Running your own business is not without the hard parts. It is probably one of the most difficult things you can do. You can say goodbye to a social life and any kind of career. You will most likely risk everything. So thinking about it, what are the reasons for starting a business? Here are our favourite five.

Picking your hours is the first big reason. If you have a family and commitments this is fantastic. You can even work your business around your other life commitments. Never worry again about facing a dressing down for being late. Having your own business can enable you to spend quality time in the areas of life you enjoy. Otherwise there is no point in choosing to run a business. Do consider business can also take up all your time.

Having loads of money is probably the attraction for most people! Money doesn’t buy happiness, but it does make things easier! Working for an employee you are capped to your salary. Even if you have the promise of bonuses, they can be limited. Make a business successful, and you can earn a fortune. Thus it’s not surprising money is the biggest motivator for forming a company.

Organisation Psychology teaches us there are many reasons for starting a business, aside from money. For some people, their tonic is success. Thus some people start a business purely because they are driven and want to achieve things. These kind of people tend to go further in business. You can always recognise the success driven businessman or woman, because they work all hours god send, and won’t let anything get in their way.

Some people start a business for the image perks it gives. The suits, the meetings. They love being able to tell people they own their own company. Image can be a big motivating factor. Interesting though, is what happens when the novelty wears off.

Many people hate being told what to do. Even worse is being told what to do by someone incompetent and over paid. We’ve all worked for that boss! So the motivating factor to form a new company for a lot of people is the thought of being their own boss.

It is important to think of the reasons why not to start your own company. The stress, the long hours, the responsibility. Starting your own business is not a walk in the park. And if there’s only one reason, what if the novelty wears off? Have more than one reason to start a business. Should you find the good outweighing the bad, then it is time to look at company formations.

Should the arguments above make you consider company formation then contact Optimum Formations. They can help with company formations NI.

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