With the onset of the COVID-19 pandemic and its adverse impact on the economy, there has been a spike in the popularity of entrepreneurship. Businesses are sprouting like mushrooms in a rainforest on a stormy day.
However, there are inherent risks involved in starting a business, and there are even more to factor in when you want to start a business during a crisis.
The truth is that there’s no “perfect time” to start a business. In fact, industry giants like IBM, Disney, and General Motors were founded around the time of the Great Depression. Companies like Facebook and Twitter survived the great recession of 2008.
Like any reasonable person, you’re going to want a point of reference to determine whether now’s a good time for you to venture into business or not. Here are some reasons why it may be a good idea to get your business off the ground right now:
Changing Circumstances Create New Opportunities
The first point of concern for any would-be entrepreneur is whether or not their business is going to generate a reliable and sustainable source of income. Determining if there’s a demand for what your business has to offer will give you a fairly clear outlook for the future.
The key to minimizing the risk involved is to identify the needs of your customers, the problems that hinder them from fulfilling those needs, and to offer a solution to those problems.
Less Competition for Resources
Whether it’s skilled professionals or equipment, there are many businesses that have had to let go of certain resources in order to minimize their losses. This means that these resources are now more accessible to your business.
In fact, you’re likely to find businesses trying to sell off some remaining inventory. Some landlords have also lost tenants and are now willing to find replacements for a lower price. While it’s true that lenders are going to be much more strict with their lending policies, the best tradeline companies can help you improve your credit score in a short amount of time, which greatly increases your chances of securing a business loan if you need one.
The Sooner You Start, the Sooner You Can Establish Your Business
Businesses that are able to establish an early presence and reputation are able to secure themselves for the future in a much more timely fashion. We have to look beyond the immediate effects of the COVID-19 pandemic and onto the looming recession that’s bound to follow in its wake. We also need to recognize the possibility that this might not be the only pandemic or crisis we’ll have to weather.
There are many other reasons that you might want to start a business aside from the COVID-19 pandemic. Remember that technology develops rapidly, and while today’s goal is to survive, we should never allow it to overshadow tomorrow’s goal – to grow.