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10 Reasons to Start a New Business in 2020

Have you ever thought about breaking off on your own and starting something new? A business that’s truly yours, run exactly how you want and offering something great to your potential customers? 

There’s no time like the present to get started. In the third quarter of 2016 alone, after all, 240,000 businesses opened their doors (metaphorical or otherwise), and this is a trend that hasn’t slowed down. It’s more accessible than ever for more people to actually get started, and in this post, we’ll look at 10 reasons why you should consider starting a new business in 2020. 

1. It’s Easier Than Ever Before 

If you Google “tools for small businesses,” you’ll find hundreds of pages of search results on the topic and thousands of different options. These tools — which come with a variety of features and at a number of different price points — make managing a business simple.

Don’t have the funds for a conventional accountant? You can use a service to automate your taxes for just a few hundred a year at the most. There’s invoicing software, tools to automate and optimize your Facebook Ad campaigns, and CRM software that automatically sends follow-up emails to interested leads. There are even entire services like ours, which allow you to outsource calls to our agency, where they’ll be handled by highly-trained experts who will treat your customers exactly like you would.

The internet also gives you more opportunities, too. There are an endless number of ways to market your business, and you can eventually reach people all over the globe if it makes sense for your business to do so.

Getting started and even running a business is easier than ever. That alone is a good reason to consider putting plans into action. 

2. Your Earning Potential Is Unlimited 

If you take a job as a graphic designer at an agency, you’ll have a salary, and that’s relatively set. You might be able to go from $50,000 to $60,000 over the next ten years, and you might get a surprise bonus, but overall, your income pretty much has a cap on it.

That’s not true when you run your own business. You can increase your pricing as you see fit, and you can take on more work to make more income. And as you get better processes in place, you get faster while maintaining or increasing quality, meaning that you can make a lot more overall. 

Your income won’t be capped, and the sky’s the limit for what’s possible. 

3. You Get to Do Things Your Way 

Freedom has a nice ring to it, right? 

Think about your job right now. Are there frustrating processes that just slow things down? Do you think there are return policies that are bogus, or that the company should switch to using more ethical manufacturers?

When you run your own business, you can do things your way. Want to not work weekends? Done. Want to only take on clients that are nonprofits? You can do that. You get to create your own processes, systems, and rules. And while that may be overwhelming, it’s all tailored to what you believe is right.

4. You Can Do a Lot of Good With It 

This is a big reason that a lot of people forget about.

When you start a new business, you’re doing a lot of good for the economy. If you’re a service-based business that can work online, you may even be bringing money into the economy from other countries that wouldn’t have made it here otherwise.

You’ll also likely generate new jobs overtime, especially if you scale. Even if you only need an assistant for 25 hours a week, that’s a new job for someone who needs it.

In addition to doing good with the economy, you can also just do good overall. You can prioritize ethical, sustainable materials or practices, reducing your carbon footprint (and your customers’). You can help work with organizations that mean a lot to you, or even help raise money for charities. 

5. It’s a Chance to Offer Something Better Than What’s Out There 

It’s frustrating when you’re an expert in your field working at a big-box corporation, knowing that the work could be done better another way. 

If you know it could be done better, do it. Offer that better solution to the world, whether it’s a better product, a better system, a more high-quality service, or even just having payment systems set up differently. 

Think about how many people you could help with a new approach that may as well seem tailor-made to their needs. 

If you see a need, go for it. That’s a great way to carve out a niche for yourself. 

6. You May Have More Flexibility 

While running a business is a full-time job and it can be exhausting and require more work than a standard 9-5 in some ways, you’ll also have more flexibility.

Do you want to take Tuesdays off so you can go take your daughter to her dance class? Your business can be closed on Tuesdays. 

Want to open up a little later because you’re just not a morning person? That’s ok, too. You don’t have to ask anyone for permission, as long as you’re fulfilling your agreements with your customers. 

Scheduling aside, you have plenty of flexibility in other areas, too. You can bend the rules as you see fit to best serve your customers and your employees. 

7. You Can Do What You Love and Pass Off the Rest 

No matter how much you love your work, there will always be parts that you dislike.

There are so many services today that can help you with the parts of your job that you don’t like, and you can hire team members specifically to handle certain tasks. This will give you the freedom to spend more time doing what you love, and passing off most of the rest to someone else. 

8. It Can Provide a Sense of Purpose 

We all want to lead happy, meaningful lives, and a business can give you a sense of purpose if you’re looking for one. It’s something that you’re starting and building, and who’s to say you couldn’t grow it into an empire that could change lives?

Every day when you go to work, you’re going to work to build something great and to help your customers first hand. Few things can give you a sense of purpose in the same way that starting a business can, and it can be one path to a fulfilled life. 

9. It Probably Won’t Cost As Much As You Think 

If you’re thinking “all this sounds great, but I just can’t afford it,” you can breathe easy. In many cases, starting a business doesn’t necessarily have to cost quite as much as you think.

That’s not to say that there aren’t costs, period. Even small service-based businesses working from home will need a business license and a website at minimum (which costs around $200 a year to start, depending on where you live), and if you’ve got an on-site location or products to manufacture, that can require an investment.

Still, there are tools overall designed to help small businesses without draining their bank account. For example, you can get a $15/month virtual phone number for your business that works with your mobile phone instead of an expensive, clunky desk phone system. 

There are also plenty of options for funding that can help you get your startup funds a little easier. You can choose from business loans, business lines of credit, personal loans, and more, and with online lenders entering the mix alongside small credit unions and conventional large banks, there’s a good chance you’ll find the funding if you need it. 

10. It’s An Exciting Adventure That Gives You Meaning 

Running a business certainly has ups and downs, but it can definitely be worth it. If you want every day to be just a little different (especially at first) and for things to stay interesting, you’ll likely find that running a business is exhilarating. 

Watching your business grow — and finding new ways to make that happen — is a thrilling adventure, and if you’re working to scale aggressively, you never know exactly where it will lead.

There are a lot of good reasons to start a new business in 2020; you may even have some that aren’t on our list here. 

If you’re nervous about starting, remember that you don’t have to dive in head first if you don’t want to. You can always start it as a gig on the side, waiting until you’ve found your footing, have some new experience and have some solid recurring income before you leave your current job and branch out full time. It’s your business, after all.

If you decided to ring in the new year with a new business, you’ll need a business phone number. Enter our 2020 sweepstakes for a chance to win a FREE Tresta service for one year! We’ll be picking one winner per week through the end of February.