Thinking of starting a business? Now’s the perfect time! Contrary to what you might think, there are numerous advantages to starting a business at the tail end of a year, rather than waiting for the new year to begin. Here are just a few:
1. Your Vendors are Motivated to Close Deals.
Businesses that run on calendar year targets may have a final fourth-quarter push that comes with added incentives, including eagerness to strike a deal. You may also find better financing options around this time of year, with interest-free payments through all of 2021. If you are willing to close deals quickly, your vendors may also throw in additional perks, such as free samples, reduced shipping costs, extended payment terms, etc.
2. You'll Get Instant Tax Write-Offs.
You can offset any startup costs right away against any income you make before the year runs out. Once you have a legally formed enterprise, qualified business expenses such as LLC filing fees, attorney fees, costs for your logo, website, business cards, home office, etc. can be deducted. A knowledgeable business accountant can help you maximize your deductions, and help you strategize going forward.
3. You Can Take Advantage of Holiday Spending.
Consumer spending historically surges during the holiday months, which fortunately fall within the last months of the calendar year. With more shoppers embracing online shopping than ever, now is the perfect time to get your product or service out on the web. People want unique experiences, helpful services, comforting indulgences, and they are willing to spend extra money to secure them. How can your business fill this need?
4. You Can Take Advantage of Holiday Deals.
Speaking of holiday spending, you can snag some holiday deals yourself to stock up on supplies and get your business primed for operations. Black Friday deals are already underway, and now is a great time to purchase office staples like a laptop, office desk, chair, monitor, printer, paper, ink, filing cabinet, etc. With new sales and deals hitting the airwaves each week, you’ll get some serious savings on the necessities.
If you’ve been on the fence waiting to start your business, consider this your sign to get going!
A seasoned business attorney can help you select the ideal legal entity structure for your company, help you file your tax paperwork, and ensure that you are in compliance with rules and regulations before you begin. Some business attorneys offer flat fee arrangements and quick turnarounds for this service.
Andrea A. Tarshus, Esq. founded Tarshus Law Firm in 2015 to provide efficient, accessible, and fair General Counsel legal services to businesses and business owners. Tarshus Law Firm represents Western New York and Buffalo based businesses as well as large international and publicly traded corporations in industries such as: audio video ("AV"), products distribution, transportation and logistics, medical marijuana, marketing, social media, healthcare, and other sectors.
Andrea’s engagement with businesses regularly includes business formation, negotiating and executing favorable contracts, legal research and writing, project management, administering internal legal and operational controls, problem-solving, and strategizing. She enjoys working with business owners, C-suite executives, and company managers to create a comprehensive legal and business framework that supports operational efficiencies and strategies for growth.
This article is intended to be informational in nature, should not be relied upon by the reader without consultation with an attorney, and does not create an attorney-client relationship between the author and reader.