Have you always believed you should be in business for yourself? Perhaps you are passionate about a talent or hobby that you have such as photography, event services or baking? Maybe you have always dreamed of owning your own business but have been hesitant to take that leap and quit your day job? Well, I’ve got some great news for you! 2016 is the year to start your own business, be your own boss and allow your creativity to flow. You can do this!
According to gobankingrates.com there has never been a better time to start a business than in 2016. Their financial expert, best-selling author, entrepreneur and career coach Josh Felber was asked why this year is so great for starting a business and he offers some enlightening reasons why now is the time. Felber says
“2016 is the year to break free from mediocrity and society’s ‘norms.’ Now is the 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.”
Photo via VisualHunt | License CC0 1.0
5 Reasons To Start A Business
But why should we all just hop on the BYOB {Be Your Own Boss} bandwagon? Here are 5 reasons why Felber says this is your year:
Create Long Term Goals
First and foremost it is recommended to think about your long-term financial goals. Financial planning should precede the start of any new business but often times we forget about the little things we can do to help our business succeed. Felber suggests that if we cut spending and focus on our needs instead of our wants, we will create more long-term wealth. This would make sense for anyone starting a business to consider. Start small, eliminate that extra coffee purchase or take out lunch and concentrate your spending on the more important aspects of your start-up.
Small Business Loans Are Plentiful
In 2016, bank approval rates are expected to continue to be high, so Felber says that small business bank loans are easier to get than ever making this year, the year of the small business. GoBankingRates.com says that:
“Between January 2014 and March 2015, Wells Fargo lent more than $22.6 billion to small businesses as part of a five-year initiative to support businesses.” Which is great for startups hoping to obtain a business loan this year.
Crowdfunding Is IN
He also mentioned that crowdfunding is really hot right now which is another way to generate capital needed to get your business off the ground. Crowdfunding is really interesting because it allows the ‘crowd’ to support your business venture by contributing money to your cause because they believe in you and your soon to be launched product or service. Then the crowd funded company will repay people’s contributions with goods and services if you choose or a big ol’ “thank you” for your donation. It’s great for anyone trying to raise money and usually free to get started. Simply create your campaign and share your story.
Check Out These Crowdfunding Sites:
GoFundMe.com: Great for personal, not for profit and business campaigns
KickStarter.com: For creative entrepreneurs that specialize in creative design, art, film and markets to those who wish to invest in the creative industry
EquityNet.com: Helps connect qualified investors with qualified businesses
Happiness Is Higher
It’s true, solo entrepreneurs are just plain happier. It’s also true that they work extra hard because they are passionate about what they do. Yes, they tend to put in long hours and wear many hats but as Felber mentions, statistics show that solopreneurs general happiness level is higher due to improved self-worth over those with a 9 5 job because of a lack of work satisfaction.
Consumers Love Small Business
People love small businesses and love to support them. According to gobankingrates.com consumers would rather purchase goods from a small business than elsewhere even if their purchase costs a little more than from a big chain store. The reason is they prefer to support the local economy and they feel they generally get better service.
Now Is The Time
So thank you Mr. Josh Felber for letting us know that there has never been a better time to start a small business and turn that passion of ours into more than just a hobby. Felber even goes on to suggest that if you are going to do it, do it now or risk “becoming complacent and always working to make others rich.” Focus on the long-term goals instead of short-term wants and take control of your life. Excellent advice! To see the entire article click HERE.
Also, I’ve created a worksheet for you to brainstorm ideas and think through the above aspects of owning your own business so don’t forget to grab that along with all my free business and blogging resources HERE!
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