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Industry News

Looking to start your own business? 2015 may be your year

Here are a couple reasons why 2015 is poised to be the year of the small business.

Here are a couple reasons why 2015 is poised to be the year of the small business.

If you have entrepreneurial ambitions to launch your very own small business, then 2015 might be the time to do it.

Last month, the National Federation of Independent Business reported that 98.1 percent of small business owners were feeling optimistic, the highest on record since February 2007, nearly eight years ago. What's causing this sudden boom of positive feelings among entrepreneurs? According to CNBC, a combination of increasing access to capital, lowered fuel costs and a range of tax incentives are making it easier and more attractive than it has been in years for would-be small business owners to launch their own companies.

Another major contributing element to this growth in entrepreneurship are historically low interest rates, with the U.S. Small Business Administration issuing out loans of $150,000 or less with zero fees attached. Relaxed lending standards and quicker cash turnarounds have also helped to expedite the rate at which entrepreneurs can secure financing for their new businesses.

Ironically, if there is one major sticking point to how well small business growth will do in 2015, it's an improving job market. Private employers added over 241,000 new jobs in December, and analysts predict that employment prospects look to only get better as the year goes on. But while a dwindling unemployment rate may lure more Americans into jobs at established companies, rather than spur them into starting their own, Nigel Thomas — a former software engineer who launched his own business last November — notes that more jobs won't do anything to dissuade those entrepreneurs who too badly want to become their own boss.

"It's difficult to sit behind a desk and not be able to use your creative side," Thomas tells CNBC. "But if you're a real entrepreneur, you will never truly be happy working for someone else."

Whether you're a first-time entrepreneur or a veteran business owner, incorporating your business is a key part of the process that helps set a foundation for long-term growth and success.