With the economy on the rise and markets ever evolving, you might wonder; is now the time to embrace my startup aspirations? The good news is, in our globalized age, consumers are just as happy to buy from someone based at home, as they are from a billion dollar business. The small business owner, innovator, and strategizing entrepreneur are on a much more level playing field with the big brands than they were a decade ago. Whether it’s a startup like Lyft or a local shop down the street, small to midsize businesses drive the nation’s economy.
E Commerce allows you to grow your business in your pajamas or anywhere else that has an internet connection. You are no longer a prisoner of geographic outreach, which brings the cost of doing business down dramatically. Rather than commit to pricey properties, you can set up online and start selling from your kitchen table. The rise of the sharing economy, the growth of smartphone use, and the accompanying app explosion have combined to drop the cost of budgeting, tracking sales, human resources, taxes, and about any other business service you can name.
Capital can be an obstacle at first, but in 2017, there are more ways to fund ideas than ever before. Relying solely on banks for financing has proven difficult for many, but today you can bypass this altogether with services dedicated to helping entrepreneurs launch their businesses. Crowdfunding has become even more common. More average consumers will invest in new businesses and order products from companies that don’t even exist yet. As a result, more entrepreneurs will be able to validate their ideas before spending huge amounts of money. This will provide the entrepreneur a way to grow their business on their terms, rather than the banks.
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Social media not only connects people with friends, but also with potential customers. This avenue can help entrepreneurs spread the word about their services and also gives them insight to their target audience. Platforms have great ways to micro-target your audience through ads, which starts at only a few dollars. Start your outreach with your inner circle of friends, and branch out to industry leaders and competitors. Remember the beauty of interactive platforms are ideas displayed on an open artboard; you can see what works for some businesses and alter it to fit your goals.
Never Too Late
Perhaps you’re at a crossroad or ready to retire, but not ready to quit your dream. You’re not alone. In fact, most small business owners in the U.S. are older; 51% of owners of small businesses are 50-88 years old, 33% are 35-49, and only 16% are 35 years old and under. Don’t fixate on your age, instead focus on where you are in your life, and whether you’re ready and able to face new challenges.
There are plenty of advantages to starting a business today. Entrepreneurs simply have to adjust their planning for the realities of today’s market. If you research your idea thoroughly, and center your goals on disciplined and focused managements, then this is a great starting point for your business. Need help making that first step? Please call 1-800-508-1729 to speak with a business formation specialist.