Starting a small business in the first year of a new president is always a worrying time. There are no guarantees on what the new president will do or how states are going to react to those changes. There are also worries over how the wider economy is going to perform under a new leader.
So, is 2017 the right time to start your small business?
- New Opportunities Like Never Before
A new president might bring uncertainty but he also brings opportunity. Regardless of your political thinking, things are going to change. Some industries will thrive and some will dive. The thriving industries bring up a range of opportunities to take advantage of.
That construction project that just opened around the corner?
Open up a food truck for the hungry workers just around the corner. Remember that opportunities don’t need to be directly related to a thriving industry.
- The ACA Repeal is Freeing Up Your Costs
The mandatory employer health insurance requirement under the Affordable Care Act (ACA) is almost certainly going to be repealed. You’ll no longer have to find the money to cover employee health insurance. That also applies to dental insurance. With both no waiting period dental insurance and employee health insurance, this can normally add up to a big expense for a small company.
- Apps and Outsourcing for Everything
The continuing growth of apps and outsourcing means that starting a small business has never been cheaper than it is today. You don’t need a conventional office building with full-time employees. Most work can be conducted outside of an office because of this revolution in technology.
- Low Interest Rates
Getting a small business loan has never been easier because of low interest rates. You don’t need to worry about paying huge amounts every month. Interest rates are at record lows and are unlikely to move in any significant direction in the near future.
Grab these loans while you have the chance.
- Challenging Times are the Best Times
Everyone agrees that 2017 is going to be a challenging year on a global scale. These challenges could be undefeatable, but smart entrepreneurs will look at the vast changes going on throughout the world and see immense opportunities. A new protectionist trade policy from the US could indicate different industries and more jobs flowing back to the US. It could even mean more openings abroad.
These are challenging times, but they represent openings that were never available before. Take a closer look at your field of interest and see how times could be changing to your advantage.
Last Word – No Time Like Right Now
Small businesses are more susceptible than all other companies to changes in the economy. Leaving everything until later could restrict your business idea.
For example, if you have an idea for a new banking app, you might be waiting for the perfect time to unleash it. But when that perfect time comes around you find out that a competitor has had the same idea, trademarked it, and is already on the point of releasing it.
Don’t let that happen to you. Make 2017 the year you open a new small business.