Let me start by asking a very simple question to you: Is there a right time to start a business? Well, whether you start today, tomorrow, or in ten years, you are bound to face challenges and deal with some degree of competition. Yes, times have indeed changed; yes, it’s true Covid-19 has presented unheard-of challenges, but if you need to start something, NOW IS THE RIGHT TIME!
The pandemic has had some degree of effect in our lives—whether the uncertainty of jobs or being stricken by the deadly disease – Covid-19 has proved fatal. However, the period has also proved to be a fertile ground for business owners and entrepreneurs.
Whether you are looking to start a new venture or launch a new product, here are 10 reasons why this is the right time to start your business.
1. The Power Of Technology
From online classes to conducting businesses, technology is rapidly changing the way we do most things. The pandemic has also played a role in accelerating the pace with which technology has changed. The integration of technology into businesses has opened up new avenues in terms of communication and customer relationship management (CRM).
Cloud-based CRM software, such as Salesforce and Amazon, will enable you to efficiently manage data, handle team collaborations and manage customers without the involvement of bulky and expensive software.
Creating websites, packaging designs, logo designs, or brand identity designs has become unimaginably simple and affordable. Online platforms such as DesignBro provides professional graphic design solutions to your business needs.
2. Right Time For Entrepreneurship
The study does not clarify the reasons behind the persistent decline; however, this presents a favorable opportunity for start-ups and entrepreneurs. Fewer start-ups mean more attention, people, customers and less competition.
Starting a new business involves conducting research, which needs time. The pandemic has provided entrepreneurs with the time needed to conduct market research and devise an attractive business strategy. So, if you were waiting for the right time to launch your business after all that research, now is the time.
3. Innovation Opportunities
We have all read stories about how small and big businesses have had to change their business strategies to adapt to the pandemic. Some businesses even had to change their business model to cope with the Covid-induced pandemic. Big companies, at times, have even failed to fill the necessary gaps, which start-ups have taken advantage of.
Innovation is necessarily just solving problems, and a motivated entrepreneur is the best problem solver. An entrepreneur with the right attitude and business strategy can become the next big thing.
Change, at times, can be a dangerous thing; however, the pandemic has changed the attitude of the consumers as they have become accustomed to change. Customers today are more open to change and new ideas. Now is the right time to start a business because everything is aligned perfectly for you!
4. Less Competition
Companies that were doing well at the start of 2020 were forced to shut down due to the pandemic. Some managed to stay afloat by adopting new strategies. So, where does that leave you? The pandemic is not over yet, and the economy has gone for a toss! Many will tell you not to start anything yet because, according to them, you will not make it to the other side victorious.
Most entrepreneurs start a new venture when the economy is thriving. You, too, can play the waiting game like the rest until the economy gets back on its feet or be the one to stick your neck out and start that new venture. Starting a new business now will ensure that you have very less competition to face.
5. Skilled Workforce Available
The pandemic has been brutal on hundreds of thousands of people. Businesses across the world were forced to shut down, resulting in many losing their jobs. What does that mean for you as an entrepreneur?
All those talented and experienced people who lost their jobs amid the pandemic were either forced to settle for a low-paying job or wait for a reasonable opportunity. Starting your business now will allow you to pick the right talent for your company.
Upgrading or learning a new skill has also been a top trend during the pandemic. Skills like graphic designing, photography, cloud computing, security, machine learning, video production, audio production, SEO/SEM marketing, blockchain, and digital journalism have been in high demand since the onset of the pandemic.
6. Access To Funding
Do you have a great business idea and a solid strategy in place? Are you looking for an angel investor to fund your venture? Well, there is good news for you! While it is true that a large number of investors withdrew their investments during the onset of the pandemic and secured their assets in 2020 and a better part of 2021, they are ready to invest again. The only thing blocking you from setting up a successful business is your mindset.
Only a handful of entrepreneurs will test the waters in the remaining half of 2021, which means less competition for you. If you believe in your business idea, now is the right time to start your business.
7. Long-Term Success
A new business built during challenging times has the tenacity to go miles without taking a pause. Building your start-up when the consumers are tightening their expenses will make your business bulletproof when things begin to get back on track.
