UNITED STATES—If you are thinking about opening your own business in 2019 then you will certainly have a lot to think about. After all, you need to think about your financial situation, the current economy and even the idea you have. Even with considering all of that, there’s still one important question. Is 2019 a good year for starting a business?
Existing Business Owners are Optimistic
Last year was certainly a great year for small business owners. A lot of people reported that they had a lot of profit and revenue growth. Sure, there’s still some degree of unpredictability right now, but it’s safe to say that overall, things are still looking somewhat stable.
Big Banks are Approving More Loans
2018 ended with some significant blows to the stock market. A lot of analysts believed that 2019 would be a great year for small business owners as a result, especially when you look at lending. Approval rates are rising, and it’s been a long time since this has happened. These small business lending statistics certainly reflect that, and if that’s anything to go by, it just goes to show that things are looking up.
You have a Growing Network
There are a lot of things driving today’s economy, but it is important to know that ultimately, it comes down to you. There are in fact various things that you need to take into account in your own life, and this could indicate whether or not it is actually a good time for you to open a business. If you want to have a successful business, then you have to make sure that you engage with the people around you and you also need to have a growing customer base too. This means having a strong network before launch. If you can ensure this, then 2019 is most certainly the best year for you to be starting a business.
A lot has changed in 2019, but one thing’s for sure- if people have a growing need for what you provide, then there is absolutely no reason why you can’t go on to operate a great business. Before you launch, you have to make sure that you do your basic market research and that you also determine whether or not you have a good understanding of your audience. This may sound complicated but it’s actually way easier than it sounds.
You’re Financially Stable
2019 may have brought a lot of ups and downs so far, but businesses are still thriving. If you are in a good financial position right now, then there is absolutely no reason why you can’t go on to operate a successful business. As mentioned above, banks are lending more now, but that being said, if you can put yourself in a strong financial position then you may even be able to secure a loan that is higher than what you were originally looking for. This could boost your position in the industry and the amount of market potential you have.