Top 10 Reasons for Starting a Business
Right now is the best time to get into business. There’s no better time than right now to get going and start pursuing your business dreams–in anticipation of the next period of growth.
The top 10 reasons you should start your business now, despite the current downturn are:
- Everything is cheaper.
There is great value right now in the United States and in world markets. This is the right time for fantastic deals in virtually every category, from land and equipment to commercial office space, personnel and labor. As asset prices have been knocked down, there is no better time to get into the real estate or financial markets, construction, or information selling markets. Some people have waited years to find value in these markets–and now that time has come.
- You can hire more and better-qualified people.
In an era when even Microsoft is laying off, you can find great resources at affordable rates. Thinking about forming a professional services firm? There are many accountants and attorneys looking for their next opportunity.
- People are looking to change suppliers.
From a cost perspective, everything is on the table for most companies. Even if your prices are higher, if you can come in with greater value, you have a good chance at winning new business. You also have the advantage of being the new kid on the block when it comes to pitching your products and services. Many companies are desperate to find new partnerships with new companies that have a different, better or more innovative way of delivering those products and services.
- Ownership equals tax incentives.
Business ownership offers a variety of tax benefits that aren’t available to employees. While taxes should never be the sole reason to go into business for yourself, it should be one reason to add to you “benefits of business ownership” list.
- Family and friends don’t want to (or can’t) invest more money into the stock or real estate markets.
That means they may be willing to finance a portion of your new venture, or the expansion of an enterprise that has proven itself over time. The main benefit is that they know you and have a relationship with you–and if you have a solid business plan that delivers real numbers, your chances of raising the capital you need increases exponentially.
- Suppliers are giving better credit.
Credit markets have virtually shut down, the Business-to-Business credit flows are keeping money circulating out of sheer necessity. The main advantage is that all parties have more incentive than ever for finding true win-win situations that allow for cash flow. When everyone is looking to survive, great deals can be discovered.
- You can get good PR by showing you are going against the trend.
The media loves changes, and if you are optimistic by expanding or getting into business now, you would be in that category. That means you can generate some great PR by demonstrating your “alternative” view of the market.
- You can buy everything you need at auction.
In addition to everything being less expensive, you can find great deals at auctions, especially large equipment and office furnishings. Auctions are also a great place to find hardly used or “gently” used restaurant supplies at great prices. You can also get deals on fleets of vehicles and trucks for a delivery service or hauling or construction company.
- You can find great “low money” or “no money” down deals.
This is simply being aware of good opportunities, and finding deals where you could get an entire business simply by taking over a lease (along with all the equipment). Many business owners want out at any cost, meaning you can negotiate great win-win deals that allow the current owners an escape while giving you an opportunity to turn around what could be, if run efficiently, a very viable business.
- You’ve lost your job, and you have to do something.
Sometimes the best business decision is the one you are forced into, and the incentive for income is often enough to push those previously “on the fence” to strike out on their own. There’s nothing wrong with being in this position. It simply means there is greater urgency to do something that will start to generate income as quickly as possible.