Employment has been rebounding, and yet the number of "soloprenuers" rose 12.5 percent from 2011 to 2014, according to a report by MBO Partners, a business services group. By 2019, the number of people who derive all or part of their income from independent work is estimated to grow from the current 30 million to nearly 40 million.
Small and medium-sized businesses are the bedrock of our domestic economy, but it can be difficult to know when to push forward with your brilliant idea and when it would be safer to sit on it.
For budding entrepreneurs, there's good news: now is a wonderful time to start your business. Here are a few reasons why:
Technology: Technology is always evolving and giving us easier ways to accomplish complicated tasks. Today's tech has removed many obstacles for small and medium-sized business owners by giving them more affordable ways to run a company. There are now apps that can do everything from budgeting and sales tracking to human resources functions and data analysis.
Credit is looking up: During the recession it was incredibly difficult for small business owners to get approved for a loan. While the numbers are still down compared to approval rates pre-crisis, things are changing for the better. There are also new options for business to turn to, such as crowd-funding. A number of other nontraditional lenders have also cropped up recently, such as Fundation and OnDeck, which both focus on smaller business.
"From a small-business owner's perspective, that there are alternative financing companies focusing on this space is very good news," Mark Palmer, an analyst at financial services firm BTIG, told NerdWallet. The fact that companies are looking to close the gaps the recession created is good news for new business owners looking for that elusive funding. There are now a lot more resources than there were in 2008 and it's important that entrepreneurs value all the options they have.
The economy is improving: Finally, the most important factor that tells us now is a good time to consider opening your own business — the economy is improving. Thriving economies mean lower unemployment rates, record-high stocks, rock-bottom interest rates and decreasing inflation. When things look good most people tend to go back to the traditional job market. For the dedicated entrepreneur this is good thing. Less competition combined with a better financial climate offers entrepreneurs who are looking to fulfill their business-owning dreams a wonderful opportunity.
Whether you start a business today or a year from now, it is important to make sure you dot your i's and cross your t's. Incorporating your business is an essential key to creating a company that will last. Contact registered agent services and form a corporation as soon as possible.