As far as New Year’s resolutions go, starting a business could be the real life changer. If recent signs are an indication, 2015 may just be the year to do it.
Better Access to Capital
As mentioned in a number of our previous posts, capital can definitely make or break a business just starting out. Almost 80% of businesses fail just because they didn’t start with enough money. Aside from *figuring out just how much you need* and *how to get it*, you should take the time to figure out how to set up and start your business to take full advantage of tax breaks and many other government incentives to help out with your initial operations.
For example, there are tax breaks for doing business in green ways. Small business loans are also being offered by many institutions, and at record low interest rates. The SBA is actually zeroing out fees on loans of a maximum of $150,000 this year. This year’s Small Business Tax Credit gives 50% back on healthcare premiums for employers with less than 25 employees making a maximum of $50,000 each. There are tax breaks and higher maximum contributions to 401(k) plans. Alternative lending options are also sprouting up all over.
Low Energy Costs
If you drive anything that runs on gas, you’ll have noticed that prices at the pump have been diving big time. Gas prices are at their lowest since May 2009. This goes a long way in lowering operating costs for any business, especially those heavy on transportation and gas powered machinery.
Also, as mentioned earlier, you can get significant tax breaks for energy efficient building and operations. This can also mean you’ll eventually be “off the grid” energy-wise, relying solely on renewables.
The Classic Reasons
There are still, of course, the same old reasons people have turned to entrepreneurship instead of employment for decades. You get to do what you truly have a passion to do. You can basically be your own boss. In terms of freedom – personal, social, career, financial, etc. – this is the way to get it.
Of course, with great potential comes great risk. Be sure you know exactly what you’re getting into, and that you’re ready for it. There are so many varied and seemingly unconnected aspects to running a business that can and will take you unawares. Be sure to check out different sources of information on starting a business so you can stay fully informed.