Innovation and entrepreneurship are on the rise. In 2019, there will be more potential businesses started than anyone can keep a comprehensive list of (considering those that start as freelancers then expand into a ‘proper’ business later). There are as many failures as there are successes, but it is true to say that we live in an entrepreneurial golden age. The internet has been a big factor in this.
However, despite this, you may be considering whether now is the right time to start a business. As such, here are some of the factors which may suggest that now is the right time to start a business:
Relatively Low Expenses
Starting a business is cheaper than ever before. With some businesses–mostly online-only requiring a laptop and an internet connection. The fact is that if you have the urge to start a business, then cost isn’t a factor in the modern age of starting a business.
Once you do decide to expand or set up a proper office/business space, then you can easily choose from relatively budget-friendly options. The expensive, inner-city, office is nice. But, for a small startup, the costs of funding something for the sake of ‘niceness’ isn’t feasible. Stick to choices within your means and you will find the actual cost of running a business much reduced from what you may have expected.
The chance to raise external funds in 2019 is becoming easier and easier. With initiatives like Kickstarter, the fact is that you don’t even need investors who take a part of your business or profits. You can easily grow the funds without having to lose out on anything for it.
And you can still seek out more traditional funding as well. With investors more and more interested in expanding their portfolios, if you have a good idea and pitch it well then you could attract a healthy dose of funding. Other options also include bank loans, schedule of dilapidations, credit cards, venture capitalist and even lending from a personal relationship (such as family or friends).
The Market isn’t Competitive
Depending on the market or niche you want to start your business in, the possibility of very little competition is something you need to explore. This will require appropriate research when you establish your business plan. Depending on your findings, you may be able to work out the perfect way to grow your business.
An open global market is a modern marvel. You can sell an item to someone halfway across the world and there’s only a little bit of shipping red tape in your way. With this in mind, setting up a business doesn’t have to be as restrictive as what is available in your own country. The fact is that if the market isn’t that good in your own country then it can’t stop you in an online capacity.
One issue that many will have to consider in the lead up to starting a business is the political landscape. With Brexit occurring in the UK and the upcoming 2020 presidential elections in the USA, it’s safe to say that the next two years will be fraught with political upheaval. And the first two years are vital to a startup; they either make or break it. Almost 90% of startups fail within the first two years. A startingly but all too realistic statistic.
When it comes to starting a business in 2019, there are plenty of reasons to do so and only one, far off, reason to put a halt to the process. But, the fact is that if you hold off for potential political turmoil then you could be waiting a very long time indeed to start your business. So, don’t let anything stand in your way.
There’s never one right time to start a business, so make the time for yourself.
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