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Six reasons why NOW is (still) the best time to start your own business
Whether you’ve been thinking about moonlighting or going full-time with your own business, right now is the best possible time to get started. I know what you’re thinking: “Hey Jason, you read the news, right? We’re in a recession. Nobody told you?” Oh, they told me. They tell me every single night on the news how everything is doom and gloom, how gas prices are up, foreclosures are up, the mortgage crisis…blah, blah, blah. Guess what, I don’t care what “they” say, I’m still right. Now is the best time to get started and now always has been.
Everyone loves a good list so here’s a VERY short list of some of my favorite reasons why you should start a business RIGHT NOW. Here we go…in no particular order:
Businesses have tax benefits
So, we’re in a recession and money’s tight. News flash: if you start a business, you actually get to keep more of your money! I’m sure you’ve heard the staggering numbers about companies, BIG companies, that pay little or no tax. I’m not suggesting that you’ll be in the same boat, but every dime counts.
Start a business, even a side business, and a whole slew of expenses — such as the cost of your Internet connection, mileage on your car, and even a portion of your home — now become at least a partial write-off on your income tax, which means you pay less. There have been years that I made over $200,000 at my job, and still managed to get money back on my taxes. That was all because of my side business. Obviously, you’ll need to consult with someone who knows tax laws and such, but trust me, it’s worth it. Nuff said.
You might actually make money doing something you enjoy!
I know the tax benefit deal is probably enough for a lot of you, but you might want to actually make more money, too. If you could make more money doing something you like to do already, wouldn’t that be a bonus? Even if your skill is something you don’t particularly like but are REALLY good at, then do that! I’d much rather be coding a complex website and database than managing a Windows network but I’m REALLY good at the Windows thing so I do it. It’s not my favorite thing to do but I can do it in my sleep. After I wake up I can code the website.
Doing something new, and maybe a little scary, is good for you!
Ellen Glascow said, “The only difference between a rut and a grave is their dimensions.” We all get into a rut. We do the same thing day in and day out. We THINK about getting started with a business of our own. We question our ability, our energy, our motivation, and we procrastinate getting started. Get out of the rut! You don’t belong there.
OK, so I’m not a therapist, but you and I both know how great it feels to do something new and challenging. We’ve all done something that scared us at first and when we did we were exhilarated, excited and energized. We found confidence that we didn’t know we had! You can’t tell me that NOW is not a great time for a little re-energizing! You could try but la-la-la, I’m not listening!
You’ll be in great company
Being in business is like being in an elite club. I’m serious. Going into business for yourself takes something not everyone has. Not everyone will go into business, although almost everyone THINKS about it at some point in their life. Being a businessperson means you’re doing something not everyone will do.
Business people are respected in many ways. Business people make things happen. They push the envelope. They turn the wheels of industry. You may not respect or relate to EVERY businessperson but I guarantee that somewhere out there is someone just like YOU that has taken the leap and is glad they did. C’mon, join the club. I promise, you’ll be glad you did.
You might fail
“Huh? Jason, what the hell? I was just getting into this!” I know, I know. Here’s the thing, we’ve all heard the “statistics” about business failure. So what. I don’t care about statistics. The truth is, for one reason or another, it might not work for you this time around. But you can take this to the bank: you’ll learn way more than you would have if you hadn’t tried. You’ll have learned what NOT to do as much as what you could have done better. It’s been said that Edison said of his experience developing the light bulb that he never failed, not once; instead, he “found 1000 ways to NOT make a light bulb.”
It’s also possible you don’t make any mistakes, but something else derails your business. Either way, you’ll learn what to anticipate next time. And brother, if there’s not a next time, if you let one failure defeat you, I … I … I won’t be happy. I’ve failed in business and I’ve learned more from those failures than I ever could have if all I did was sit in front of the TV, telling myself why I shouldn’t even try. Some of the greatest business people have been the ones who felt the fear, and did it anyway. You might fail, but ONLY if you get started!
