Jeremy Kaplan
Businesses are shutting their doors left, right and centre. Economies the world over are falling into a deep recession that could last months or even years. We are living in unprecedented times that have caused the collapse of many industries and irreparably harmed others.
The airline industry, as a prime example, is not predicted to recover from Coronavirus for years.
The idea of starting a small business now, in such a turbulent era, would appear to be nothing short of fool-hardy. But that’s exactly why you should consider it. If you’re a budding entrepreneur determined to make your mark on the world, there could be no better time than during the COVID-19 crisis to get started.
But how does this seemingly insane concept make sense?
There Is Less Competition
With less confidence in current markets, fewer businesses will be opening during the pandemic era. But while it might seem like the more apprehensive amongst us have got the right idea, this lack of opportunity for investors and customers puts your new business at an advantage. With less competition, it’s easier for you to acquire support like investment and resources, as well as garner the interest of customers.
Time to Establish Your Brand
There is an expectation at the moment that things are not going to always operate as intended. Coronavirus is disrupting everything from supply chains to product delivery. Unless you work in an essential industry, like pharmaceuticals or food, customers appreciate COVID-19 can cause delays. This newfound patience is a blessing for rising stars in the business world. It allows you to find your footing and make mistakes without heavy consumer backlash.
One Business’s Failure Can Be Your Success
The Coronavirus outbreak has left us with some fairly obvious winners and losers when it comes to economic success. Online shops, food takeaway and delivery services are a few examples of businesses that saw skyrocketing revenue in the wake of COVID-19. Others were not so fortunate, with places like music venues, restaurants and travel agencies all struggling. The evidence shows us that while many are struggling, some are really thriving, and doing so on record-breaking levels. As the tide has turned and our needs as consumers have changed, the failure of some businesses means the growth of others. If you start your business in an area experiencing growth at the moment, you’re in a great position to develop fast.
Recession Requires Innovation
As we’ve seen, COVID-19 is far from the end of every business. Those that die off are those built for a different era and way of operating. Money is still circulating, customers are still there, but how money changes hands — and who it is going to — is very different. It takes innovation to survive and thrive during a recession. Data collected during previous recessions shows us that companies that invested in innovations designed to flow with the turbulent times — instead of simply implementing strategies that attempted to weather the storm — were far more likely to recover than those that didn’t. As a new company, you can build your entire platform on innovations that work cohesively with the COVID-19 way of doing things, rather than starting a company that would have worked back in 2019.
Top Talent Becomes Available
As unprepared and under-optimised businesses crumble in the wake of COVID-19, the people behind those businesses will start looking for new places of employment. At a time when job losses are high, talent becomes more widely available and your ability to acquire top-tier staff goes up. During times of economic prosperity, it can be challenging to find the quality staff you need because employment opportunities for them are high. Now is the ideal time to build out your team with talent, ready for a brighter future.
