Is 2014 the year to start a new business?

When a new year rolls around, persons are often filled with unsurpassed optimism and hope for the future.  They examine their dead end jobs with renewed vigour and take stock on how they can improve their finances.

Some persons view the new year as a sign that it is time for a change in their lives and this leads to some trying to start new businesses.

Is this a good idea?

Well there are no shortages of good ideas which can lead to successful businesses, however there are several risk factors that must be considered.

If you are desirous of staring a new business, it is essential that you lay the groundwork before making that final move. Research must be done to ensure that your new company has a viable market and will attract consumers.

Another important factor that must be considered is how your new company will be financially supported especially for those pesky start up costs.  This planning process is crucial to the success of any business.

The timing of starting a new business does not have to coincide with the start of a new year as that might not be the most advantageous to the company. There is also the fact that many entities choose to increase their prices at the start of the new year which might affect your business.

So whether you choose to wait until later in the year or start your company in 2014, there must be a definite business plan put in place before attempting to make any decisions.

The ever increasing  exchange rate for the U.S. dollar also has to be considered as it can have a negative impact on start up costs and might influence persons to jump start their business.

Do you think 2014 is and ideal year to start a new business?

Drop me a line!

Teri Ann Renee Paisley

Gleaner online Writer

Tags: business, consumers, profits