Success in political elections is often about taking advantage of conditions and opportunities. The same is true in business. As we navigate through this election year, many potential new business owners might be hesitant about taking the plunge at a time when it seems less than ideal to invest.
However, the second half of this election year presents a unique opportunity, not only for both candidates, but also for prospective new business owners. Now could be an ideal time to start your own business.
5 Reasons You Shouldn’t Wait Until After the Election to Start a Business
For those looking for a good business to start in an unstable economy, like we’re experiencing today, consider these factors that suggest that opportunities are better than they’ve been in quite a while.
1. Growing Business Stability as the Election Progresses
While the first half of an election year can typically be filled with uncertainty, the second half often brings more clarity. That’s because as the election progresses, a clearer picture of the potential outcomes emerges.
Recent events and polling suggest that the business environment and worker temperament will stabilize after this election cycle. Regardless of which candidate prevails, businesses can start to plan accordingly to a more defined political landscape, reducing some of the unpredictability from earlier in the year.
2. Market Gains Reflect Impending Economic Improvements
Financial markets traditionally respond positively after a national election. In fact, despite recent events and trends, the S&P 500, Dow Jones Industrial Average, and NASDAQ – the most reliable indicators on the health of the economy – have all shown gains. From 1928 through 2016, the market has generally returned positive results during presidential election years – with positive results in 19 of 23 election years, for an average election-year return of 11.28%.
This market optimism can be a good sign for potential business owners, as a stable and rising market often correlates with improved economic conditions and increased consumer confidence.
3. Falling Business Interest Rates Are Good News for Financing Your Business
For anyone considering borrowing money to finance a business – which includes the vast number of entrepreneurs – interest rates are crucial. The Federal Reserve – responsible for managing the nation’s money supply regulating financial markets – has indicated that it may begin to cut interest rates in the third or fourth quarter of the year.
With inflation under control, lower interest rates are expected to stimulate economic activity in the home services industry, creating an environment that is positive for business growth and could benefit prospective business owners by making financing more accessible and affordable.
4. Steady Growth in AI-Resistant Industries
Regarding the significant rise in the use of artificial intelligence, the AI impact on employment and operations is creating technological changes that are transforming traditional business. As the use of AI continues to advance, many traditional jobs are becoming automated, and workers are beginning to seek careers in fields that AI cannot easily replace.
Home services, which include roles in repair, maintenance, enhancement, and essential household services, are great options for those looking for stable and reliable career options. Since home services require hands-on skills and problem-solving abilities that AI cannot replicate, those considering starting a service business will benefit from these shifts.
5. Increased Demand for Essential Services Businesses
In today’s economic and political landscape, many prospective business owners are looking for security, stability, and reliability when choosing their investment opportunities. One of the most promising areas is the essential home services sector.
Businesses that offer repair, maintenance, and other critical home services provide a solid foundation for growth, regardless of economic fluctuations or political uncertainties. People will always need their homes and workplaces to be highly functional and efficient, which keeps demand for these services consistent.
Seize the Opportunity with a Home Service Franchise
As the election year unfolds, choosing the right business opportunity is critical. Hesitating during periods of uncertainty can result in missed opportunities. Historically, many successful businesses and industries have thrived during turbulent economic and political times. By taking control of your professional future now, you position yourself to benefit from the stability and growth that will follow.
Home service franchises are an attractive option for those seeking stability, support, and growth potential. With a consistent demand for essential services, recession resilience, a proven franchise model, and support, investing in a home service franchise can provide a solid foundation for success.
Fortune favors the bold, and now is a great time to seize the opportunity to own and operate a franchise.
Get started today and download the Neighborly® Franchise Guide to discover how you can achieve your professional and personal goals in a recession-resilient industry.
