There is a lot of negative news out there. Unemployment is still high. Small businesses are still struggling. It’s important to focus on the positives, and there are some positives out there for people that want to start a business. Despite economic uncertainty and an unchecked pandemic causing small business challenges, it could be a great time for entrepreneurship. There are a few basic benefits of starting a business right now.
Advantages of Starting Your Own Company Right Now:
1. Available Talent for Your Business
It is a sad reality that many have lost their jobs during 2020. The only upside to this is that there are so many qualified people looking for work or an opportunity. Whether that opportunity is stepping into their own role and starting their own business or whether that opportunity is joining a company that has pivoted and is growing during this time, they are out there. If you start a business and need to add to the team in order to sustain your growth, there are qualified applicants ready to join your team.
2. Benefit of Cheap Office Space
Many companies moved to remote working during this pandemic. Additionally, many companies went out of business or decided to shutter until the pandemic gets under control. This makes office space available and affordable. If you don’t want to have a physical office location, then there is still a benefit right now in that most people are used to or even hoping for remote work. This helps save on overhead costs, and you have plenty of telecommunication tools to help create a unified environment outside a physical office.
3. Cheap Marketing Costs
You can sort of think of ad buying as on sale during recessions. This depends on your sector of course, but typically marketing budgets are the first to get slashed during downturns. This doesn’t always make sense, and having highly targeted marketing at cheaper pricing could give your new start business a huge advantage. You could create a much larger digital footprint when your competition backs off on marketing.
4. Low Entry Cost
If you are planning to start a business or you already have, the biggest concern you should have is working capital. It typically takes a large chunk of capital on hand to start a business. Fulfilling new orders takes money for materials, labor, and delivery. Selling on credit terms to other businesses means you may have to wait a month or more before collecting that payment and being able to sell again. The solution to this cash flow gap is called Purchase Order Finance.
What You Need to Start a Business Right Now
Purchase Order Finance or PO Finance is an alternative funding option to a bank loan. It is debt free and essentially fronts the capital you need to fulfill an order. This gives lean start ups an edge when it comes to expanding in a market. You can afford to take on new and larger clients because suddenly you have the cash to make sales without the waiting period to collect payment for those invoices. PO Funding does not require a long time in business or a high personal or business credit score. Instead, approval decisions are based on the strength of your customer and product. If you run a good business with good customers, you will qualify for this funding!