What are your reasons for wanting to set up in business? It’s one of those questions entrepreneurs are often asked and for many, the answer doesn’t come as a surprise. There is no shortage of articles on the internet, detailing why someone would want to start their own business. In fact, Entrepreneur Europe have listed 50 in this article, whilst Medium simply narrow it down to 2 simple reasons. But ultimately, your reasons for setting up your own business are often personal ones for you.

Business owners often have similar reasons for wanting to set up in business

Here at Virtual Hand we work with a wide variety of business owners. We see firsthand, how varied each business can be, not just in terms of business type and niche, but also in the reasons why someone has decided to start their own business. That’s why we offer a wide range of services to suit these differing needs. [You can check out our range of services, here].

But no matter what type of business someone has started, or how many different articles can be written on the subject, you can often broadly categorise the main reasons into one of 3 categories. These are – lifestyle, freedom, and family – and here’s why they’re so popular.

#1: Lifestyle

We all have our own ideas of the perfect lifestyle. For some, the desire to attain this lifestyle becomes the driving force behind any decision to set up in business on their own. They’re usually looking to fulfil one of these 3 base needs:

  • A need to minimise something – such as stress, the daily commute to work, long or unsociable working hours, frustration in and around work, household expenses (such as childcare or travel).
  • A need to increase something – this includes personal job satisfaction, financial rewards (wages and job benefits), motivation and work appeal, overall levels of happiness.
  • Driven by necessity – a need to adapt to things such as redundancy or unemployment, as well as unavoidable changes in one’s circumstances (such as moving location or family commitments).

#2: Freedom

Freedom is a powerful decider, when it comes to starting your own business. Whether you’re limited by a glass ceiling, or feeling hemmed in by the office cubicle, or simply want to escape the rat race, freedom usually equates to one or more of these 3 main desires:

A desire for more control – The ability to make your own choices and decisions over your career and business tasks/role, frustrated over the lack of alternatives open to you – may be due to location, abilities, skillset or situation.

A desire for more choice – Career progression and a need to progress, but unable to find a suitable position in your current situation. Desire to express yourself or honour yourself more through your work – such as creativity or personal values.

A desire for more independence and flexibility – over your time, lifestyle, overall working day, working style and direction in business, for example, are all powerful influencers for wanting to set yourself up in business.

#3: Family

Family is one of the most powerful driving forces behind a decision to strike out on your own. For many, this could be out of a desire to leave a legacy for their children, whilst for others, it’s to squash a nagging feeling that they’re missing out on something that’s so important to them.

The desire to spend more time with your family, start a family or create something that will make your family proud, is something many career individuals desire. However, it’s often the few who have the determination and commitment to make a positive change in their lives, that will go on to set up in business and go it alone.

No matter which of the three main categories you fall under, your decision will ultimately be driven by a desire to make some kind of difference in your life and of those around you. It becomes your reason and your motivation – but it’s the amount of effort you’re willing to put in, that will ultimately decide how successful you’ll become, when you set up in business.

Here at Virtual Hand we work with a large variety of business owners. We see firsthand, the struggles they face and the reasons why they’ve decided to set up in business alone. But just because you’ve decided you want to work for yourself, it doesn’t mean you have to do everything on your own! Why not take a look at the services we offer – and see how we can help lighten your workload? You’ll find details of our services – here.