Starting a business is a big decision, and there are numerous factors to consider. However, if you’ve been on the fence about it, now is the perfect year to lace up those bootstraps and get going.
1. Free money for startups
Entrepreneurs are the lifeblood of the American economy, and we’re seeing more and more small businesses popping up over the last few years, with a huge spike throughout the pandemic for start-up applications.
Businesses are good for everyone because they provide jobs, innovation, and widen the range of available products and services offered to consumers. With that in mind, the government benefits too (because more commercial activity = more tax revenue), and they have cash to give away in the form of grants to help boost your idea into reality. Check out this great list of small business grants on NerdWallet to see what freebies you may qualify for.
If you’re in need of further financial assistance, interest rates are still considerably low when it comes to many small business loans, and here’s a handy overview by CNBC of what options are available to you.
In short, you don’t need to have $100,000 stowed away under your mattress to start a business with these great resources available, so don’t let that be the only thing holding you back from taking the plunge into starting your own business.
2. Employees are looking for you
You have probably seen the headlines about The Great Resignation, with American workers quitting by the millions every month. But the good news is that the latest data shows that people want to work, and a large portion of those leaving their jobs are resigning to take on better positions that more concisely align with their skills and career goals. This is good news, meaning that qualified workers are on the lookout for opportunities, and that very well could be working for you!
Freelance work has also been on the rise, which is perfect for specialized jobs (like building a website) without needing to have someone permanently on payroll. There are skilled freelancers for just about everything you can think of, from help with SEO, app development, marketing, customer service, or managing your social media. This can be an appealing option when you need a little help upfront, but don’t necessarily need to keep someone in-house for these jobs.
3. Spending is picking up
Stimulus checks and an entire generation entering retirement mean people have more time and extra money to spend on things…like your business!
As the economy is perking up once more and bursts of extra income come through to the masses as stimulus checks and tax returns, consumers will be looking for opportunities to spend this excess cash. The pandemic exposed some serious flaws in the system and Americans are eager to support local businesses now more than ever, so this could be the perfect time to bring your new idea forward as we embrace the future of doing business post-2020.
4. Less competition
As the saying goes, “One man’s loss is another man’s gain,” and although this may come off as possibly being a bit insensitive, it does ring true in the form of market share and available commercial real estate in today’s economic climate.
Sadly, many businesses didn’t make it through the rough patches of 2020, with many stores laying vacant for months and collecting cobwebs. Landlords don’t make any money from an empty building, so this could work in your favor if you’re looking to rent a storefront or purchase in an usually competitive location.
The other truth is that those who previously would have been your competition didn’t all make it, leaving a gap in the market that needs to be filled. Consumers still have needs across all types of industries, and you may have an easier time picking up the slack that’s developed in your area.
Grim as this may seem, don’t let the closures of the pandemic scare you! The numbers coming in are showing a promising upward trend in businesses picking up again, and confidence is growing as things have started to stabilize across the board.
5. (Almost) turn-key business opportunities available
Starting a business is not an easy task accomplished over a long weekend. Often requiring tremendous forethought, wordy legal paperwork, and probably a certain level of uncertainty of what you’re supposed to be doing, these barriers dissuade a lot of would-be business owners from giving it a try. But what if there were a better way to mitigate some of that risk and have a better chance of your business succeeding?
What’s the secret? Franchising.
It varies from franchise to franchise, but in general, your franchising fee serves as not only the right to sell that company’s product, but often you’ll get a website, marketing materials, and be assigned an advisor who will help get you started, walking you through the whole process and acting as an experienced mentor who wants you to succeed. They’ve done this whole business startup thing dozens of times, helping you skip over the majority of the learning curve so you can dig right in to operating a proven business model, making this a far more calculated risk than trying to start from scratch on your own.
Paint EZ is a great choice for a first franchise, as it has several desirable territories opening up and a team of skilled advisors that will help you through the whole process. Or, if painting isn’t your thing, check out this list here for some other ideas.
Whether you’re considering monetizing one of your hobbies, starting a franchise, or founding an international corporation, there’s no better time than the present to get started. This is an ideal time to take advantage of resources available to you, and the market is primed for a new wave of innovation – so let’s get started!
To discover more about Paint EZ’s franchising opportunities, get in touch with us here.