Owning your own business and being your own boss has long been a collective dream of many people, but how close is that dream to ever becoming a reality. A recent survey revealed that as many as 18% of SME started their own business because there were no prospects in their current job. However, with the economy still struggling to recover following the 2008 recession, many people maintain the belief that it’s a bad time to start your own business.

Yet, the difficult and unstable economic conditions actually provide a great environment for launching a business. It won’t be easy, it will take a lot of hard work, patience and determination, but if you’re considering becoming your own boss and working for yourself, then here are five reasons to commit to the idea now.

Get a work-life balance

If you’ve long been going in search of striking the ideal work/life balance and failed to find it in between your commute and 60 hour working week, then having your own business gives you that opportunity. A recent survey revealed that 57% of SME owners cited having the flexibility of being their own boss as the main reason they had started their own business.

Plan your own schedule

Rather than planning your life around the rigidity of a work schedule, you choose your working hours to suit you. By planning your work around your life you have the opportunity to work whenever suits you best. This way, you choose to prioritise the things that are important to you, without having to put work first.

Do what you love for your job

Imagine doing what you love every day and being paid for it? Given that we spend most of our time at work, being paid to work on something you love is possibly the most fulfilling way to earn a living. So many entrepreneurs don’t even feel that the work they do for their business is work, as they are fuelled by a love for what they do.

Choose your colleagues

Not only can you choose what you do for a living and how you schedule your day, you can also choose the people you want to work with you. By choosing your business partners, you can widen your skillset, share the responsibility and select the right people for the job.

Start with a low start-up

The unstable economy means that this is the best time to start a business with low start-up costs. This is particularly the case for businesses that will, for the majority, be operating online. Of course, starting a business is not without its risks, but providing you manage those risks effectively, you’re more than likely to reap the benefits of being an SME owner.