The global pandemic has overturned most aspects of daily life, especially the way we work. For many, this has been a period of great uncertainty and possible job insecurity.
However, for some ambitious entrepreneurs, this period has created a breakthrough opportunity. If you’ve been wondering whether or not now is the best time to start a company, or if you’ve already started to dip your toes into entrepreneurship but are second-guessing your decision, here are some reasons why now is the right time to be brave and go all in to start your very own business.
Innovation opportunities
Chances are we have all read stories about businesses having to pivot their business model and strategy to adapt to the pandemic. Start-ups continue to have the opportunity to step in where bigger companies simply cannot fill the gaps required. Innovation is essentially just problem solving and who better to solve a problem than a motivated entrepreneur?
Consumers today are open to new ideas and change. Now is an ideal time to reach potential customers who are interested in forming new relationships with a new business.
Less competition
Some businesses that were doing well at the start of 2020 have now shut down. Others have managed to stay afloat by redirecting their strategy. This then leaves a large gap in the market and the ideal position for a new start-up to thrive. When the economy is thriving and strong, every man and his dog wants to turn their business dreams into a reality.
Few will consider doing this in 2021 as the world continues to pick itself up after the negative impact of the pandemic. Having less competition means one less thing for entrepreneurs to worry about.
Inexpensive supplies and materials
In a recession, companies are more than likely selling off products, services, and equipment at a much lower cost. When you are just starting out, it’s the perfect time to purchase specific materials or technology at a wholesale price. Office space is likely less expensive if that is a factor that prevented you from starting in the past.
If you are working from home, office furniture, computers and laptops from retailers are likely to be discounted at a lower price as well. Even labour may come cheaper in tougher times, as people are looking for employment.
Long-term success
A recession forces you to think both short- and long-term. A start-up built during challenging times is designed from the ground up. If you can build and grow a business when customers are tightening their wallets and not engaging in frivolous spending habits; your business will likely be bulletproof when things start to improve.
Starting your business now assures that you know how to function when times are lean and that those habits will inform your long-term planning strategy and business model.
Difficult times can present some amazing opportunities for entrepreneurs to step up and shine. There are unique benefits associated with starting a business in a tough economy.
If you do your research, think strategically, and take advantage of opportunities to minimise costs whilst maximising the value to your customers, long term business success should be right around the corner!
There is no time like the present.
