There is no denying that there have been some significant changes over the past few months. For a lot of business owners, they have needed to shut shop due to social distancing rules. There are even some companies facing permanent closure because of the financial hit they have taken over the past few months. Because of this, it may seem ludicrous to discuss starting a business at this moment in time. However, in this blog post, we are going to reveal why now is the best time to start a business. There are, in fact, many reasons why 2020 marks the perfect opportunity for start-ups to get up and running. So, let’s take a look…
You don’t have a safety net
You may think that this is a negative. The truth is that not having a safety net will help you to be more successful. As an entrepreneur, you are always going to face bumps and hurdles along the way. But this is what being an entrepreneur is all about. If you wanted the easy route, you would not have considered starting your own business. The safety net is taken away from you, and this is something that should make you more committed and more focused.
COVID-19 is sparking innovation
COVID-19 is resulting in innovative ideas, which is something you may be able to capitalize on. For example, our sudden reliance on home deliveries could spark innovation in self-driving cars and delivery drones. We have seen a lot of new businesses crop up based on the fact that our way of life has changed. For example, you may have noticed companies selling Zoom party boxes. Zoom is the video calling app that enables you to add a large number of people to the call. A lot of people have been having Zoom parties because they are unable to have parties in person. One innovative person decided to capitalize on this by selling Zoom party hampers. You could take advantage of these new ideas by delving into the world of business sales and purchases. Our First Choice Business Broker is a great franchise opportunity to help business owners sell or buy businesses.
New companies are nimble
When developing a new product or service at present, it is essential to think differently. After all, once we come out of this pandemic, the world is not going to be the same. This is something that you need to factor in your new business. The advantage is that companies in their early strategies are going to be a lot more nimble. This means you can respond to these new opportunities better. You can move with more speed than businesses that are currently worried about their future and trying to lay people off at the moment. Yet, it is important to take things slow. It’s not a race. You’re better off starting slow because there is a lot less capital being invested into businesses and your competitors. Because of this, building a solid foundation is what you should concentrate on. Think about scaling and reaching peak efficiency levels. It does not have to be about optimizing for speed and trying to scale as quickly as you can. The key to starting a good business during COVID-19 is understanding how to be incredibly efficient on small quantities of money. It is still vital to be sensitive to the times, and that’s why raising as little money as possible makes the most sense.
Competition is not as fierce right now
In an economic downturn, you don’t have to race against ten other well-funded competitors in the market. There is going to be less competition over the coming years. This gives you the perfect opportunity to thrive. For example, consider the travel industry. I’m sure no one is thinking about starting a travel business right now. This is primarily due to the social distancing rules and travel restrictions. So, if you were to start a travel business at present, competition would be incredibly low. No one else is going to be thinking about starting this sort of company at the moment. That is precisely why it is the perfect time for someone to take the reins and launch a travel business.
We are searching for change
It is also worth thinking about the fact that during a social or economic crisis, we are open to change. Experimentation is at the heart and soul of entrepreneurship. Yet, markets are often not as receptive when it comes to change. Even so, in times of crisis, like the current COVID-19, there is an exception because we are searching for change. We accept that we are all building a new normal and that this is going to mean finding new ways to have fun, work, and live. The best business ideas during COVID-19 are those that cater to this new normal in some way or another. Think about how things are changing due to COVID-19, not only from a health and safety standpoint but the economy. We are likely to see tax changes over the coming years, for instance. So ATAX represents an excellent franchise to get involved in, offering Latino tax services and related Hispanic support. You can also check out Loyalty Business Services for a small business accounting franchise. These services are going to be relied on more than ever due to the coronavirus.
Marketing is cheaper at the moment
We have already seen advertising prices reduce dramatically during COVID-19. This means that you have an excellent opportunity to build your brand for less. Look for cheap opportunities on platforms such as Twitch, which are hugely popular at the moment. Stay away from the big-name advertising platforms. Yes, ultimately, you want to master Google and Facebook. But, the big companies are already spending a fortune on Google. Because of this, rapidly getting to the top is not workable in most cases. Plus, if you don’t have the funds for marketing yet, organic marketing is a great approach during a recession. This means you are going to be getting people to come to your company naturally over time or via word of mouth. This is instead of paying for links.
There is a huge pool of talent available to you
Another reason why now is the best time to start a business is that you are going to find it a lot easier to locate the talent you need. Attracting the right talent is arguably the most difficult challenge when starting a new company. This is especially the case concerning senior-level people whom you can bring on board as business partners. When things in the economy are flourishing, it can be pretty much impossible for start-up companies to bring these people on, unless they are well-funded. However, in the current situation, a lot of these people are going to be looking for work. For the foreseeable future, there is likely to be a glut of talent. Therefore, if you have a workable idea, now is the ideal time for you to attract the best talent and work with the greatest minds in your industry to make sure that your new business is a success. The same goes if you are looking for help to assist you with a number of the different elements that are associated with starting up a company, for example, administration, support, creating branding, and setting up a new website.
Some industries are thriving at present
One of the main reasons why you should consider starting a business at the moment is because some industries are thriving at the moment. This includes the market for household essentials, groceries, and the medical sector. It is something for you to think about while you are in lockdown. You can cultivate ideas into something new by discovering current inefficiencies in the market. You don’t have to reinvent the wheel. It is about taking what you see in the market at the moment and applying it to your next business venture in a unique way.
What have you got to lose?
If you always wanted to start your own company, but you have been scared to leave your job and take the plunge, now is your chance. You may be in a position whereby this decision has been made for you. If you have lost your job, this could be the ideal opportunity for you to pursue something you have always wanted to. The same applies if you aren’t going to be returning to your job for the foreseeable future because of the current social distancing rules
So there you have it: an insight into the different reasons why it makes sense to launch a business in 2020. You may think that it is all doom and gloom at the moment. However, it is crucial to understand that it is also a period of opportunity. Certain industries are thriving at the moment, and our usual way of living has also changed. When something like this happens, it allows us to enter the market uniquely and cater to a need that perhaps was not there before. One of the easiest ways to do this is with a franchise, as you already have a proven business model that is ready to go. We have a significant number of opportunities available for anyone who is looking to start a business in 2020, so make sure you check them out and please do not hesitate to get in touch with us if you have any questions.
Check out: Everything you need to know about franchising
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