Best Time For A New Business
Thinking about taking the plunge and starting a new business, or buying an existing business? This might be the best time for a new business, whether you want to buy an established business, or, start a new business, and there are several reasons for that.
One, the economy is definitely hot now, continuing the upward trajectory it’s been on since 2008. Consumer and business spending are both up, and healthy economy is good news for the new business owner, regardless of whether you have a start-up or an existing business to manage. Sales volume invariably minimizes the impact of any mistakes you make while learning the ropes.
Two, there is a continuing demographic trend towards urban living that can only help small business owners. Having a hardware store on the corner in a city that people can walk to is a better business proposition than having a hardware store in the exurbs that someone has to drive to that is also near a Wal-Mart or a Home Depot that someone can drive to. The same premise goes for a bakery in a city as opposed to a bakery shop in the suburbs that has to compete with a Safeway or Publix grocery store. And sure, Amazon is crushing malls everywhere, but, as we mentioned, if you need some wood glue, or a pizza, or the glass on your smartphone fixed in the next few hours, that is definitely not happening from Amazon’s side of the retail universe.
Three, lots of baby boomers that own existing businesses are retiring, and, they continue to retire in 2018, increasing the amount of businesses that are for sale. These are frequently attractive business opportunities.
Four, even though the economy is improving, many small business owners are so exhausted (emotionally and financially) after the Great Recession, and now, the subsequent recovery, that they are willing to sell their business and be done with it. Perfectly viable businesses (with some local brand recognition) that just need a new owner, an owner that’s not beaten down and demoralized.
So, if you’ve been thinking about being your own boss, this might be the best time for a new business, and the time for you to finally do it. And if you decide to do that, it’s worth mentioning that we can help with every part of that process – a business plan, the purchase, the legal structure of the company, sales and marketing, accounting and bookkeeping, minimizing your tax burden, and many, many other things. You don’t have to go it alone, because Sareen and Associates can help.
This is the moment – go get ’em!