Bring out the noisemakers – you finally made it to the end of another year! 2020? It’s been … well, you know. We know this year has been a tough one. Quarantine and social distancing guidelines have primarily moved the business world entirely online, and pivots have been necessary to navigate unprecedented circumstances. As you look forward to a “new normal,” first, pat yourself on the back – you made it this far.
At SMS Law Firm, we’re ready to ring in 2021 with a bang. If you’re thinking of starting a business, there’s no time like the present – and we mean at the beginning at the start of 2021.
1. Interest rate cuts have made rates more affordable than ever.
After emergency cuts early in 2020, the U.S. Federal Reserve has continued to keep short-term borrowing rates near zero in a bid to help the economy recover from the COVID-10 pandemic more quickly. This means that it’s more affordable for aspiring small business owners than almost ever to borrow the money you need to buy or launch a small business or expand it once you start it.
2. Get in early on new and lucrative small business opportunities.
Though the COVID-19 pandemic continues to impact small businesses, those impacts aren’t all negative. Some industries are seeing record increases in business due to the “new normal” of the changing economic and lifestyle landscapes. For example, while the foodservice industry struggles with in-house dining during lock-downs and quarantines, consumer interest in food delivery services has increased by 148 percent by the end of June 2020.
3. Hiring is suddenly much more effortless.
With the unfortunate impacts of the COVID-19 pandemic on the economy and businesses unable to pivot to a model that kept them afloat, there are currently many very skilled, very eager people looking for work. Opening a small business helps support your community by providing goods and services and creating opportunities for talented people to help your business thrive.
If you’re hesitant about starting a business during this time, look for the reasons why it will work, instead of why it won’t – because what we focus on grows. Many successful leaders, businesses, and companies are creating during times of turmoil.
As we finish up 2020 and reflect on this past year, all of us from SMS Law Firm would like to thank everyone who has been a part of our journey. We hope you all have a wonderful holiday, and may the coming year be overflowing with all the good things in life!