Interested in starting a business? Ready to take that hobby to the next level? 2016 is the perfect time to take that leap of faith and become your own boss. Entrepreneurship is at it’s highest and GOBankingRates has some great tips on how to get started and why you should go into business in 2016.
According to Josh Felber, an entrepreneur and career coach, “To create real wealth, you must quit spending your future wealth on goods and services that you want today but deprive you of wealth long term. 2016 is the year to break free from mediocrity and society’s ‘norms.’ Now is time to quit your 9-to-5 job and become an entrepreneur. Start becoming the true you and creating the lifestyle you are destined for.” By cutting one purchase you make every day or week, you start harnessing your long-term goals. Direct spending towards your needs instead of your wants and true wealth will follow.
If you’re applying for a small business loan, 2016 is the perfect time to submit an application. Approval rates are the highest they’ve been in years. Wells Fargo leant small business $22 billion between January 2014 and March 2015. Small business lending is projected to increase even more in the new year. You can also take advantage of crowdfunding resources like Kickstarter, Indiegogo, and GoFundMe. The resources are at your disposal and technology has made it increasingly easy to acquire the audience or support you need to get your business off the ground. New SEC rules now allow crowdfunded companies to repay contributions with equity, providing an even larger incentive for supporters to sponsor your business.
For the first time in years, small businesses are valued over large corporations. With bad press and a push to support local business owners, customers tend to favor small businesses in which personalized service beats out instant deliverables. Just think back to how many times you’ve chosen your corner coffee shop over Starbucks. If you’re business offers good and services, you’ll be especially happy you started sooner rather than later.
Follow your passion and open up shop on 2016. There’s no better time than the present so make it count. The industry is rooting for you.