If you are looking to start your own business, want to be an entrepreneur or even just get a small side hustle going, now is the time. It’s never been easier, and more affordable, to start a business.
Startup Kits
Whatever type of business you are starting, you can almost certainly leverage some sort of software or online platform to replace what was traditionally a huge expense - whether in terms of technology or manpower.
If you’re starting an e-commerce site, you have access to online resources to quickly get the online store setup. In the past, getting all this put together would have taken a lot of time.
If you’re looking at a brick and mortar operation, there are now simplified point-of-sale options that can be up and running almost immediately - previously you had to deal with a bunch of nonsense and clunky equipment to get this setup.
Lower Costs
All these additional services that are now available translate into lower start up costs. The costs of technology is trending down, and this is good news for business owners; they can access resources that were previously unavailable (usually due to money and company size) at more and more affordable prices.
There is enterprise level software/services to handle accounting, legal (Launch), human resources, payroll and other services that will become necessary for your business as you start and grow - and most of these you can find for a reasonable, flat monthly rate or subscription. Small businesses and entrepreneurs used to be priced out of many of these services, but that’s all changed.
Less Than You Think
You probably need less than you think to get started. When I first started thinking about opening my own law firm I took a seminar and read some books about it (both by lawyers who were “experts” at advising lawyers on opening their own firm).
They all said basically the same things - you need to rent a really nice office, buy a bunch of expensive stationary, every year purchase the updated legal guides, etc., etc., etc. This advice makes no sense. All of the so-called “needs” were really expensive, and I had a budget to work with. I skimped on all of it - no nice office (no office at all actually), never had stationary for my firm (I do most of my work online), and never purchased any of the yearly legal updates (the resources are available for free at a law library).
Think about what your customers care about, don’t feel like you have to do something or “need” it because it’s been the norm in your industry forever. Launch represents clients that do millions in annual revenue, nobody has ever asked me where my stationary or nice office is - they don’t care. The point is this, what’s the bare minimum your need to serve your clients, figure that out and start there.
Global Opportunities
We are in a global marketplace, which means there is a bigger customer base and it’s easier to reach a large group of your target market. This doesn’t mean you’ll be successful, but it does mean that your brand, your marketing, your promotions and so on are going to be able to reach a bigger audience than in the past.
If you’re thinking about starting a business, or being a little entrepreneurial, now’s the time.