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MrGrimm888's avatar

How will Trump's presidency affect people trying to start a new business? (Details )

Asked by MrGrimm888 (16809points) January 6th, 2017

I’m thinking of opening my own security company. I’ve been doing what I do,well, for a bit.
I have some opportunities that I could take advantage of.

My concern is the economy,and Trump’s policies. I feel like he would support small businesses, but I’m scared. I don’t want to roll the dice if there is no chance.

I basically can’t afford to fail.

Is this a wise time to open a business?

I know @Cruiser hates my guts, but I’d love to hear his opinion on Trump’s thinking on this matter. As he’s a Trump guy who owns his own business…

I’m sick of being poor. I’d love to move up,any advice would be helpful.

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12 Answers

johnpowell's avatar

It is a security company… Not a fucking coal mine. There are no regulations that have been holding you back.

Pandora's avatar

Well there are so many large security companies right now that are lowering their prices because of stiff competition. Best thing to do would be to go meet with small business owners and see who they have and what they are looking for in security measures. Right now that should be a bigger concern. Do your homework. It’s the only way to know if you could meet their needs and make money.

RedDeerGuy1's avatar

Hopefully lower taxes and less red tape.

Pandora's avatar

Also check out your local Chamber of Commerce. They are sure to have a lot of ideas that can help you out or at least point you in the right direction. Members also get to peddle their stuff to other small businesses that are members.

JLeslie's avatar

Impossible to predict, but my guess is Trump being president will either not affect you starting your business at all, or make it even better to start your business.

The big question is healthcare I think. If you currently get healthcare from your employer, then when you strike out on your own you will need to get it on your own. Right now if your salary or total income is low (under $50k) health insurance is fairly cheap.

When starting a business the biggest government hassles are local government (state, county, city) not federal in my experience. The only federal thing that stands out is paying income tax, and you have to do that now.

The other big thing you will deal with is having proper insurance. That’s already big business and I doubt it will change much.

ARE_you_kidding_me's avatar

Healthcare, this is the big thing. This cost keeps so many people from starting businesses. There are several people that work with me and have successful side businesses and only work at their “job” for the healthcare benefits. I would probably have my own buisiness if it was not for this. The best thing Trump and republicans can do is really work on healthcare. I’m mot placing bets on it though.

Mariah's avatar

Well, they’re working on healthcare, but that entails purposefully putting the whole system into a flaming tailspin in order to make the ACA look bad. So consider that. Premiums are about to skyrocket due to the reconciliation bill that’s being discussed in the Senate right now.

Cruiser's avatar

First to answer your question, Trump’s Presidency should affect startups in a very positive way as he is promising to roll back many of the regulations that have strangled and negatively affected businesses of all makes, shapes and sizes not just the coal industry.

As far as @johnpowell assertion you don’t have regulations that could and will affect you security business couldn’t be further from the truth as there are thousands of pages of regulations that affect even small startups like you plan to do. Just yesterday in one day, Obama just passed 149 new regulations most notably a finance regulation that further limits banks ability to gives loans.

Another reg Obama passed that could affect you was new limits on overtime pay.

As far as healthcare, I am assuming your startup will have less than 50 employees so your company is not obligated to conform to the demands of Obamacare. You and your employees will simply have to comply with the individual mandate for the time being.

As far as the timing of opening a business especially a security business, that is all going to fall onto your lap. I bought my business at the worst and I mean WORST possible time to start a business or buy one. I see nothing but a bright future after the last 5 years, but I can say that because I know my business inside out.

If I can make one suggestion, if you are serious about starting a business, stop making assumptions. Assumptions about anything can be fatal in the business world and in your personal life and virtual life as well. Hate is a very strong word and you can’t possibly know how I feel about you, because you never asked and I know I never once vocalized how I felt about you either.

Other suggestions I will offer is DO have a thorough business plan that has at least a five year projection included. Have a solid banking relationship, a lawyer at your disposal, know all your federal, state and local business regulations. Also very important is to know your obligations as an employer concerning state labor laws even if it is a one man show. If you don’t have one do get an accountant. Super important and valuable resource for all your future tax obligations. Their fees are totally deductible so don’t fret over the cost….money well spent.

Lastly if you haven’t already done so….get your butt down to the local SBA (Small Business Administration) office as is it a free service that is comprised of retired business execs who are at your disposal to counsel you in your venture.

Oh…one last bit of advice I hope you take to heart is to find a mentor. Doesn’t have to someone in your line of business, just a person you trust that you can bounce things off of. Fluther is just an OK place to do this, but I am talking about a person you can call 24/7 and preferably meet in person time to time.

Be smart, think this through every which way possible. Best of luck.

JLeslie's avatar

Score has mentors.

si3tech's avatar

@MrGrimm888 IMHO, yes it will affect starting new business in a positive way!

MrGrimm888's avatar

Sounds like good advice. Thank you all for your contributions…

ramus's avatar

for the american it is a wonderful oppurtunity!
Starting new businesses can be so easy ( even if it wasnt there always is Shark Tank )

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