First and foremost we must say that whatever the economic climate, there are always great reasons to start a business and you can always find excuses not to! We are firm believers in the very best time is now, but even aside from the motivational, there are very good reasons why 2017 shows great prospects to those starting their own businesses, here are our top 5:
Interest rates are low – this means borrowing is cheap, it also means any savings are making very little! If you are looking to invest in your own future you have to make your money work for you, and you have to work for your money! Gone are the 10% ISAs of the glory years, now rather you will be unlikely to see 1% return on your banked investments! In contrast, borrowing to stimulate the economy has never been more reasonable, and when you are looking to borrow on a business, a franchise is a great way to go – with trading history and replicatable structures, banks see solid investment opportunities and returns, where start-ups can be more unpredictable and spell risk.
Corporation tax cuts and government incentives – The UK currently boasts the lowest Corporation tax rates of any of the top 20 economies in the world, over half of some, at just 17%. This means that you will only pay 17% of your profits in Corporation tax (at it’s highest in the late 1980s this was over 50%).
Yes, we do believe Brexit will provide some great opportunities, it stands to reason that while any new businesses wanting to trade with the rest of Europe might face some uncertainty while trade agreements are worked through, if you are looking to trade primarily in the UK or with suppliers from outside the EU, this is the perfect time to do so. People are looking closer to home than ever for goods and services, while any non-EU countries will be chomping at the bit to get in with the best trade opportunities while Europe works out the Brexit deals. Just Shutters trade in the UK and work with manufacturers in China, we welcome Brexit and look forward to continued growth throughout the process.
Lack of stability in many careers – It is sad to say that the trend for zero hours contracts, out-sourcing and corporate belt-tightening has lead many people to a place of job insecurity and dissatisfaction. Starting your own business can be a fantastic way of taking back control and building a future for yourself and your family.
World political uncertainty – we recently wrote a piece called ‘a Brexit-proof business’, in which we explored the businesses that have flourished in times of economic and political uncertainty, these include – accounting and financial services, the rental property market and domestic and home improvement services. Concentrating on the latter as it is of course our niche, we have a business model that can be sustained and grow during times where the property market is buoyant – people move on and buy shutters for new homes, and when the property market stagnates (times of uncertainty) – as people improve their existing homes and make longer term purchases as they ‘settle’ into a home they would perhaps sell quicker in a more stable housing market.
If you are considering a new business this New Year, do consider our thoughts above, and if you are interested in knowing more about a Just Shutters franchise opportunity, that gives you the chance to be your own boss while working as part of a supportive, like-minded network, with a fantastic proven business model, tools, office functions, training AND MORE – then call us on 01202 233744 or fill in the form on this page. Whatever your next move, we wish you a very successful 2017!