10 Reasons to Start a Business Now

10 Reasons to Start a Business Now

by Heleigh Bostwick, February 2011

Whatever has held you back from taking the step of starting a business, the good news is, it's never too late. Whether good times or bad, new businesses can provide a product or service that is the right thing at the right time. If you've questioned whether you're ready to finally open up shop, here are 10 reasons to get you inspired: from being laid off, to the tax advantages, to lots of available talent, to the best reason of all—being your own boss.

1. You're Ready

The best reason to start a business is because you are ready—you've thought about it, done the leg work and have a place to work. Sometimes taking that first plunge can be scary. Just remember—it's one foot in front of the other.

2. Provide a Service People Want Right Now

Contrary to popular belief, the best business ideas don't always get their start during economic boom times. If you've got a service or product that people are likely to use during down times, then now is the time start that business—and watch it flourish.

3. You've Been Laid Off

With the unemployment rate persistently high, the odds of finding another comprable job—in the same field at the same pay and without having to move to another city—are probably pretty low. If you've recently been laid off and you have the time, the work ethic, business idea, and a place to work—such as a home-office—now might just be the time to start a business.

4. Tax Advantages

Financially speaking, there are a number of tax advantages to starting your own business—even if it's a home-based one. You can write off deductions for a home-office, including business expenses such as supplies, telephone, Internet and marketing materials. The Small Business Jobs Act, which was signed into law on September 27, 2010, also brought other tax breaks and incentives for small business.

5. Cheap Labor

In just about any type of venture you create, you can find willing and eager people to work for a low hourly rate—or even for free. If you're lucky enough to live in a college town, you can find interns who work for college credit to get experience working for your business.

6. You Have Nothing to Lose

No matter what your profession, education or life experience, over the years, you've probably had a few ideas for businesses. Many ideas could be more simple than you realize and don't require enormous outlays of cash, just good old fashioned dedication and effort. When you're doing something you love, the work no longer seems hard.

7. Talent Abounds

If you think you'll need to recruit talented people to start or run your business, now is the time to start looking. The economic downturn and recovery has created many opportunities to hire top talent. Tap into your professional and social networks or take a look around your community, you might just find a few talented people itching to start a joint venture or be part of yours. 

8. The Internet

From offering retail sales online without having to deal with the hassle and expense of a brick and mortar store to providing online services, the Internet has made it virtually impossible not to succeed at some kind of online business.

9. You're Underemployed

If you're working at a job where you are over qualified or you're working only part-time when you want to work full-time, you are underemployed. By starting your own business, you can better utilize your skills and talents and fill any downtime you have.

10. You're the Boss!

When you start a business you are the boss. It's that simple.