Should You Start a New Business After the Pandemic? - Build Good Business Blog

Should You Start a New Business After the Pandemic?

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Start a New Business After the Pandemic

As the timings are becoming highly uncertain, many businesses struggle to survive and wish for a weather change. The global recession is not giving an extra look for the entrepreneurs to start a new business, but is it the way it looks?

Now is the best time to start your own business, many experts would agree.  Innovation needs to be the key for it to run.

So if you have been contemplating your decision to start a new business post-pandemic, do not worry; nothing could stop you from becoming your boss.

The United States has seen its record high of startups in June 2020 of 340,000 new businesses. The numbers in-real did not double as the year passed, but the good news is that it at least matched the level and is positive.

“The first five months of 2021 saw an average of 472,000 new business applications a month, as the unemployment rate continued to fall”, as per a report by McKinsey and Company.

Examples of Successful Businesses that Started During a Recession

IBM

Year launched: 1911

Initially known as a Computing-Tabulating-Recording (CTR) Company, IBM made its first sale amid a long two-year panic. Where every growing industry was struggling to survive and had seen a double-digit fall, CTR not only survived but thrived. The company changed its name for good, IBM, and became the leader in technology, supporting the digital revolution and making more as it goes.

Microsoft

Year founded: 1975

The US submerged itself in stagflation in the mid-1970s when two extremely tech-savvy people thought of revolutionary ideas. Bill Gates and Paul Allen were developing the concept of user-friendly software for computers.

In 1975, both of them officially founded their own company with the name Microsoft, which showed a benefit of a total of $16,000 by the year’s end, equal to $400,000 in today’s time.

The idea was the key factor that helped Microsoft build its empire.

They never thought of odds, but only what could work in favour for them.

FedEx

Year launch: 1971

The cargo delivery service that started during the end of the recession between 1969-970, focused on developing a fast, door-to-door service for courier delivery.

Although the recession was meant to be short-timed, Smith, the founder, had to face many challenges dealing with the selling of a completely new product.

Yet, he successfully overcame all the hurdles and became a pioneer of one of the fastest-growing industries, which grew a business of 6 million packages a day in 2019.

So, is it the Right Time to Start a New Business?

Yes, not because we would say even if it wasn’t the time of recession, but any idea could succeed no matter what time it is. Not that every business idea would succeed irrespective of brainstorming behind it, but some driving factors would help grow your idea faster.

Why not take the time of recession to your advantage and see what people want at this time? The idea could work if it is fulfilling people’s desires. The only thing to keep in mind is that this is not the 1900s; to strive through all your best business ideas, innovation is just a small word now; probably what you are thinking is already booming the market so, try and come out of the sheep crowd.

How can Recession Benefit your Business?

Less Competition

The dream of every entrepreneur is to have as much less competition as possible. What better opportunity than now? A growing economy allows the country to build a successful business and gives more chances for a startup to expand.

A recession makes it harder for a company to continue with the same idea that it started with. What many leaders are not foreseeing is the ability of this time. There is no need to worry about new competitors coming into the market. You can rather focus on expanding your ventures and ideas.

For those who love to innovate and feel good about surviving the storm, this should be taken as an advantage to enter the marketplace.

Innovation Within You

Necessity is the mother of all innovation; they say it is right. Thomas Edison would not have discovered the concept of the bulb until he realized that we needed one!

Recessions cause many problems in people’s lives instead of many new ones that arise as things worsen. The recessions give us many new ideas and business opportunities which are recession-proof that one would not have thought otherwise.

For example, the on-demand taxi service business boomed during the pandemic as public buses and transport services took hold. This is just one; there are many such.

Room for Negotiation

2021 could be the best time to implement your negotiating skills. Where many businesses will be actively looking for clients, you could be the one having the upper hand.

If you are in a position with positive cash flow, then make sure this is your time. You could also take over other companies, businesses if they have stopped trading!

Also, the pandemic has taken many people out of their job, or many had to let go due to various other reasons. Hence, this means that you have a lot of open ground to search for the right talent. There will be a pool of experienced chaps who could become the forefront warriors for your company. You can hire them to build your organisation.

Worked for General Motors!

Little goes a long way 

It might seem absurd to you, but one needs to be prepared for the worst. Economic uncertainty could certainly come to anyone, and even if not, you might need to seek funding for any other reasons. 

Interest at lower rates means better opportunity for you, which also means loans are more affordable. A real business-minded person would never want to leave such an opportunity. A savvy investor uses such downturns to create a loop to generate a source of income.

Access To Consumers

E-commerce has shot up to nearly 40% by reaching its all-time high since the pandemic has started. As more consumers are glued to their phone devices, online consumption of goods has reached a peak. To avoid any physical contact, consumers prefer an online option to avoid coronavirus exposure.

This could be another best opportunity to start your small e-commerce business and take advantage of booming social media as your opportunity.

Best Small Businesses to Start During the Pandemic

There is a thriving trend currently and might work for you, even in the pandemic and not a recession!

All of these are from a ready to boom category as they could become the need. This list is from all the well-researched platforms from across the globe.

Best Business Opportunities Post COVID-19

  • On-demand car rental apps
  • E-commerce business
  • Health and wellness coaching apps
  • Medical courier services
  • Digital marketing services

Along with these services, some specialties thrive in the market, such as telemedicine consultation, online teaching, and financial services.

The best thing about all of these business ideas is that there is no particular reason for them not to work post-pandemic. Once given a kick-start with the amalgam of your creativity with the basic ideas, the business has no other choice but to grow.

Is it Possible to Start a New Business with Zero Investment? 

Yes, it is possible to start a new business with zero investment or less money.

Any business startup mostly needs an innovative idea and loads of guts to give it a kick start.

You just need to click through the idea, and there is no looking back after.

Online businesses such as digital marketing consultancy, skilled-based services, medical counselling and an eCommerce business do not require a large amount to start with.

Your Customers are waiting!

You might be hesitant to start a business this year as customer footfall could be less. Well, having said that, the whole world is going through a lot of changes, which means that you are not alone in this.

Keep in mind that all businesses are a bed of thorns in the first few years so, be it pandemic or not, you still will have to face challenges. However, this year could be a lot easier than said.

 Brand awareness is one of the significant features to look after. Know your customer base and identify the potential leads that could drive your product to build a strong customer based relationship.  In conclusion, whether you start today or any other day, you are bound to have complexities and uncertainties in your business.

The impact of the pandemic will continue to stay till coming years, and it is completely normal to feel like waiting until the situations come back to normal. However, if you have resources supporting your business, then there could not be any other time better than 2021.

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