To many, the Coronavirus pandemic might seem like a bad time to start a new business. But with the financial crisis following lockdown, thousands of companies shedding highly qualified and experienced employees and the fact that other entrepreneurs may be feeling a little anxious, are all fantastic reasons why now is the right time to launch your startup.
Need a little more convincing? Here are 6 reasons why the Coronavirus pandemic is the best time to start a business to help you take the plunge.
You're Thrown in at the Deep EndBusinesses that are launched during times of economic difficulty have to fight with every scrap of energy they have and scrimp every penny. But, the thing is, if you can set a business running successfully during one of the roughest financial times in history, there’s a great chance that it’ll last.
Long-standing businesses like Airbnb, Uber and even Burger King were all born in tough times, the first two during the 2007-2009 recession, the latter during a US recession in the 1950s – and we for one can’t wait to see which 2020 startups thrive under pressure and turn into household names!
There Are New Needs to Be MetLet’s face it, we’ve never seen anything quite like the Coronavirus pandemic, and as much of a cliché as it is to say, we really are living in unprecedented times. What this means is consumers are faced with new needs. They need a way to keep in the loop with co-workers whilst working from home, they need a new way to get groceries and keep at a safe distance, a way to educate their children while working full time at home, and the list goes on…
The savvy entrepreneur knows how to sniff out these new needs and turn them into a profitable business opportunity.
Less Competition for ResourcesLots of businesses are either saving money and not buying new resources or have gone out of business completely. What this could mean for your new venture is low interest rates for borrowing capital to start up, cheaper equipment as other businesses sell off inventory or lower lease rates as landlords need to quickly fill all those newly empty offices.
It's Easier to Find TalentMany skilled and experienced professionals will be looking for jobs having been made redundant or leaving due to a lack of security in their current role. Top this off with the low number of job ads as companies are reluctant to take new employees on during times of hardship, and you’ve got the pick of the crop, meaning it’ll be easier to find the right people for the job!
People Are Hungry for ChangeOne thing we can all agree on in the current climate is that it’s time for change. The best businesses right now are the ones disrupting the norm and adapting to the different ways we work and live to create a new normal e.g. at home vs at work, digitally vs face to face. After all, it’s expected that after all this is over, the world won’t go back to the way it was before.
There have been a lot of different companies that have emerged in response to the virus – our sister company, Bluetree Mask Box, for example – but there’s plenty of room for more. Now’s the perfect time to be adventurous with your offering and do something that no one’s ever done before!
There's More Time to Develop IdeasEnforced time in isolation with the government encouraging us all to stay inside has meant there’s been plenty of time to try other activities. For some, that’s meant redecorating the house, others have been crafting, reading, and writing. For others, it’s been the perfect chance to come up with and develop a business idea.
Once you’re happy with your idea, take the next step by writing up a business plan.
Starting a Business During Lockdown
So, as counter-intuitive as it may seem, there’s actually a great deal of evidence that the Coronavirus pandemic is an excellent time to start a business. If you’d like a slice of the action or an insight into what the business world could look like in the future, check out the 5 best businesses to launch during and after lockdown.
Or if you already have a business idea in mind, see if you’re ready to go live with our 10-step startup launch checklist.