Reasons to Start Your Business

Here are 5 exciting reasons to start your business now.

A robust economy

A downturned economy

Online business opportunities

Abundant global resources

Having a mentor/coach/guide/teacher

There are massive opportunities out there for you. Take advantage of them and start your business today.

The competitive landscape has never been tougher, and many small businesses are feeling the strain. Having struggled through Covid and uncertainty they are having to re-establish their goals and expectations.

If they haven’t re-designed their business plans and timeframes, they may not survive. Profit margins are down to almost unworkable limits. I’m sure if they had started their business with the margins they have now they would have never started. What an opportunity to start a business now. The economy is poor. You might question this logic but see it as buying stock t the bottom of the GFC. Soooo much up side.

Re-establish goals. Set new processes. Re-engineer production line. Is it any wonder there is a world of pain, frustration and confusion.

With the Great Resignation happening all over the world, a business startup now could expect vigorous growth, adequate margins and have access to an abundance of talent when the time comes to employ staff.

5 Exciting Reasons For Starting Your Business Now.

1. A robust economy

A robust economy: is predicted by the leading world economists, and evidence of this is everywhere you look. Watch for these signs. do your research. Get advice from a business coach or mentor.

This opportunity for growth and success is the number one reasons to start your business to get serious about your dream.

Do your own research and observations to be comfortable with your decisions. Even to take on industries where the market may seem over-saturated. The time may never be better. Customers still want product and information. Customers still demand service.

Existing businesses struggle to perform with low margins. To a point where they need to pull back on service, abolish departments, merge divisions and retrench staff. This is business retardation in a time where growth is booming.

A startup has the enviable position to grow into the markets, with sound planning and sensible expectations and good mentoring, they are in the prime position.

2. A Downturned Economy

A downturned economy: Think about this. To start your business in a downturned economy can set you up nicely if you know what to do. This could be the best you may ever get. Look for the signs. Ready yourself for action. Have your war-chest full. You might find stressed business to buy at a bargain. If you have the cash in times like these then you hold the cards.

This is the new norm. Get yourself set up in your home office. Remote offices are the future.

Create an office at home. Outsource resources. Customers expect this and they have no issues with the knowledge of your business is at your home office. Perfectly at ease with this.

In fact, there have been market surveys done where it is preferred. In the knowledge the customer is getting a low cost point knowing the overheads are expedient and the chances of the business being around for the long haul is reassuring.

Working in this ‘new norm’ gives greater flexibility for working hours. This sets the scene for a substantial business, attracting talented staff when the time is right.

Customer meetings, service providers, suppliers and so on are happy to be communicated via Zoom meetings, Facetime and other audio/visual programs. Not an issue at all. Are you seeing it?

No transport costs. No office rental costs, and no stress on your time and mental well-being driving all over the place to start work, meeting customers, meeting with supply chain execs, etc. This is the way of the new business world.

Sometimes it needs a world crisis like a Covid to shake the core of business to move to a more efficient way. The economy ebbs and flows. Take advantage of the downturns

3. Online businesses Opportunities

Online businesses opportunities are flourishing in this ‘new norm’ environment. For all the reason I have touched on above.

Online businesses have made tremendous inroads in the way we buy products and services and it is only going to get bigger and bigger.

Take care and be specific when you re-engineer your business plan.

When you sit down and work out what your business is going to look like, what online product or service you can deliver, it is important to widen your outlook. The world is your market.

If your business can be delivered online, then your market does not stop at the limits of your town, county, or country. The world is waiting for your business idea. Waiting and eager to buy online what you are offering.

But wait it gets better.

Remember my mention of the Great Resignation (you may well be part of it)? The Great Resignation is happening all over the world.

What does this mean to you? What does it matter if your office is in Smalltown USA or the Midlands of the UK or the Savannas of Africa or the outback of Australia? It matters zip.

It does not matter where you are in the world as long as you can establish an internet connection and a supply chain you have an online successful startup business. How exciting! All done from the comfort of your own home office.

