Did the pandemic thwart your plans of opening your own business? If so, you are not alone. An untold number of entrepreneurs have put off proprietorship since the coronavirus ravaged the American economy. But, things are starting to look up, and now may be the perfect time to carve out your own corner of success. Why?
Interest rates are low
Real estate interest rates are not the only ones that plunged along with the economy. A business loan may cost you as little as 2% if you have good credit and at least some capital to back up your professional aspirations.
If you have a good relationship with your bank, that’s the best place to start. An online loan or one through the Small Business Administration is your second best option, with rates ranging from about 7% up to 10.25% interest for an SBA loan and all the way up to 100% for an online loan through a digital lending agent. Do your research, and find a loan that works for your budget.
You don’t have to do everything
Thanks to technology, gone are the days when you have to run your business solely by yourself. Even if you choose a solopreneurship, you have options for help. One example is outsourcing order fulfillment, and ShipMonk, eFulfillment Services, and ShipBob are three of the best companies for this particular task. You might also choose a dropshipping service, which handles inventory on your behalf.
Using a freelancer is also an option if you have tasks that don’t require a full-time helper, but that you are not particularly savvy in yourself. Administrative duties and graphic design are two excellent examples of areas where a freelancer, who is a contract worker, can come in handy. Both order fulfillment and utilizing freelance services can help reduce your operational cost while ensuring that you and your customers are taken care of.
You can learn while you earn
Starting a business means that you have unlimited income potential. It’s also the best way to pursue your personal or professional passions and experience a new lifestyle, one where you leave the 9 to 5 grind behind. Chron also points out that you have an opportunity to meet unfulfilled marketplace needs. But, perhaps one of the greatest benefits of being a business owner is that you’ll have the flexibility to start or complete your education while you are earning an income for your family.
You also have the option to knock out your education before you jump into entrepreneurship. You can utilize the internet to go back to school for management leadership, marketing, or business, and an online program can allow you to get your BS or MBA, which you can take to the job market should you decide later that business ownership is not for you.
Other businesses are failing
Sadly, NBC News reports many small and large businesses have gone under because of the pandemic. As disheartening as this is for the economy as a whole, it does offer some opportunities to you to acquire equipment, customer lists, and other necessities at a reasonable price.
In addition to finding a good deal on the things you need, business closures also means you may be able to slide into the brick-and-mortar marketplace, which consumers continue to value when it comes to luxury purchases, according to VendHQ.
While the thought of launching a business in the middle of a global pandemic might be unsettling, there may never be a better time than now to become an entrepreneur. Low interest rates, educational opportunities, and access to equipment at a discount can help you make the most of the money you have now so that you can earn a better living in the future.