If you’re considering starting an LLC, now may be the perfect time according to a recent study of the Young Presidents Organization.
According to this survey, CEOs across the globe are becoming more optimistic about the overall business climate in the United States and around the world and see the prospect of hiring more employees as a real possibility in the near future. This is great news for the many people who have dreamed of starting a business of their own.
The Young Presidents Organization surveys more than 2,000 CEOs from companies of various sizes and in a wide array of industries along the world. In the latest survey, the overall confidence reading rose 3.6 points to 63.5. This number may not have a lot of meaning to most but what is considered such a positive sign is the fact that this is the highest result since July of 2009.
Of the most positive results, 61% of the CEOs surveyed said that economic conditions are improving. This is up 46% from the previous quarter. Looking to the future, 67% of the respondents believe that the economy will continue to improve for the next six months.
Another Study, conducted by the Young Entrepreneurs Group and Buzz Marketing asked future business leaders, mostly college students, about their attitudes towards entrepreneurism. 79% said that they had an interest in being their own boss. 27% in the survey reported being self employed and 21% of those 27% reported starting their business as a result of the recent recession. 35% said that they started a side business to supplement their income and 18% said that they would quit their current full time job to devote their time to their side business.
Not all results were positive, though. When asked about government support, 89% of the small business owners who responded said that they believed government support for their small business to be inadequate. 67% also said that they needed more support from banks and that the lending environment was still not optimal.
Despite the fact that the economy hasn’t completely recovered, this may be the perfect time if you’re considering starting an LLC. With interest rates at a historic low, the environment may still be strained but opportunities are still plentiful. If you wait until the market completely recovers, startup costs may be too high for you to get your business off the ground.