepreneurship Monitor).
3. Following a Passion
Beginning your own company ensures you can make a living when doing what you have a passion for. You may have a special talent that you enjoyed as a hobby, such as writing or playing music or maybe you thoroughly enjoyed a specific course in school or university such as accounting or marketing. Realistically, not every passion can be made into a profitable business, so what’s the trick? Convergence. Chris Guillebeau states that “you need to think about what your passions are and what consumers are willing to spend money on. You will find a business idea when these two overlap. Through making your passion into a profitable company, you will find more happiness and satisfaction in your working life which will usually contribute to a happier life.
Owning a company allows you to be more innovative and articulate yourself. You are not limited by needing to adopt a fixed working approach so if you choose, you are able to modify your work processes. New products or services may also be produced to satisfy consumer specifications.
5. You’ll Learn New Skills
Everyone is always saying that we should never stop learning so what better way than to start your own business. Entrepreneurship is guaranteed to throw you in the deep end and then save you with a life ring of new learnings and skills. In fact, many people start businesses because they want to learn new skills. it’s a dynamic way to grow your know-how. We’ve listed below just some of the skills you’ll learn when starting your own business.
But of course the one thing to ensure when starting your business is that you always have up to date and accurate accounting data to enable you to make the correct decisions quickly. That is where we can help so if you are thinking of starting a new business, already started or well and truly down the track and want to ensure your financial records are in order then please give us a call on 04 2329199 or leave your details below and we will be in touch.