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Is 2023 the time to start a business?

February 28, 2023

The merchants of doom might have you think otherwise, but if you're thinking about starting a small business, 2023 might be your lucky year. 

Advances in technology mean there’s never been a better time to put into practice your ideas, ambition and work ethic. 

Technology means we can run many businesses efficiently and cheaply from a laptop at home, and there’s plenty of online support (see story on Digital Boost).

Most of the world is currently experiencing difficult economic times, but many entrepreneurs say the best time to start or expand a business is at the bottom of a downturn – things can only get better. 

A big factor to consider is the change in attitude of consumers, who after the Covid pandemic have become more supportive of small businesses. According to American Express, 88 percent of US consumers say they would be more likely to shop at a small business if they knew it supported other local businesses or contributed to the local community.

Remember, however, that about two-thirds of small businesses survive after two years, about half after five years, and only about one-third survive after 10 years. So do your homework.

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