10 reasons to open a business even if it scares you
Grow Your Business, Not Your Inbox
I have been working for 15 years in a company that provides computer services, in which there could be a further downsizing. I have been wanting to start a systems consulting business for a long time and if I get fired and get my payoff, I could decide to start this project. But is it advisable to open a business at this time? Esteban Rojas, Monterrey, Nuevo León.
Despite what people around you may say, this is the best time to enter the business world. It is enough to analyze the past and the various economic slowdowns throughout history.
Most recessions in the post-World War II era lasted about 10 months, followed by growth cycles of 50 months on average. That means there is no better time than now to realize your entrepreneurial dreams, anticipating the next period of expansion. Learn about the 10 reasons why, despite the uncertain situation in today's world, you should cheer up.
1. Everything is cheaper right now than it will be in a few years
As asset prices rise naturally, there is no better time to venture into real estate, construction, heavy machinery, and even financial markets. Some people have waited years to find stocks as attractive as the current ones in those sectors.
2. You will find more staff and better qualified
Are you thinking of taking off with cutting-edge technology? There are many engineers waiting to be hired. Are you looking for better professional services? Hundreds of accountants and lawyers are looking for an opportunity.
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3. People want to change providers
Many companies are eager to sign new contracts with companies that have a more innovative and efficient way of helping them move their products and services.
4. Being an owner makes you a creditor of tax benefits
Owning a company entitles you to a series of advantages that employees do not have access to. Although taxes should never be the only reason for you to start your own business, it is one of the reasons that must be added to the list of "in favor".
5. Family and friends can invest in your project
The main benefit is that they know you and have a relationship with you. So if you have a solid business plan with real numbers, your chances of getting the capital you need increase exponentially.
6. Providers grant better credits
The main advantage is that today everyone has more incentive than ever to find win-win relationships that allow cash and inventory to circulate. When the world is trying to survive, very good deals can be made.
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7. You will achieve good public relations
The media loves success stories, and if you're optimistic about starting or expanding a business now, you'll fall into this category. Thus, by demonstrating your "alternative" point of view regarding the market crisis, you will gain exposure.
8. There are more auctions
You may find good deals in auctions, especially for large equipment and office furniture. Auctions are also great places to buy used or barely-used restaurant and bar equipment at great prices, even cars and trucks.
9. There are good business offers ready to operate
Many small business or commercial property owners want to get rid of them at any cost. You may find a good opportunity to turn around what, well managed, can be a very profitable business.
10. You lost your job and you have to do something
There is nothing wrong with being in that situation when thousands of companies around the world are cutting staff. It simply means that there is a greater urgency to do something to generate income as soon as possible.