3 Reasons No Money Is No Barrier to Starting Your Business
More people are starting new businesses than ever before. That’s not
because all of a sudden this year more folks have better ideas than in
years past. It’s because the barriers to creating a new business have
never been lower.
Technology has broken down the walls and
empowered anyone to start a business of any kind. Flexibility, cost and
mobility have created a solid foundation for entrepreneurship to
continue growing in the years to come. Here are three key reasons anyone
can become an entrepreneur.
1. Financial liquidity early on.
Historically,
getting a higher education (i.e., university, graduate school, etc.)
could actually be an impediment to starting a business. It's sometimes
viewed as a roadblock, layering you with debt -- forcing you to work a
“normal” job to pay down said debt -- and pushing off your
entrepreneurial dreams for a long time or forever. Unsurprisingly, no
liquidity, or access to capital, is a common reason why people do not
start businesses.
Now,
it has actually never been easier or more transparent to refinance near
term liquidity requirements, especially for someone in their teens or
20s. Young adults are now investing in themselves with respect to proper
education and structuring their finances to where they have the
flexibility to start a business without having creditors breathing down
their necks. If they have an idea, there aren’t any financial chains
holding them back from reaching their entrepreneurial potential.
2. Affordable legal and marketing.
Unlike
in years past, you don’t need to ask a friend or family member to
recommend a lawyer to help you cut through all the red tape to form an
LLC. You can set up a legal entity in a matter of days, and pay no more
than $50 to help with the filing. That’s not just a slight improvement
-- it’s a game changer for eager entrepreneurs everywhere.
Once
your business gets set up, finding those first customers is not the
grind it once was. Have a local service business? List yourself on Yelp, HomeAdvisor or Thumbtack. Sell software to other businesses? Find customers on LinkedIn. Build hardware to sell to consumers? Grow an audience and funds on KickStarter, or drive Googling consumers to your website with AdWords. The art of finding customers has moved online, which has dramatically reduced the legwork to help you grow.
3. Mobilization of businesses.
The
days of buying into a multi-year office space lease are over. Coworking
spaces, for example, have dramatically reduced the price of office
space to accommodate anywhere from one to 20 person companies.
Month-to-month desk or office rentals are the norm for any entrepreneur
who needs office space, but these days, professionals are increasingly choosing mobile over a physical location.
In 2015, mobile usage eclipsed desktop usage
for the first time ever. Across the board, consumers and businesses are
turning to mobile for more convenient and real-time actions. Clients no
longer expect a physical presence for a business, and businesses now
have the ability to access their computers from their pocket. Handheld
devices can handle scheduling, payments, marketing, employee management and more.
Not
only is this structural shift to mobile more convenient for
professionals, but it has dramatically reduced fixed costs for any
aspiring entrepreneur.
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