A global pandemic such as the one we are currently experiencing is a time when people take stock of what they have, rethink their priorities and look at what they really want from life. While you might think it is the absolutely wrong time to start a new business, in reality, it is the same if not better than starting one at any other time. First of all, if you have been furloughed or lost your job, then self-employment will likely be an attractive prospect and thanks to the pandemic you’ll have the time to think about whether working for yourself could be the right thing for you and how you can go about it.
While there are going to be many challenges when it comes to starting a business right now such as people being more careful with their money and hiring staff is harder to do when you can’t interview people in person it doesn’t mean that it’s not possible. Some of the biggest brands in the world started during a recession: Burger King was born in the 1950s after the Korean War laid the US economy low, FedEx began as a university project during the 1969-71 depression and turned into a business with almost $70 billion revenue, and Microsoft began in 1975, in a period of high unemployment and rising inflation.
Tough times force people to analyse their circumstances but not only this, they create a range of unexpected opportunities as well as low-interest rates for borrowing startup capital, cheaper equipment as businesses sell off inventory, trustworthy crane hire to help you move this equipment and lower lease rates thanks to those businesses which have had to close and left empty spaces. So, if you have a good business idea but have been put off by the pandemic, don’t be because there are loads of reasons why now is a perfect time. Right now, there are tonnes of talented and educated people who are out of work and like you are probably thinking about what they want from their life. There are also a load of freelancers who are a great and flexible resource and can be a great help when starting a new business.
Necessity is the mother of invention, and this pandemic has caused all sorts of new problems that people need solutions for. Coronavirus has meant so much innovation already such as local food deliveries which have stepped up and other businesses offering new services such as online courses, or people who can sew have kept themselves busy making and selling face masks and PPE. Startup businesses are innovative and agile, which is exactly what the world needs right now.
You can also now identify the new needs that customers have as a result of the current crisis and create your business meeting these needs as well as following the government guidelines and new expectations.