Many a time I have heard this Chinese proverb – “The best time to plant a tree was 20 years ago. The second best time is now”, and I can’t think of a time it has been more true than now. Coming off the last decade after the worst global financial crisis in recent memory, many people have taken to starting their own businesses in order to have more control over their financial destiny. Our economy is built off entrepreneurs and their ideas, and nothing is more of a motivator than people feeling they have nothing to lose. If you have always wanted to start a business, there really is no time like the present. I am not saying to go and quit your job tomorrow, but you should certainly make some time to work on your idea; this is the first step to making it a reality. We shall look at some reasons why you should stop putting your idea off and start building today!
You want to
Whatever your reason is for starting a business, the fact that you want to should be enough of a reason. If this is uncharted territory for you, it forever will be until you get started. Don’t let fear or uncertainty get in the way, and realise this will be a big learning curve, but it will also be a fun and rewarding as you will be in control.
Interest rates are low
Currently, central banks are trying to stimulate their economies and in order to do this, they have kept interest rates very low. From an economic standpoint, this discourages people from keeping their money in a savings account, but rather it encourages them to take out loans at low rates, be it to purchase a house or start a business. If you can secure yourself a low-interest rate loan, this is already a big incentive as many people use the excuse of a lack of money as a reason why they don’t start a business. Don’t be one of them.
The market is ever growing
With the majority of people connected to the internet nowadays, it has never been easier to reach potential customers through ads and e-commerce for example. It is so easy to start up your own business, that while there may be an increase in competition, there is an even bigger pool of potential customers and clients to choose from. As innovation increases, so does the market, and we have seen this in the popularity of products being taken to market from a great visitor management system, to “vegan” sneakers. All it takes is a great idea and execution, and you’ll find yourself in a market your business can benefit from.
As you can see, these few reasons for starting your own business are simple enough, but as most things in life it is the first step that is the most difficult. Explore these reasons and merge them with your ideas, and if you really have the motivation in you, make it happen!