The new year is almost here. Before you know it, we’ll close the door on 2021 and start fresh in 2022 with new goals and aspirations. If opening a small business or franchise is in your future, the start of the new year is a great time to do it. However, in order to launch right away, you’ll need to start planning now.
Take a closer look at why it’s smart to start a new business around the new year and why planning ahead is your key to success.
Start your business fresh in the new year
Owning a business is a lifelong dream for many entrepreneurs. For others, it’s a new venture they’d like to explore. Whichever camp you fall into, you’ll need to put a lot of time and energy into building your business. What better time to do this than at the start of a new year?
The new year brings with it positive energy, the feeling of a fresh start and the drive to fulfill new year’s resolutions. Fresh off the holidays, business owners feel rejuvenated and ready to take on new challenges. It’s the perfect opportunity for you to hit the ground running!
Starting a business first thing in the new year also gives you the benefit of operating for a full calendar year and accumulating tax deductions. You’ll get to experience all the seasons and learn how your business fares through each. Having a wealth of information can make it easier to plan for growth in your second year of operation.
Don’t wait until January 1
Many entrepreneurs make the mistake of waiting too long to plan for and prepare their business. If you want to have your business up and running at the start of the new year, you need to get moving now. You don’t want to wait to incorporate and launch your business until after January 1!
Here’s why you should get a head start:
- Securing financing takes time: Securing a loan or setting up a ROBS account does not happen overnight. If you need working capital for your business, you need to start the process of securing financing early. ROBS can be set up in as little as four weeks, while SBA loans can take up to six months. Apply early so you have business funding to work with.
- Account for processing delays: There’s a lot of paperwork involved in launching a business. Incorporating your business, applying for licenses and obtaining permits take time—and the end of the year is a busy time for state and federal offices. Prepare these documents early and apply before the end of the year. This way, you’ll beat holiday closures and the subsequent start-of-the-year rush.
- Take advantage of deals: End-of-year deals can benefit businesses, too! Company closures, clearing house sales and discounts allow you to stock your business for less. Look for office supplies and furniture, inventory deals and more at lower prices.
- Solidify your operational processes: When you officially launch your business, you want to make sure it’s smooth sailing. Getting the details ironed out well in advance will ensure your grand opening goes according to plan. Take the end of the year to work through your operational processes, marketing plans and more.
As you prepare to launch your new small business, rely on the expertise of a financial partner like Tenet Financial Group. With decades of combined experience, our team is prepared to help you navigate SBA loan applications and ROBS installations. Contact us to learn more!