4. Abundant Global Resources

Global resources are a natural follow-on from the above reason. Everything you need can be searched and obtained. Using all these resources to executed a workable business plan. Then you've tweaked it, massaged it, deleted it, started again, went for a walk, slept on it, talked it over with family and friends. If you have gone through all this using all the abundant global resources available to you then you have a well thought out written plan. A workable plan with timeframes, a sensible budget, goals and a beautiful vision of your future business.

As, in reason 3 we looked at online businesses and the amazing growth this has. When the time comes to employ staff to operate the different areas of your business, like, customer care center, accounting and inventory, distribution, marketing, website, social media exposure, blogs, videos, email servicing, and so on.

Consider outsourcing. This makes a world of difference. This is working on your business not in your business.

Go to your plan of action and consider the costs of employing local talent with all the taxes and benefits added ons.

Then compare this to outsourcing contract workers based all over the world. Do your research. Not all elements will work using this outsourcing method, but go through the exercise. It will surprise you how much can be done with the expertise of an off-shore member of your team. This is abundant global resource in action.

I could have put this in reason 2, but I believe it has a place on its own. It is an exciting reason to get involved which could be the catalyst to making starting your business extremely efficient and hugely profitable. I urge you to put it into your planning.

It doesn’t have to be done from day one, just consider it as an option and make it a serious option.

If you go down this path, you will need good supervision and business management. It is worth your effort to get this absolutely spot on right from the start.

This is something which makes a good business a great business.

It is working on your business not in your business.

This does not come as an easy option. It needs the right systems and processes in place. You will not get it right first up unless you are extremely lucky. This takes much planning and trial and error. Eventually, you will see in real time what works and what does not. Researching and gathering information on global outsourcing is an exciting reason for starting your business.

5. Make use of a Mentor

Make use of a mentor/coach/guide/teacher, someone to confide in. I have purposefully left this to last. Not because it is less important than the other reasons. No, the other exciting reasons should be digested, thought through and noted before I discuss this most important reason.

Set yourself up with a mentor right up front. the best investment a startup can make.

Sign up to our Monthly Newsletter, "Mentor Minutes", for 'juicy info' of more business tips and tricks.

There is no denying business is tough. It does not always go as planned. Many times, you will fail. You will lose money. You will lose faith. You will cry.

I urge you to get yourself somebody as soon as possible. Even in the conception stage. Especially in the planning stage. The mentor you need is someone not connected to you. Not family, God, not family. Not a friend. Get someone completely divorced from your circle of influence. Hire one from forums or other institutions you can find. Interview them. Do not be governed by cost.

Having a good long-term mentor is an investment. Don’t be dazzled by qualifications. It has been my experience that the best mentors are those who have walked the walk. Full stop.

Consider the ones who have failed. In fact, ask, “how many times have you failed”. Have a list of 3 - 4 prospects and take your time and get to know their traits. You need a no ‘BS’ type of person. Male or female makes no difference. Just know they have experience.

Your mentor is a zoom call or a txt away. Use it.

It is also important that you set up a line of communication. Your mentor is someone who you know is going to be there for you when need them. Have a deal where they are on call. They are there to help when you call.

Meet with them regularly and report the health and well-being of the business. Discuss options. Analyse the numbers. Make corrections. Increase resources. Set up ZOOM calls.

Your mentor will be the most important part of your business. Your mentor will be your most beneficial asset. Do not take this lightly. Again, this is not last in the 5 reasons for any other purpose other than to leave you with the best advice you are ever going to get to start your business. Your mentor will be your support service. Look after it.

There you have my 5 exciting reasons for starting your business now.

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There are many others, but these are a good starting point to work on in the present world economy and environment. Rising inflation and cost-of-living pressure is creating enormous opportunities. For those who are ready to take the plunge and start their own business, the world is your oyster.

Remember the time spent planning represents 80% of the time needed to build a successful business.

Have a go. Never give up on your dreams.

Go forth and build your empire.

Experience isn't the best teacher, experience is the only teacher.