Is NOW a good time to start a business?

With the holidays approaching and the uncertainty of the Covid effects in our country, you may feel that it’s not a good time to start something new. However this latest research and report shows that more than half agree that now is the time.


Entrepreneurial optimism rose for the third month in a row in October, as 60.6% of potential business buyers said that “now is a good time to start a business,” in responses collected Oct 24-26 2020, for the monthly Small Business Startup Sentiment Index™ (SSI).


Answering a week before the presidential election, survey respondents shook off political uncertainty and increased pandemic cases to express their optimism and advanced timelines for business startup. Nearly 38% agreed that “now is a good time to start a business,” and 22.8% strongly agreed.

Another indicator of growing optimism is a rebound in shorter time frames to open for business. When asked “when do you expect to buy or start a business?”, 20.5% of respondents reported “this month” – the second-highest reading this year. That’s an impressive 49.6% rebound from September’s reading of 13.7%.

In fact, September’s Small Business Startup Sentiment Index ™ had seen “one-month out” expectations drop sharply as “three-month out” startup plans surged to an all-time high. While it’s not surprising to expect seasonal demand to grow with the new year,  October’s survey suggests that some new business owners may not wait that long.


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