- October 6, 2011
- Posted by: Paul Foster
- Category: How to Start a New Business
4 reasons why now is the best time to start a small business: Technology advancements – The cost required to invest in the technology needed for your new business is at an all-time low.
Only a year ago I spent $20K upgrading the server and backup system at my physical office building. Today the ‘cloud-based’ technology is becoming a realistic option for setting up your business with only an internet connection required on your laptop. Skype allows you to talk to customers around the world without flying or driving to see them. Government support – Government has always provided some level of support to small business. In the last recession, small business job losses were the lowest. Healthy small businesses dig into the community and provide stability. This was always the case, but the mood in government at all levels understands and appreciates this more clearly today. There are multiple business ‘incubator’ programs (example – www.downtownaccelerator.com), there are startup grants available and small business loans and resources to support you (example – www.essexcfdc.on.ca and www.windsoressexsmallbusiness.com). Any economic development strategy anywhere in the world has a focus on supporting new business startups.
University and/or college support – The education world has also recognized the huge benefits of experiential learning and developing entrepreneurship. In Windsor Ontario, the Centre for Enterprise & Law brings business students and law students together to work on real life projects. I have the pleasure of being a resource to this program as the Entrepreneur in Residence for this program (as of Sept, 2011). These future advisors are very impressive. Their skills and knowledge are a great complement to any business smart enough to tap into them. We are not getting any younger! No time like the present! – Entrepreneurship is not for everyone. However, if you are planning to venture out into the business world, you may be waiting for the perfect time. Besides waiting to build sufficient financial strength to properly capitalize your venture, the closest to the perfect time is now. The combination of government and university/college support with the lowest cost of technology to start your business improves your probability of success.