Need reminding to lodge your monthly or quarterly BAS on time?

Then join the AFYF mailing list and receive ongoing information, news and updates on the latest tax, business, marketing and accounting developments. We’ll even remind you to lodge your BAS on time!

Out Sourcery

  • Bookkeeping
  • MYOB Setup and Training
  • Business Systems and Management

MYOB | Professional Partner learn more »
 

Disclaimer

This is not advice. Items herein are general comments only and do not constitute or convey advice per se. The information contained in these articles is for guidance only and should not be relied upon without obtaining professional advice having regard to your direct circumstances.

 

Ten good reasons to back yourself

Do you have one good reason why you should expand or go into business for yourself - even if the ‘sky is falling’ in this economy? Right now is absolutely the best time to get into business, and here are 10 good reasons ‘why’ – no matter what other people or the media say.

So how come a good reason ‘why’, (or 10 good reasons) is so important? Seeding your mind with good rational reasons to answer the ‘why’ question not only helps the logical side of your brain accept new beliefs – you’ll soon discover you’ll begin to see all situations as opportunities, just like great entrepreneurs do.

So here are the 10 very good reasons to start your business right now;

1. Everything is cheaper – There is great value right now in this and in world markets. This is the right time for fantastic deals in virtually every category from land and equipment to commercial office space and labour. Some people have waited years to find value in these markets – and now that time has come

2. You can hire more team and better qualified people - In an era when even Microsoft is laying off, you can find great resources at affordable rates. Thinking about getting your high-tech start up off the ground? There’s no better time than right now. Thinking about forming a professional services firm? There are plenty of engineers, accountants and attorneys looking for their next opportunity.

3. People are looking to change suppliers – From a cost perspective, everything is ‘on the table’ for most companies. If you can come in with greater value, even if your prices are higher, you can have a good chance of winning new business. You also have the advantage of being the ‘new kid on the block’  when it comes to pitching your products and services, and many companies are desperate to find new partnerships with new companies with a different, better or more innovative way of delivering those products and services.

4. Ownership equals tax incentives – Business ownership offers a variety of tax benefits that aren’t available to employees. While taxes should never be the sole reason to go into business for yourself, it should be one reason to add to your ‘benefits of business ownership’ list.

5. Family and friends don’t want to invest more money into the stock or real estate markets – That means they may be willing to finance a portion of your new venture, or the expansion of an enterprise that has proven itself over time. The main benefit is that they know you and have a relationship with you – and if you have a solid business plan that delivers real numbers, your chances of raising the capital increase exponentially.

6. Suppliers are giving better credit- Because the credit markets have virtually shut down, the business-to-business credit flows are keeping money circulating out of sheer necessity. That means a bullish outlook for companies looking for good terms on stock and/or inventories. The main advantage is that all parties have more incentive than ever for finding true ‘win-win’ situations that allow for cash and stock flow.

7. You can get good PR by showing you are ‘going against the trend’ – The media loves aberrations - and if you are optimistic by expanding or getting into business now, you would be in that category. That means you can generate some great PR by demonstrating your ‘alternative’ view of the market.

8. You can buy everything you need at auction - In addition to everything being less expensive, you can find great deals at auctions, especially in terms of any large equipment and office furnishings. Auctions are also a great place to find hardly used restaurant and bar supplies at great prices. These days, you may even be able to get deals on fleets of vehicles and trucks for a delivery service or hauling or construction company.

9. You can find great ‘low money’ or ‘no money’ down deals – This is simply being aware of good opportunities that others have mucked up, and finding deals where you could get an entire business simply by taking over a lease (along with all the equipment). Many business owners want out at “any cost”, meaning you can negotiate great “win-win” deals.

And finally…

10. You’ve lost your job and you have to do something-  Sometimes, the best business decision is the one you are forced into, and the incentive (as well as need) for income is often enough to push those previously “on the fence” to strike out on their own. There’s nothing wrong with being in this position; it simply means there is greater urgency to do something that will start to generate income as quickly as possible.

So there you have it… a new kind of ‘Top 10’ list for those looking for good reasons to prosper and grow in this environment. After all, it’s not circumstances that truly define us, but rather how we react to those outside forces that ultimately determine our success.

Brad Sugars
My Business, March, 2009

 


« Back