One major reason this is the right time to start your business is the fact that it will help you understand how things work during a lean patch. The information you gather will allow you to formulate a strong business model.
Difficult times can also present unique opportunities for entrepreneurs to show their innovative sides. Conducting thorough research along with thinking out of the box will set you on the track to long-term success.
8. Inexpensive Supplies And Materials
During a recession, you may expect companies to sell their products at a cheaper rate. You can also buy pieces of equipment and other gadgets required for your business at a lower cost. You may even lay your hands on specific technology at a wholesale price.
Working from home also has its advantage since retailers are likely to sell laptops, computers, printers, and office furniture at a lower price. You may even expect a skilled workforce at a cheaper rate during tough times.
Supplies and materials form a major part of running a business. During tough times, you may lay your hands on supplies and materials without having to think too much about your wallet!
9. Ready Customers
What do ready customers mean? I will answer that question, but first, let me begin by mentioning an interesting fact. Several prospective entrepreneurs are reluctant about starting a business this year because they believe that their customer base will be poor.
Now, let me put things into perspective: the first year is not usually a cakewalk for any business, even if you decide to start it at an economically buoyant time.
Now is the right time to start your business because developing a customer base will be easier. Companies shutting down have resulted in customers being displaced, which means customers are ready to join your bandwagon.
10. Acceleration Of E-Commerce
E-commerce has become the most reliable way to launch a product or a business. The pandemic has shown how easily and quickly anyone from anywhere can start a business. You can easily engage a customer online and gather feedback at the same time. However, third-party e-commerce sites might not work well once you have got the business rolling online. You have to leave a lot on their table if you build a business on a third-party e-commerce platform.
To launch a successful online business, you can start by building your website and work on driving as much traffic to your platform. It will take some serious work, but in the end, your hard work will pay.
“The effects of the events of last year will still be felt for years to come… However, you may have all the resources you need for your business to succeed, and despite the pandemic, you can start a thriving company…” Forbes
Bonus: What Businesses Can Learn From The Covid-19 Pandemic
Every situation we face in our lives has something important to teach us, and the pandemic is no different. The current pandemic brought with it many important lessons that businesses can learn from. Let me point out five important lessons that businesses can learn from the Covid-19 pandemic.
- Be Prepared For The Unforeseen
The pandemic virtually took the world by surprise. Businesses had no contingency plan to tackle the health crisis. Businesses were forced to shut down, and employees suddenly had to leave work with an uncertain future. Businesses need to prepare themselves with emergency backup plans for similar future events. Just like fire drills, businesses must work out an efficient way of handling unpredictable events.
- Work-Life Balance Key To Success
The pandemic has shown that achieving a work-life balance still remains the key to success. As cities around the world begin to lift restrictions, take the lessons learned from the pandemic to support your team inside your office and respect their lives outside of it.
- Encourage Collaboration
There is something special about the air when creative minds meet. When experienced problem solvers get to the table to brainstorm new ideas, problems seem to disappear. Collaborations will not only help bring new ideas to the table but also inspire the next generation of problem solvers and creative thinkers.
- Find Allies
While competition keeps your business alive during good times, it’s cooperation that keeps your business afloat during tough times. One important lesson the pandemic has taught businesses is the power of unity. Finding the right allies means surviving through tough times together. Sometimes your worst competitor may turn out to be your strongest ally!
- Communication Is Key To Survival
The pandemic has weighed heavy on every one of us. If your customers and clients have not heard from you in a while, then it’s time to change that. Call your customers and let them know you are there to help them out. Talk to your clients and show them you are always around for help. Keep your website updated, post regularly on your social media handles, and create good content to let everyone know you are safe and sound.
Times, trends, and tides keep changing. If you have been waiting for the right moment to start your business, it is now. While you could be blinded by Covid-19 and decide on putting your business ideas on hold, there are others who will find hidden opportunities amid the pandemic. If you have been thinking about the right moment to begin your business, then this is the right time to start.
Business Development Manager with a demonstrated history of working in the Media and Digital marketing sector, Passionate about innovation and bringing the future into new business solutions.