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The pandemic has created a difficult situation for hopeful entrepreneurs. On one hand, it has highlighted the exact issues that make business ownership so appealing. All over the country, circumstances have forced people to work in conditions that may or may not be safe. The agency to define your own workload, hours, and workspace has never been more desirable.
However, it’s also holding a lot of people back from getting started on their entrepreneurial dreams. This is perfectly understandable. On the surface, the pandemic — and the subsequent economic instability — can make this seem like a terrible time to start a business. However, that might not be the case for your concept. Here’s a look at a few reasons why now might just be the ideal time to get your company off the ground:
Interest Rates Are Low
If you know you’re going to need funding to make your business happen, now may be a great time to take that leap. Interest rates are low right now. That favorable rate can save you a lot of money over your loan repayment period. Moreover, there’s a strong incentive for lenders to spark economic growth and promote new business, so you may have an advantage when it comes to finding the best loan offer.
Whenever you’re taking on debt for the sake of your business, you should consider forming a limited liability company. This ensures that the business is responsible for paying back those debts, not you. In the event your business didn’t take off, you’d only be liable to pay back what could be paid back from your company’s funds. It’s important to follow LLC rules carefully in order to get this liability protection. When used properly, however, this business structure can offer valuable peace of mind.
The New Normal Is in Sight
At the very start of the pandemic, holding off on your business idea made good sense. After all, the world was changing rapidly in ways few could confidently predict. Now, however, we’re settling into the new normal. Vaccination rates are on the rise, cities are opening up, and people are figuring out what they are — and aren’t — comfortable with in the post-pandemic world.
As a result, you’re in a prime position to create a business made with our new normal in mind. For example, you might decide to make your company completely remote in order to attract workers who enjoy working from home and decide to jump ship once they’re called back into the office. You can build virtual and delivery service options from the start, putting you in a far better position than existing companies, which may still be trying to adapt to pandemic-related changes.
If Not Now, When?
Entrepreneurs are fastidious planners and, as a result, often want to find the exact perfect moment to start their business. However, the fact of the matter is that there is no perfect moment. The economy will always cycle between thriving and struggling. Industries will always rise and fall in need and popularity — life is, by its very nature, a state of flux.
This isn’t to say you can’t evaluate the circumstances and make a strong choice for your business. But if the only thing holding you back is the non-specific feeling that the time just “isn’t right,” honestly ask yourself what would make the time right. If the answer is clear and achievable, make it happen. If not, then your anxiety might be the main thing holding you back. Don’t let the pursuit of perfection stop you from ever getting started.
Running your own business is a fantastic way to take control of your career and drive your future in the direction you want to go. Although the pandemic might seem like an obstacle, it offers its fair share of benefits for success. We hope this article helps you figure out if now is the right time to start building your future.
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