If you’ve been running your small business for a few years now, it may feel like the honeymoon period has come to an end. Cash flow problems, a wayward employee and other daily setbacks can cause the shine to fade overtime. That’s why we’re stepping back to recognize the advantages of being a small business owner. Yes, there are big financial benefits of owning a business, but not all rewards can be quantified with dollar signs.
According to the Small Business Administration (SBA), small businesses represent 99.9 percent of firms in the United States. In honor of 2019’s National Small Business Week, held May 5-11, we’re taking a look at all the reasons you have to celebrate running your own small business. While business ownership requires forethought, resilience and the ability to adapt to challenges and change, there are even more positive aspects. From flexibility to deeper customer relationships, here’s a closer look at five small business benefits to remind you why you went into business in the first place.
Setting Your Own Revenue Goals
One of the key small business benefits are the financial rewards. These benefits are wide-ranging, from having the pride of earning your own paycheck to the flexibility to put more savings away toward goals like retirement. In addition, as the business owner, you decide how hard you work, what revenue goals you go after, and potentially how much money you can make. There’s no ceiling on what’s possible with the right vision, hard work and planning.
Deeper Customer Interactions
Operating a small business means you have the ability to work closely with your customers and get to know them. Whether you’re connecting on a personal level or making customized recommendations, this approach to business stands out in today’s impersonal automated age. Use the personal touch to build stronger customer relationships, increase customer loyalty, and provide the kind of high-touch support that makes it easier to sell more products. Providing direct customer service can quickly make you a buyer’s most trusted brand. Make the most of this opportunity by spending time on your business’s most important activity: serving customers and ensuring they are happy.
Making a Positive Difference
According to the SBA, small businesses create 66 percent of all new jobs. As a small business owner, you have a positive impact on your community. You create jobs for your employees. You bring tax revenue to your town, state and federal government. Your products and services help people.
Business owners make a difference on another level as well, by inspiring other local entrepreneurs to believe that going after their dreams is possible. Consider being a mentor to an aspiring business owner in your town, sharing some of the lessons you learned while starting your own business. This chance to give back to your community in a larger way is an important benefit of business ownership.
Flexibility and Freedom
Owning your own business offers two things that are difficult to achieve when you work for someone else: flexibility and freedom. As your own boss, you have control over how you run your business and how you spend your time. Are you one of the millions of people who want to be a one-person shop? Do business your way. From the schedule you keep to the products or projects you choose to take on, you’re at the helm. Having freedom and flexibility makes it easier to live the life you want while providing a level of professional satisfaction that can be impossible to realize in another context. To make the most of this small business benefit, take the time to figure out what flexibility and freedom mean for you and how you can make the most of your opportunities as a business owner.
When you start a business, you often have a passion for your field and interest in your customers. Seeing opportunities for growth and innovation can be exciting, and as a business owner, you have the flexibility to take a risk and invest in these ideas. When they pay off, they can generate new sources of income and growth for your business. Creativity and innovation not only offer professional satisfaction, but they can also pave the way for you to continue growing your skills and challenging your ability as an entrepreneur.
The financial benefits of owning a business may have been what got you started — and they are a critical piece of the experience – but the small business benefits extend far past that. As a business owner, you’re forging your own path, which often requires resiliency and focus, but the payoff can go far beyond what you expect is possible. This National Small Business Week, carve out time to celebrate your success and positive impact on your business, your employees’ lives and your community. You deserve it.