3 reasons to start a small business before the end of the year

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You might want to take the leap sooner or later.

Key Point

• Starting your own business can be a very rewarding experience.
• Rather than wait, you may want to start that business soon.
• We need to prepare for the possibility of a recession, and it may be easier to raise money now than it was last year.

Starting a small business has many benefits, financial and otherwise. But launching a business venture isn’t something you can just jump in.

For one thing, it usually takes a small business months, if not years, to turn a profit. So before you start your own venture, you need to make sure your savings account is well stocked with enough cash to cover many months of living expenses (1, if not more). Consider it worth a year’s worth).

But let’s say you’re already there. You have a great idea for a business, good credit, and plenty of savings to take advantage of if your new company takes time to generate revenue. We recommend that you start. Here are some reasons.

1. I’m afraid I’ll be laid off because of the recession.

For months, economists have issued dire warnings of an impending recession.Of course, that doesn’t mean we are guarantee We will experience a recession in 2023. But this is what we should all be prepared for.

On the other hand, you may work in an industry particularly vulnerable to recession, such as retail or hospitality. In that case, if you’re worried about being laid off during the recession, it’s a good idea to start your own business soon so you don’t lose your job.

Unemployment can have not only an economic impact, but also an emotional impact. So starting a business may help you get ahead of that situation.

2. You may find it easier to get financing

Many small businesses need funding to get started. There is no doubt that if a recession hits in 2023, lenders will start tightening standards and lending money more freely. Applying for a short-term loan while the economy is still in good shape increases your chances of getting a loan.

3. My job is miserable and I need a break

No matter what you do, if you are considered a full-time employee, you probably spend many hours a week at work. And when it’s a job you hate rather than a job you love, it can have a serious impact on mental health and lead to a full-blown case of employee burnout.

If you’re financially ready and you’ve thought things through, dive into starting your own business instead of staying in a bad job. It can have an amazing effect on your outlook and can make you happier being with them on vacation.

Deciding to start a small business on a whim is never a good idea. But if it’s something you’ve been planning and saving for quite some time, it might be in your interest to start that business in the next few months instead of waiting.