4 Reasons Why This Year is Finally the Time to Start Your Small Business
Great ideas aren’t as rare as you think. We have a running gag in the office where we come up with unique product ideas every time we need something we can’t find. We’ve got ideas for a more effective measuring tape, clever embroidered patches and a shoe for pretty much every purpose. Ideas are aplenty right now in an age when information is so accessible – and that’s a good thing. But what it takes to turn those ideas into a viable business is a whole other story. At Hubba, we believe this is also an ability anyone can develop with a hearty dose of gumption. The first step is to recognize your market’s climate, and when the right time to get in the game is.
Here are a few reasons why now is the time to make your move!
Technology is a business owner’s secret weapon
You’re going to need a website, email platform, shopping cart, accounting services, and social media. Luckily for you, there are easy-to-use services and DIY solutions for each of these online. There are a lot of pieces that need to come together in order to start a small business in the tech age.
Start-up costs are at an all-time low
You can run a good website for $20 a month, grab a seat at a co-working space to avoid high rent, 3D-print your first prototypes for less money than a week’s worth of groceries, and even crowd source any additional funding you may need from your own target market. Times are great for entrepreneurs to jump in with little investment– you don’t have to risk it all to ‘make it’.
Globalization means more customers
“According to supporters, globalization and democracy should go hand in hand. It should be pure business with no colonialist designs,” writes Mike Collins, Forbes contributor. Globalization is on small businesses’ side. Thanks to information technology, your audience has been opened up to include everyone with an internet connection and Google. The ‘shrinking world’ has also revealed many out-of-country resources spanning from product design, manufacturing, and even investing.
The Sharing Economy offers resources and collaboration
“It’s easy to look at the sharing economy as another chance to fight the competition,” says Vinil Ramdev, an esteemed entrepreneur. It seems counter-intuitive that an economic structure promoting buying less and sharing more can benefit your small product business. But rather than looking at it from a consumer prospective, flip it around and investigate the benefits to your business and how it functions. It’s completely revolutionized how people do business. Suddenly, your direct competitors can be your allies. You are all in it together, after all. You can also outsource tedious and specialized tasks, or borrow tools you may need (like a 3D-printer or lab space) with the click of a few buttons.
The possibilities are endless!