If you’ve been considering incorporating a business but the economy has you feeling insecure about your financial future, a recent Capital One survey has some encouraging news. It seems that prospects for small business success are improving.
The Wall Street Journal’s Market Watch is reporting that the most recent quarter’s small business profit numbers are holding steady, and even on the rise in some cases. Even better for the country as a whole, it looks like more jobs may be coming available soon. 37% of small businesses surveyed reported that they plan to hire more employees within the next six months.
The survey also shows a 2-year high in the number of small business that plan to keep spending at the same levels instead of decreasing expenditures. A full 70% will continue the same level of spending, while another 15% expect to be able to increase spending in the upcoming quarter.
This is great news for those who have been putting off starting a business until the economy bounced back. From these numbers, it would appear that the financial prospects for small businesses are not nearly as bleak as they once were. In fact, this could indicate an overall upswing, meaning now is the perfect time to get that startup going!
It seems like many entrepreneurs have already realized that now is the right time to start or grow a business. The survey also found that ¼ of responding businesses have attempted to obtain some sort of financing in the last fiscal quarter, which is a 9 quarter high.
While on the surface this statistic may seem to say that small businesses have more financial need, these are the same companies that reported stability and growth. What the numbers may indicate, then, is the fact that the newfound confidence among small business owners has led to optimism, prompting larger and new endeavors for existing companies.
Incorporating a business . . . now is the time!
We’ve waited years to see numbers in these categories go up, and now it is happening. As small businesses start to again grow and flourish, investor confidence will rise, making starting a small business a viable option for even more people than before.
Of course, if you want to take advantage of this new upward trend, you need to strike while the iron is hot, as they say. Start shoring up your business plan, and research different business entity types to determine which is right for your endeavor.
Then, when you’re ready, start the process of incorporating your small business, and get ready to be an entrepreneur.