If not now, when?
Well? You think it’d be better to start tomorrow? Next year? After you have children? After you own a house? After…? You’re wrong. Sorry. Tomorrow won’t be better. Tomorrow’s always there. There’s always one more excuse, one more hurdle. Don’t succumb, don’t over-analyze, and for some of you, just don’t “think.”
I know many of you have had ideas for businesses or websites, and didn’t do anything about it. Later you found out that someone else was doing it, AND they got started after you thought about it. I’ve had more ideas than I care to count that fit that bill. If you’ve got something you want to do, NOW is the time to get started, not tomorrow.
This is a very short list that I’m sure you could add to, so do. Let’s hear what you have to say. Tell me why you got started when you did and why the “timing” wasn’t right when you did.
So what’s holding you back? I dare you to tell me so I can prove you wrong. I’ve read about 16-year-old girls making millions on the Internet and a guy who’s legally blind opening a drive-up coffee stand, so I know you don’t have any excuses. I’m not suggesting you run out tomorrow and spend thousands of dollars on equipment and office space and all that junk. Starting a business today is easier than it’s ever been. And you can get started without doing anything special, just start.
Next week we’ll talk about what you can do to get started, but don’t wait until then. If you really aren’t sure how to start, at least write down an idea (for a business, a website, a service, or whatever you want to do), and I’ll see if I can help.
16 Comments
Steve said on May 26, 2008
Awesome article! There is never exactly a “good time” to start a business. You just have to jump in there and go at it.
I personally have owned 2 company’s, but my current company BurnerSports(.)com is my biggest one yet. It was about 5 years between selling my first company and starting my second company. I went to work for “the man” during those 5 years. I did not wait that long because I was scared however, I did have a lot going on in life… so I spent those 5 years planning and thinking about what I wanted to do. I over analyzed, thought too much, planned too much, etc, etc.. Where did it get me? No where! in 5 years I was still at square one, even though I thought I was making progress when I was thinking! It turned out all that planning, thinking and analyzing did not really help… of course it helped a little, but it mostly hurt because it delayed my launch.
It came time when I just said “enough is enough, put up or shut up” so I just dove in…. best decision I’ve made since I sold my last start-up.
People are scared of change, risk, and general uncertainty. This is a natural part of human life. I found the article to be motivational as a business owner, and even more motivational for people THINKING about starting a business. Thanks for sharing with us Jason!
Jack Walden said on May 27, 2008
I couldn’t agree more - there is no better time to start a business than now. No more putting it off, no more excuses and no more wasting time! There are so many reasons for making your own way in the world and they all revolve around freedom and independence. Being your own boss means can explore whatever new opportunities you like, you can think outside the square all the time, tackle the problems of the world and work with people who really inspire you.
If you never try then you will never know. I started a company about 4 years ago where I was the chief everything officer and have taken so much from that experience and turned it into great things for my new business with two other colleagues. The biggest thing I learned was that if I’d never tried I would have never shown myself that I could do it.
There is nothing better than working for yourself – of course there are the financial benefits such as tax savings but nothing can surpass the feeling you get when a client emails you and you see your name next to your own company – one of the most exciting days of my life.
And the other thing to remember if you’re starting a new company –you don’t have to give up your day job. You and your employer can both benefit because you will be more passionate and bring loads of new ideas and experiences to the table plus you will have a place where you’re surrounded by colleagues who can answer those tough questions.
Surround yourself with like-minded people, read, read, read and stay motivated. You are the only one that can do this and to make it a success you have to believe you can. Pick something you’re passionate about and whether it’s a bit of money of the side, something to fill the hours between midnight and 6am or a fulltime career you will succeed. Take the plunge and discover the amazing adrenalin rush that comes with being your own boss.
Sell Websites said on May 27, 2008
There are 2 important parts of business.
