Is 2024 a Good Time to Start a Business?
Yes! As the economic landscape both globally and nationally is looking rather bleak, it is no surprise that the thought of building a startup fills us with fear! Having said that, the evidence actually says we shouldn’t be too worried!
Here’s why 2024 is the right time to start a business…
Emerging technologies are here to save the day and get your business a wider reach, for lower costs! Due to new tech, acquiring new customers is actually very affordable for many businesses!
Interest rates look set to stabilise! Okay, granted the BofE has said they aren’t going to come down for a while - but they haven’t risen again the past few months which is a promising sign that we’ve been through the worst of it!
It has never been easier to gather market research to understand what your customers want! Gone are the days of texting all your friends individually to ask their thoughts. Now you can conduct market research across the country via online channels for very little costs!
There are many funding options available, which are specifically designed to support small businesses. Take a look at them here!
When is the right time to start a business?
The truth of the matter is, there is never a ‘perfect’ time to start a business. Both internal and external factors play a huge part in the decisions we make and you have to choose the decision which is best suited for you. Whether it be an interest rate rise, an offer of a promotion in your current job, a big life event or something completely different going on, it’s not often the timing is perfect. You just have to remember, if there is a demand for your product/service and you put 100% effort into it, it WILL be a success!
There are no two ways about it, if people want your product interest rates simply won’t matter. Whilst it may be a little more challenging in hard economic times, by the time you’ve waited until the economy is booming, new competitors may have emerged which are also going to impact your business. ✨
Feel the fear, and do it anyway!
It’s very easy to think of all the reasons why you shouldn’t do something, instead of thinking of the reasons why you should. We are often our own worst enemy, putting ourselves down and thinking we’re not good enough!
Take a deep breath and remind yourself of everything you have already achieved, why wouldn’t you make this business successful? It’s scary, it’s risky and it’s certainly overwhelming, but it is also very exciting!
So believe in yourself, feel the nerves and get started!
FREE Business Plan Template and Guide!
If you have now decided that you’re ready to build a startup in 2024, you’re going to want to download our free 23-page business plan template! Our template and guide have simple instructional prompts, questions, and tips to help you write your plan. You can easily edit the content, fonts, and colours in Microsoft Word to adapt it to your business.
