Reasons to Start Business in 2019
“The Current Startup growth is tough, But the existing market makes it a whole lot easier to survive”.
Quite a number of entrepreneurs and business owners have concerns about whether it’s the right time to start a new business. Starting up a business comes with huge risk handling which is to be treated with great efficiency. The startup life is indeed tough; it’s a full-time drudgery process, which requires a good amount of dedication and focused time while banking upon limited resources and time. It demands an individual to leave the ease and security of a regular job for an unpredictable future, in terms of growth and Financials.
But when it comes to starting up a Business, 2019 comes up with positive insights and promises. Considering if these below procedures or steps are being followed.
Why is 2019 the right time to start your business?
1 It’s been Affordable to start a company
Functioning and operating your own business is quite challenging and gets expensive on a verge of exquisite schemes to make it presentable for its growth. A huge cost is involved in building a startup and this becomes more expensive for a few individuals to accomplish the startup responsibilities and goals without the availability of substantial funds.
But, in today’s generation, a lot of cost gets cut down due to advanced technology. And the tools and processes required for operating the business are within the budget and few cognitive operations are easy to use and are free. There are software and apps that have aided the business in the most significant way by simplifying their work. Earlier, which required a skilled individual and a department to function it. From web design tools like Wix to accounting software like Zoho Books, there are applications that ease the task of everyday professionals to splurge their business without unnecessary investing in minor details. Hence, for entrepreneurs, it becomes easier to turn their hobby into a business without the need of hiring a team or putting any extra cost for the readily available service at an affordable cost.
2 Helps in Creating your own destiny
Staying in a confined job makes it monotonous after some time, and has its own constraints. But working for yourself exposes you with varying challenges and risks in every phase of your business. From deciding strategies for sales and marketing to concentrating on the financial requirements and goals. It urges an individual to possess a dynamic role in their own business. Working for yourself has its own liberty in terms of where, how and when you take up your work. Having your own business aids you in prioritizing and aligning your purposes with that of your business. Being your own boss is a whole together novel experience and reality in this Virtual Market.
3 Banks are approving more small business loans
As per the research analysis, 2019 is said to be a good and an optimistic year for small business owners in terms of lending and the Banks procuring creditworthy borrowers. This incremental trend is due to the positive outlook for business owners. Which in turn urges the Lending institutions and SBA’s to extend loans to startups and small business owners. According to the latest Small Business Index analysis, the approval percentage of small business loans has reached 27.3% at big banks in March.
These banks are cautious in terms of lending loans and are offering better interest rates and long term repayment schedules which the Small business owners are benefited by. However, the Small Business Administration is vital for helping startups and small business owners secure their funds required for their business growth.
4 Easy access to free, high-quality startup knowledge and resources
Quick transforms in technology, in recent years, have aided and provided startups with easy access in terms of startup oriented content in high scale. Entrepreneurs can now smoothly and handily share their insights with each other across the globe through constant knowledge sharing. Since many individuals and organizations have recognized the value and esteem of startups, there has been an increase in the count of startups that exists today.
Enormous learning and content is available virtually for the startups to grow and prosper from. Varied tools, resource or any documents can help the startup to face any challenges or hurdles at any given point. Hence, entrepreneurs can now put their idea into a business as there is a readily available of high-quality resources, which will enable them to accomplish their startup goals.
5 There exists a Proven need for your product/service
Having a built-in network for your startup is good, but along with that, there should also be a potential need for your product/service in the market. If not the growth turns out to be stagnant. Hence, when the entrepreneur comes up with the idea of better product/service that effectively solves the market problems is a good indicator to start a business and enter the market. Before getting into the business, it’s important to do sufficient market research, just so that your product/service meets the needs out there.
This requires a clear business understanding of your target audience, competition, or any other related industry trends which will help in better research understanding. Research does sound a complex task, however, it is not. Small business owners or startups can have the aid of Google or any other search engine tools which are easy- to -access resources to get substantial information regarding market research
6 Passionate about your product/service
In a World that is comprehensively driven by the impression of target numbers, conversion rates, margins, etc., which generally omits the notions, like passion and zeal, which actually tends to drive the business. However, passionate about your product/service plays a substantial role in whether or not an individual should think about starting a business or not.
If an individual is absolutely confident about the idea of what they want to do, they can courageously stand up for their product/service and can imagine a world with a prosperous and successful business owners. Hence, can become an entrepreneur. Then, in that scenario starting up a business of your own would be a suitable answer.
Starting up a business often comes with risks and challenges, and many entrepreneurs find it difficult to figure out the best and the right time to start a business of their own. There are several economic factors and analysis that advances 2019 might be a good year for entrepreneurs who wants to start a business. However, if followed these aforementioned tips or strategies or any other strategy that acts as a sign that an individual is primed and ready to start this novel and exciting journey.