1. The Idea
2. Start doing and stop talking.
Both are useless without the other. If you work and don’t have a good idea or you have a good idea and don’t work it’s null.
Get started.
Allan said on May 27, 2008
Excellent article.
I would have to agree with you in regards to starting a business in the present. Mainly because many people have used the recession news as an excuse not to take the plunge.
This way you will be competing with less people.
Not to mention the gas-saving benefits if you work from home.
Ellis Benus said on May 27, 2008
Absolutely great advice. Robert Kiyosaki, author of Rich Dad Poor Dad, Rich Dad’s Cashflow Quadrant and many more gives the exact same advice about the tax benefits of owning a business.
Employee cashflow:
Earn - Pay Taxes - Spend
Business owner cashflow:
Earn - Spend - Pay Taxes on What’s left…
The risks to starting your own business are absolutely zero! But the opportunity costs to not starting are huge!
You don’t have to quit your 9-5 job to start your own business. Start slow and build until you can quit and work for yourself full time.
avin said on May 27, 2008
great post.
I especially resonate with the idea that “you might fail”.
One of my favorite parts of Timothy Ferris’ The Four Hour Work Week is how he talks about looking at what you really have to lose.
If things don’t work out, most of the time you’ll be just fine. You might lose a little money & time, but worth the experience you get.
. said on May 28, 2008
That do it Now comment…that can work with websites easily, but not in the brick/mortar world - where it generally costs more, and requires careful planning.
…it’s nice to get pumped up and all - but to save time/money from learning from the school of hardknocks…you should really take the time to plan…and not just learn as you go. Because usually in retrospect, if you planned from the get-go..you could have saved time/money on otherwise half-ass ideas or implemenations
(for the record, i’m not a multi-millionaire)
Justin Nowak said on May 28, 2008
All businesses require planning, but I think where he is going here is that so many people get stuck in “analysis paralysis” and they get nowhere.
They plan every last detail to the bitter end, but when it comes down to getting it done they freeze up.
Adequate planning is a must, but there is such a thing as too much planning and sometimes you just have to get up and do it!
Greendoggie said on May 29, 2008
I just heard about a fantastic website. Planetbuzz com. Apparently businesses can advertise for FREE and update their own ads. I think it’s worth checking out. But then again, I may be dreaming - FREE???? C’mon!!!
Steven Clough said on June 1, 2008
Great post and some great comments! I can’t tell you how many times I’ve heard, “I have the best idea for a business ever!” and it never comes to fruition. Starting a business can be scary for many reasons. Often the hardest part is actually getting started. All you can do is take that first step and see where it goes from there!
Troy said on June 7, 2008
i have just heard about a program called Glyphius it is a program that takes your ad for your business and scores how well your ad will do in selling your products and it would be good for people who are starting a business to help market their product and it could help the business owner put their name out there.
Emily said on June 8, 2008
“Do it now” statement motivate people to actually starting to do something. And the idea business is not garanteed is very realistic.
Ashley said on June 10, 2008
This is an excellent article. As a small business owner it was very hard for me to take my first steps in starting my business but today it has gotten me great results. Thanks to a program called Glyphius my business was better recognized. I saw an earlier post above mentioning Glyphius and it was a real time saver in helping to get my products recognized and on the market.
Kathy said on June 11, 2008
You know I totally agree with you Ashley, I as well used Glyphius and it helped my new business extremely by helping me grow faster.
R. Wulandari said on June 11, 2008
I did my first business but it didn’t work well ‘coz so many clash happens between me and my coworker. We are cousins and we live our life almost always together all the way. I wonder why we’re have so different views and way of thinking, and we’re both stern. But I know there’ll always be the same rock when we do our business, hence I MUST find the way to survive and carry on. That last trouble made me so picky choosing my partner, and the worse is it leaves a kind of trauma to start a new one.
I wish I could get rid that trauma feeling.
Noel Hurtley said on June 25, 2008
As they say… “Ready, Fire, Aim”.
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