Reasons to Start a Business Before the End of the Year
If you are thinking of starting a business, then the end of the year is 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. According to him, people always believe 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 to starting later in the year.
Here are three reasons to start a business before the end of the year:
Interest rates are still affordable
Until now, 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 after its emergency cuts earlier this 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 you for higher amounts than they would have 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 on 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 and offer other benefits.
Hiring is suddenly much easier
Due to the unfortunate impacts of COVID19, a lot of establishments have been closed and most people struggle to keep afloat. Opening a small business these days helps support your community not just 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.
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