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What Are the Benefits of Setting Up a Business?

Business Control
Setting up and starting a business allows the owner to keep control of all things relating to the business. He can choose the business model and the type of business that is going to be set up. The owner can select the products and even the location of the business. Setting up a business typically also involves hiring employees and management staff and allocating funds to marketing and other purposes, all of which can be dictated and controlled by the business owner. From the big issues--such as whether an expansion is needed--to the small issues--such as the type of supplies that will be bought--the owner remains in control.

Freedom
After setting up a business, the owner has more "freedom" in the sense that he no longer has to report to a boss or supervisor when his work day begins or ends. The business owner can delegate tasks to others so that they get finished, giving the owner more time to spend with family or on other much-needed business issues. In fact, successful business owners can become the CEO (chief executive officer) of their company and oversee business operations from afar while still having input on what occurs. The dream of "being your own boss" attracts many people to set up their own business.

Increased Income
Setting up a business allows the owner to no longer rely on hourly wages or a set salary. On the contrary, a business owner can enjoy an unlimited amount of income, assuming he finds profitable marketing strategies and combine these with the right products or services. Businesses that have a successful model, and eventually flourish and grow, provide wealth to the business owner, giving him the ability to pay off all debt, save for retirement and tuck away money for his children, grandchildren and heirs.

Reputation and Image
The success of a business often relies on the business's reputation and image within the community. Creating a business--as opposed to buying a franchise--gives you the ability to shape, form and display your business to the community in such a way as to show that you're a trustworthy, reliable company. From managing the way your front-line employees interact with customers, to dedicating your business to an atmosphere of customer service, you are able to enhance your reputation and company image and appear more reputable and trustworthy.