While some people may be nervous about starting a business during a pandemic, it could be argued if there is really a “perfect” time to start? Two key factors required to start a business are your level of motivation to solve the problem at hand and your perseverance to remain in a tough business terrain.
There is a general belief that people are more innovative in times of crises. Many of the big names today, such as Microsoft, Disney, Netflix, Uber, Mail chimp and Airbnb either started or became prominent during economic downturns.
Recessions could be uncomfortable times for entrepreneurs and startups. However, some startups eventually do better in the long run as a result of their novelty. Notably, unique periods such as these afford entrepreneurs new opportunities and encourage thinking differently to create solutions that can help people quickly adapt to a changing world.
These are a few things to keep in mind to successfully start your business now;
Start Lean (Low startup and operating costs): At this time, you are most likely starting by yourself or with a partner or just a few teammates with who you can virtually connect from home.
Access to a larger pool of talents: Due to the downsizing and right-sizing by companies, there are available talents seeking to be engaged.
Lower Labour Costs: Economic downturns are not periods new employees command high remunerations.
Less Competition: During a recession, people are risk-averse about starting a business. This prevents saturation of the market and leaves room for you to scale and make profits.
Leverage technology: Technology has a great impact on business operations and this will be a good time to leverage its use to amplify your business activities.
If it has always been a dream of yours to start a business, do not be deterred. Starting a business during a pandemic may not be a walk in the park, however, if you develop a can-do mindset, stay motivated and be consistent in pursuing your goals, you will definitely be successful.
If you need help on business strategy, brand development and digital marketing we at #TheMETODIGMA are available to help you start and grow.