Ever had that entrepreneurial itch?
Felt the need to be your own boss?
Tired of the daily grind and ready to strike out on your own?
I know – it sounds crazy that during challenging times people would even think of starting a business. But the funny thing is, times of uncertainty are often the very BEST moment to pull out that old business plan gathering dust.
A recent article in the New York Times notes that many well-known corporate successes got their start during troubled times: Airbnb, Disney, and Microsoft (to name a few).
And there are several reasons why starting a business right now may make perfect sense:
1) Interest rates are at historic lows, making the cost of getting funding for your venture lower than ever before.
2) Office equipment, furniture, and more are now readily available as companies fold and offer incredible deals on stuff they no longer need.
3) Landlords are offering lower-priced leasing deals as space opens up that they need to fill.
4) Highly qualified employees are now hitting the bricks looking for gainful employment – there’s talent available that wasn’t before.
And finally –
5) Any time there’s a significant disruption like we’ve seen, opportunities inevitably emerge to fill needs that simply didn’t exist before.
So this could very well be the best time ever to kick off that new venture.
But the key, as noted in an article in the New York Times, is “offering solutions to the challenges that people now face: educating their children, working from home, managing supply chains, getting a haircut, getting the house cleaned, seeing doctors and therapists, and entertaining themselves.”
If you’ve been thinking about dipping your toe into the entrepreneurial waters – or just would like to chat – give us a call at 513-563-PLAN (7526) or book online to set up a time that works for your schedule. We can go over your financial goals and come up with a plan to put you on the path to success.
Nikki Earley, CFP® & Dan Cuprill, CFP®
P.S. To learn the steps you can take to protect and even capitalize on recent investment volatility in light of COVID-19, check out my webinar.