The world is changing in unpredictable ways, and it’s not always clear what the future will hold. 10 years ago, no one would have predicted that Facebook would grow to 2 billion monthly users or that Amazon would be the second most valuable company on earth. 10 years from now, we can’t predict what will happen with any certainty either, but there are some things we know for sure: Our country faces daunting economic challenges; small businesses face tough competition; and technological advances make it possible to do more than ever before. These 10 reasons in this small business blog post explain why you MUST start your small business in 2021.
Pace of change for businesses
The first reason you should consider starting your company now is the pace of change for businesses will increase exponentially by 2040. This means that if plans aren’t made today or tomorrow, they might not be able to at all because changes will happen so fast that it’ll leave anyone’s chance of being prepared obsolete before it ever begins.
Influx of entrepreneurs
The second reason you should consider starting your company now is that there will be an influx of entrepreneurs over the next couple decades. Research predicts that by 2040, 65% of people born after 2000 will become self-employed at some point during their lifetime. This means if you don’t start soon, someone else with foresight might come along and take what could have been yours out from under you.
The third reason you should consider starting your company now is that the demographic shift will be happening by 2040. By 2020, there are more millennials than baby boomers who have children (19% vs 13%). This means that as this generation grows up, they’ll find it increasingly difficult to start a family because of their lack of job stability (and we know how hard it can be for entrepreneurs) which could lead them into entrepreneurship instead. As this happens, not only do businesses need younger blood to fill the gap, but by 10 years from now these millennials will have 10 or more years of experience under their belts which means they’ll be wiser entrepreneurs!”
The 2020 Election Cycle Is Coming to a Close
As we get closer and closer, the 2020 election cycle is coming to a close. The field of candidates for President will be narrowing in both parties as time goes on- with only two hours remaining before polling stations open statewide across the United States. You want your business positioned so that you can take advantage of any changes that happen after this date. However, even if there are no major shake ups or surprises within either party during this period, it’s still important to maintain your momentum up until November 2020 because just like anything else in life, timing is everything!
In addition, by starting now you have more time than ever before to develop from start-up phase into the growth phase. You can take your time to strategize and plan out every step, which is especially important if you want to avoid any costly mistakes with a long-term payoff on ROI. And don’t forget how much more competitive it will be after 2020!
Cut down on labor costs
You will be able to cut down on labor costs through technological advancements. Automation is a strategy for small businesses that are looking to reduce their operating expenses. It’s also a world-wide trend, with China leading the way by using robots in place of factory workers and service industry employees.
Create a sustainable business model
You will be able to create a sustainable business model. The 10-year timeline means you’ll have plenty of time to figure out what your optimal profit margin is, and how much work it takes to earn that revenue.
Effective marketing strategy
You can develop an effective marketing strategy for the next 10 years. Marketing requires planning ahead in order for businesses to stay competitive, profitable and relevant over the course of 10 years or more – so why not start now?
Predict future patterns
You will be able to look at trends from a decade ago and predict future patterns with accuracy. Data mining allows entrepreneurs opportunities like never before by giving them insight into consumer behavior, statistics such as economic growth rates, demographic shifts etc., which are key factors when shaping any successful long term business strategy.
You will have 10 years to build up a network of contacts in the industry and grow your business connections. The more relationships you establish now, the more people you’ll be able to call on later during difficult times or for help with new opportunities that may pop up over the next 10 years.
Take advantage of technology trends
You can take advantage of technology trends such as artificial intelligence (AI) which has already infiltrated many aspects of modern life from personal assistants like Alexa and Siri to self-driving vehicles that are starting to hit our streets today.”
Author Bio: Sharma is a Youtuber and business consultant. His articles and blogs inspire millions of people around the world. Sharma also shares his ideas through instagram to reachout to the audience easily.