4 Advantages of Starting a Small Business

We’re talking all things small business this month… but entrepreneurship month is coming up in November as well! In case you’ve been on the fence about starting a small business, or you have a business, but you’re feeling like you’re not sure if you want to continue.

This is a (practical) love letter to being a small business owner. Here are 4 advantages to starting a small business.

Flexibility

So small business can be flexible in many ways. First, you can be more agile and make changes on the fly because there are generally fewer people to consult. You can jump on trends (if they fit your brand) and more easily adjust to the changing market needs, whereas larger businesses will have more steps for approval. That’s not to say that you should just jump on every trend and change without thinking it through, but you can be quicker about the whole process.

Small businesses can also be more flexible when it comes to things like where you spend and split your time. It can make it easier to be flexible with where you work and even things like working at different hours if you have to take care of your sick kid during the day.

Legacy Building

A lot of people think long and hard about what they are leaving behind for their loved ones when they are gone. And that’s not to say that the kids will take over the business, but you can work to build a solid financial future as well for them.

An even more important factor for me is teaching my daughter the value of work ethic and ownership. I want her to know that she can be anything she wants to be when she grows up because I don’t want her to see obstacles as barriers to her dreams.

Direct Customer relationships

As a small business owner your relationships with clients/customers will be more direct and more personal. A lot of people find this type of relationship more meaningful in the grand scheme of things.

Independence and Autonomy

Similar to the idea of flexibility, you don’t have to answer to anyone else. It’s your business, you make the decisions (and live with the fall out!). And if you don’t like something, then you can change it.

As with anything in life, owning a small business does come with some challenges like financial risk, stress, time commitment. However, from personal experience, I would say that the advantages far outweigh the disadvantages!

What are some of your favourite things about owning a small business?