10 Good Reasons Why You Should Start a Business This Year (2023)

Have you ever had an idea, ignored it, and then later found out that someone else did the exact thing that you thought was unique to you? I used to think that it was the Universe’s way of saying: “do this now!” and if I failed, the idea was given to someone else. If you think that too, let me be the first to tell you that this is not necessarily the case. 

Over the past few years, I came to the realization that we evolve as a group based on the level of consciousness that the majority of the group holds; the Schumann resonance frequencies are a great example and explanation of this phenomenon. 

I recently learned about human design and it opened up my mind to the idea that there are people in society who hold space for great inventions to come through; whether those same people will bring the project to fruition is another story. Not everyone wants to be a CEO. In fact, I have many ideas that I cannot create alone in this lifetime. Sometimes when talking to a client, I realize that I was holding the last piece of the puzzle for them to complete their project. 

You can have a great idea and create a business without being involved in its operations. Holding space for the idea to come through is more than enough. If you have a strong desire for it and the idea gives you pleasant sensations when you think about it, then the least you can do is simply take notes. It may be something that your aunt has been looking to invest in, and you may end up being her partner. I imagine it as collecting rainwater because you never know when you will need it. 

So first, write down all your great ideas. Then we will help you build a system around it. That is what my expertise is. 

I like to joke that I accidentally became a business consultant after I had sold my first business in 2018. I began giving business advice to friends, and through word of mouth, I started earning an income doing it as an independent contractor. During that time, I was studying and calibrating my consulting and coaching process. It was not until 2020 that my partner and I registered Startup Hive LLC, and not until now (2022) that we officially began our operations. 

With an LLC, we can offer our services under the same umbrella, and we are even able to scale by hiring people who have the same skills and offer the same services to our clients as long as they are congruent with our values.

For now, make an inventory of your skills and the services (or products) that you can provide to people. When you are comfortable moving to the next step, schedule a conversation with me or one of our consultants so that we can help you gather more tools to create a solid operations manual (a step above a regular business plan).

An operations manual will help you build a system so that your processes are clearly defined; it will help you identify the people that you need on your team, the tools that you need to collect, and many other things that come way before you even think about making a profit.

The last time I had a W2 job was in December 2011. Since then, I have worked as an independent contractor or business owner. And I would never revert to being an employee. 

As an employee, when you get your paycheck, unless you opt for tax exemption (for whatever reason), your employer automatically deducts benefits, contributions, insurance, and taxes from your check before handing it to you. With a business, you can pay yourself as an independent contractor, an employee, or pay yourself owner’s dividends, depending on the business structure. Aside from the flexibility of making your own schedule, you will also enjoy being able to set your own pay rate or salary.

I have never met anyone who enjoys overpaying their taxes; so instead of arguing about the fairness of the tax code, I take the time to learn how to pay as little as possible and keep as much as possible to expand our business so that we can help more people. 

As a business owner, I can deduct the startup costs, my office, education and training, marketing costs, depreciation on equipment like the company laptop, the software that we use, and many other (business-related) items that we spend money on throughout the year. Note that you must be actually using those items for your business.

To make sure that you only deduct what you are legally allowed to, please consult with a professional tax preparer.

One very important benefit of starting your own business, and ideally not as a sole proprietor (for this exact reason), is that you can shield your personal assets from being seized when you are in a lawsuit. 

For example, if someone gets injured at your place of business and decides to sue, your personal assets cannot be touched unless you have intermingled your personal assets and your business assets. Please consult a good business attorney and accountant to help you manage the legal and financial aspects of your company.

As a business owner, you have the opportunity to meet (virtually or in person) many people in your field of expertise. You can find a mentor, you can exchange services and resources with your peers, you can observe and study other companies’ B2B (Business to business) processes and supply chains. You can also learn a lot from your clients.

To learn from people in various industries, you can join local or national organizations for entrepreneurs in your related field or demographics.

Having the ability to have a completely different credit profile than my personal one is my favorite aspect of having a business. It is good practice to keep your business and personal finances separate. With a business credit profile, you get better financing terms, a better cash flow, and more access to funding for expansion. Business credit cards are created for business use and have much higher spending limits which allow you to comfortably purchase what you need for seamless business operations.

Your business is a separate entity from you and so is treated as such. When you’re using your business credit, you’re reducing your personal liability for business expenses. Vice versa, if something damages your personal credit, your business can stay intact.

My ideal client is someone who has an exit strategy. In business, this is a plan that you create, from the beginning, to sell or pass on your business after a certain period of time or when you have reached a certain amount in revenue.

When you have a job, you cannot pass it on to your children after you pass away. With a business, you can. You can also sell it as a merger (with a similar company) or acquisition (bought by a larger company), sell to a friend (like I did with my previous business), hire someone to run it for you, go public with an IPO (Initial Public Offering), or liquidate when you have had enough.

Lastly, and certainly not least, having your own business will give you a sense of control in your own life. In the beginning, it can feel like a rollercoaster, and for serial entrepreneurs like me, that is part of the fun. To quote Mark Cuban: “it doesn’t matter if the glass is half empty or half full. All that matters is that you are the one pouring the water.”