Despite the good news for small business; the truth is that all businesses are hiring fewer people and April marked the lowest number of new jobs added within the private sector in seven months. In another report published by Intuit, the Small Business Revenue Index indicated that small business successis just now returning in the form of dollar figures. Revenues are topping pre-recessionary levels within the fields of science, technology and professional services for the first time since 2007.
What does this mean for budding entrepreneurs?
The economy might not be fully recovered for quite some time yet, but the trends for small business success are a good indicator that this is a sector that will bounce back quickly. Entrepreneurs who want to buy an existing small business or start a new one would be wise to get started on it this year. Interest rates for small business loans and mortgages are at their lowest level in decades, and business owners are anxious enough to keep their prices competitive. Small business owners would be wise to move cautiously into a new business venture and avoid companies that depend on a strong construction or housing market.
Another key element to small business success is hiring.
If you’re planning to buy a small business, it’s important to interview current managers and employees first. The health of a business is usually reflected in the attitudes and professionalism of its employees. Recruiting the right group of employees can be challenging, but you don’t want personnel problems to plague you during the initial weeks of ownership. Be sure you have the right team in place and learn how committed they are to their current career path.
In today’s economy, business success begins with a comprehensive business plan. Whether you buy an existing business or start a new one, this plan will be your guide to a future of financial independence.