Is it a Good Time to Start a New Business?
2024 is a year that may yet have a few more surprises for us, but is it a good time to start a new business? There are a few contradictory trends at play. Inflation could be heading down, likewise interest rates, the economy could be improving, yet there is substantial turmoil around the world, all of which could cause external ‘exogenous’ impacts on our economy.
Whilst it is unwise to divorce a business venture from the wider economy it is perhaps surprising that times of economic turmoil have often seen a lift in new business creation. There are however, a few basic low level, yet fundamental, strategic considerations to bear in mind.
- Is there are market for my products and services?
- How strong is the competition?
- Why would a potential customer use my services / products rather than someone else’s?
- Is demand going up or going down for my potential products and services?
Set against this backdrop there are a myriad of other considerations many of which are critical and operational in nature but the above considerations should help guide an individual in their new business venture thinking.
Some people may be put off starting a new business given they see the barriers as being more substantial than they actually are.
For many starting a new business begins with becoming self-employed. This is an understandably nervous time. Due consideration needs to be given to maintaining an income at the early stages…….. household bills will not go away!
The number of businesses employing no staff is incredibly high. The Federation of Small Business web site suggests that in 2023 there were 5.5 million private sector businesses of which an astonishing 4.1 million had no employees.
Many people decide to ‘give it a go’ and embark upon an exciting new business journey. Fortunately, there is help that can be accessed at no charge. STANTA, the St Albans Enterprise Agency, provides in person advice and access to free workshops to start-up’s and younger businesses in the St Albans and Harpenden area. The agency is now in its 40th year and has helped many successful new businesses establish themselves.
If you would like to discuss your new business venture contact Stanta.co.uk
