Reasons to Start a Business Before the End of the Year
If you are thinking of starting a business, the end of the year could be the best time to start the process. David Nilssen, CEO of Guidant Financial, a leader in small business financing, states that there are great benefits to starting up on a journey of business ownership before the New Year. He says that people tend to think that it is a good idea to wait until the beginning of the year to start a new company when in fact there are obvious advantages in starting later in the year.
Here are three reasons to start a business before the end of the year:
Interest rates are still affordable
The U.S. Federal Reserve has continued to keep short-term borrowing rates near zero. In a bid to help the economy recover from the COVID-19 pandemic more quickly, this was done after emergency cuts earlier in the year. This means that for potential business owners, it is more affordable than ever to borrow the money you need to purchase or launch a small business or grow it once you start it. Lower rates also mean that lenders can authorize higher loan amounts than they normally would if the rates were higher.
Business brokers and sellers are more motivated to make a deal
If you are interested in purchasing an existing business, now is the best time to negotiate an offer. Entrepreneurs who sell their businesses over the holidays are planning to close their books by the end of the year. If you can close the deal earlier than expected, the seller may offer a lower price as well as other benefits.
Hiring is suddenly much easier
Due to the unfortunate impacts of COVID-19, a lot of establishments have closed and many people struggle to keep afloat. Opening a small business these days helps support your community by not only offering goods and services but also providing opportunities for talented people to help your business succeed.
Contrary to what most people believe, there are good reasons to get the ball rolling on your startup journey and smooth out the details before the new year.
At Office Evolution Clayton, we provide virtual office, coworking, and private office solutions at our shared office center. We offer meeting rooms, day offices, a shared/coworking lounge, semi-private offices, professional business address, virtual receptionist service and more. We have many options and price points, and all terms are flexible. Plus, you become part of a community of like-minded professionals.
Whether you live in St. Louis, Clayton, University City, Richmond Heights, Brentwood, Ladue, Webster Groves, Kirkwood, Rock Hill, Maplewood, Central West End, Creve Coeur, or other communities in St. Louis City or County, choosing Office Evolution Clayton in Clayton will help support your business.