Why quitting your job to start a business is good for you!

New research by Xero shows that quitting your job and starting your own business can make you happier and healthier.

Toying with the idea of leaving the safety of paid employment and starting your own business? It could be a better idea than you think.

Not only will you enjoy more flexibility (no more asking for the morning off for sports day, or calling to ask for the day off because your child is sick – you can just take it off!) but you could even increase your happiness and enjoy better health.

Xero spoke to 1,000 Uk entrepreneurs

Cloud-based accounting software company Xero recently conducted a survey of more than 1,000 UK entrepreneurs and discovered that:

  • 95% said they were happier running their own business.
  • 90% said they enjoyed a better quality of life working for themselves.
  • 83% reported lower stress levels.
  • 86% said working for themselves had improved their health and wellbeing.

And the benefits didn’t just stop there. The research found that entrepreneurs’ families are also better off, with 88% saying they enjoy a better home life with their partner and family than before, and 57% saying they have better flexibility around their family and life commitments.

Serial entrepreneur and Chairman of Start-up Loans James Caan CBE, believes the findings help to explain the rising number of people starting their own businesses:

“It’s fantastic that more and more people are setting up their own businesses and a key factor in this is the increasing number of tools on hand to help. Technology is such an important factor in the success of a business and its influence cannot be underestimated.”

Technology helps you work smarter

Many of today’s businesses rely heavily on technology and gadgets to operate efficiently, productively and flexibly, with many entrepreneurs working from a range of locations including their homes, cafes, co-working spaces and even on holiday!

By being clever with technology, and choosing options like cloud-based accountancy, you can simplify your systems and finances, giving you the freedom and flexibility to focus on what you’re passionate about and good at.

Gary Turner, managing director of Xero, says the continual advancement in technology for business is key to supporting UK entrepreneurs:

“In recent years there’s been huge growth in cloud-based business and financial tools that help to take the headache out of running a business, better enabling those with an entrepreneurial spirit to take the leap and go out on their own.

We’re also seeing a commitment from government to streamline a number of mundane processes for small businesses, from banking to submitting tax returns. This will no doubt ease the pain and make entrepreneurs happier and therefore more successful.”

How can you start a happy business?

Feeling more positive about making the leap to working for yourself? To ensure your business meets your emotional needs, Xero has worked with Dr Robert Holden, best-selling author and renowned happiness expert, to find five requirements for making your business a happy one:

  1. Have a vision – knowing what you’re working for helps you take pride in your work and focus on your goals.
  2. Good relationships – make sure you have honest and clear communications with your employees, clients and customers to help keep them happy too.
  3. Freedom and flexibility – having a good work life balance and being able to enjoy your free time or family occasions with flexible hours helps you to manage your workload and do your best job.
  4. Growth and investment – learning new skills and helping others to do the same encourages engagement and excitement.
  5. Creativity – it’s not just about coming up with new ideas, but also allowing yourself and your team to be creative and using the right tools to do this.

Need more help to start a business?

If you need more advice or encouragement to help you start your own business, you may find these articles helpful: