Working long hours for international corporations has only ever resulted in a steady paycheck. A few bonuses here and there, perhaps. To fully comprehend what financial independence entails, one must first go through the process of starting a business.
Entrepreneurship can be the perfect path for you if you tend to work hard and want to see the fruits of your labor up close. However, making the switch from working for someone else to working for yourself can be difficult.
You may begin to question your skills or decide that starting a business is not worth the risk. To inspire you to proceed with your business ambitions, here are three reasons why 2023 is a wonderful year to launch a business.
When you own a small business, you help to drive the economic growth in your community and, consequently, your nation by becoming a crucial component of the US economy. It is important to note that 99.99 percent of US firms are small businesses. As seen by their export of commodities totaling $460 billion in just a year, 2019 alone, these 32.5 million small enterprises are responsible for the economy's uninterrupted development.
The year 2021 saw a retail resurgence, with major US retailers opening 8,100 new stores. The retail industry has been steadily growing, aided by a number of factors like easy lease negotiations due to the pandemic. There has never been a better opportunity to launch a small business right away in order to benefit from the upswing and increase revenues.
In the last few years, especially after the end of nationwide lockdowns, it has been evident that people value customer experience over cheaper deals. While mass-market operations and big chains are hard to contend with, there is one aspect that these companies find a difficult time getting right; the enhanced customer experience. With exceptional customer service, knowledgeable assistance, and high-quality products, small businesses excel at relationship building.
It is pointless to compete on price with the large chains in light of these. Instead, it is smarter to cultivate long-lasting relationships with your clients with personalized services that they appreciate over more affordable offers from mass-market businesses.
Although starting a new business can be intimidating, it is undoubtedly worthwhile. It's true that the stakes are great; you might need to invest all of your resources and enlist the help of some friends or family, and if that doesn't cut it, you might even consider taking out a loan. There is no room for failure. However, it's impossible to succeed without trying.
As T. S. Eliot wisely said, “Only those who will risk going too far can possibly find out how far it is possible to go.” And once you start to climb, the sky's the limit.
The new year is right on the horizon and it’s the perfect time to start a new business. However, you must also protect it with the right insurance. Get in touch with our professionals here at Little & Sons Insurance Services right away to bag the most affordable business insurance for your new venture that is tailored to all your specific needs.
