I’m a firm believer that business is good for the world, yourself, your family, and your ministry. Many of the benefits listed below I’ve seen to be true in my own life from starting my own business, working at companies, and seeing these benefits in other people’s businesses.
Here are 5 reasons why you should start a business, even if you’re employed at a company or in ministry:
1. Fund your own ministry
In the summer of 2012 (after I graduated college), I had the privilege of working in Colorado Springs with book publishing company David C. Cook.
The company was started in 1875 by, you guessed it, David C. Cook.
“O God, make all you can of my life.” – David C. Cook
When I started, I thought the company was a straight up for-profit business. Turns out, the company is actually a non-profit.
Because David C. Cook is non-profit business (a business-ministry hybrid), they can receive donations for their ministry AND fund their ministries from the revenues they receive from products (books, curriculum, and music). There’s also tax benefits for the business because of the ministry.
It’s a win-win for both the business and the ministry.
A lot of ministries suffer from lack of money. Often, the solution is to beg for more donations from people. But what if more ministries started businesses, and created business-ministry hybrids like David C. Cook? They might solve their own financial problems, and generate more money for their ministry in the process.
2. Additional income
What could you do with an extra $300, $500, $1,000, $2,000, $5,000, or more each month?
Here’s a list of some possibilities:
- Give more
- Pay off debt
- Save more
- Invest more
- Fund your ministry
- Buy Christmas gifts for your children and other children in the neighborhood and/or church
- Spend a romantic weekend at a resort with your spouse
Your business doesn’t have to make millions of dollars to add benefits to your life, family, or ministry. For many of us, a few extra hundred or thousand dollars each month could make a tremendous difference!
3. Security (aka, ‘Income insurance’)
Unfortunately, I’ve seen several people I know lose their jobs unexpectedly. This can be very hard, especially without other streams of income. If you have a side-business that produces some cash flow, it can ease the shock of being fired.
The ability to have cash flow outside of your employer is what I call ‘income insurance’.
4. Personal growth and development from learning to become an entrepreneur
The skills and character traits you develop going on the entrepreneurial journey are valuable to all areas of your life: personal, social, financial, and spiritual.
Some of the skills and character traits I’ve developed on my short journey include:
- Empathy: learning to listen to the needs of customers and developer products/services appropriately
- Resourcefulness: figuring out a way to get the resources/people/tools/money to complete the task
- ‘Refusal To Die’ mentality: a stubbornness to persevere and not give up, no matter what
I’m still on the journey towards reaching some of my major goals, but already, I’ve seen entrepreneurship make me into a better overall person.
5. You could become a full-time entrepreneur
Your business could replace your full-time job, offering you freedom, prosperity, and a unique way to serve others.
For some of my friends and family members, entrepreneurship has opened up a whole new lifestyle to them. They can work from anywhere they choose, spend time with family when they want to, save more, give more, travel more, and make an impact in the world in a unique way through the product/service their business provides.
They have become full-time entrepreneurs.
Has it been easy for them? Absolutely not. In fact, it’s probably been harder than most people realize.
But it has been worth it. And I know all of them wouldn’t trade it for anything.
Have you started your own business? What benefits and lessons have you learned along the way? If you haven’t started your own business, what do you feel is holding you back? Share with us in the comments below!