Covid-19 has been difficult for just about everyone. It has changed the very fabric of societies around the globe, and we will never be the same again. Along with sickness and death, many people have lost jobs or have found their businesses suffering. In light of this, you might be surprised that starting a business during a pandemic isn’t necessarily a bad idea. In fact, there are some very good reasons why it might be advantageous.
By the middle of 2023, approximately 200,000 businesses closed as a result of Covid-19. The types of businesses that closed varied widely, however many were the types that needed physical visitors to survive. This meant that restaurants, retail stores, and entertainment venues were most at risk. Even as things open back up, those types of businesses are still vulnerable due to the continuing concerns in the public about being packed into indoor spaces. That said, if you start the right business, you can find great success, even in this uncertain time period. Here are some of the perks of starting a business during the pandemic.
A New Landscape
Whenever there is an economic downturn, there are new opportunities to take advantage of. For example, Netflix took off during the 2008 downturn as it shifted to shipping Blu-Rays and then streaming. From there it continued to grow as more people rented movies from the comfort of their homes. Some types of businesses grew leaps and bounds during the pandemic. Video meeting software became incredibly popular, and companies that produced them found themselves with billion dollar valuations almost overnight.
If you have an idea for a business that can offer consumers in this new landscape something fresh and new, then you can quickly find success. Consumers today are looking for affordability, convenience, and excitement, so a new idea could find traction quickly.
More Tools Than Ever
The pandemic has changed the way many people in the world behave. A record number of people shifted to working from home, which meant they needed software and other solutions to make that transition easier. All sorts of tools sprung up. There was the growth of video conferencing, but there were other communication tools as well, plus tools for remotely delegating tasks, sharing work, and automating business processes.
This means that as you start your business, you can have an almost endless supply of possible tools at your disposal that can be accessed right from your home. Trials are simple, and you can have something onboarded essentially within minutes. You can do everything from your home office or couch, and even find business insurance online. With it being so easy to communicate and obtain everything you need for your business, you can start up in no time. If you have employees, you can have them work from home and save yourself the cost of renting out space or the disruption of everyone working from your home office.
More Time on Your Hands
Even though many restrictions have been relaxed around the country, there are still many people who hesitate to go out in public. Or, they go out less often. That means that you may have more time on your hands to work on your new business. Instead of spending your Sunday at a sports bar watching football games, you can set up in front of your home television and work while you watch. While having a social life is incredibly important, there are fewer things happening, such as concerts, new movies in theaters, and even children’s recitals. Being too busy to work on your company is no longer an excuse.
The second worst outcome of the pandemic is how many people lost their jobs. Companies closed, and those that didn’t cut back on employees to reflect the losses in revenue they were seeing. As a startup, you can take advantage of the incredible talent that is now available. Not only are there people looking for work, but there are people who already have jobs who need extra income to make up for any losses they have suffered. You could have the pick of the litter if you market your business well and offer competitive compensation. With so many of those tools already mentioned, you are in a great position to offer perks such as working from home and not having to travel for business meetings.
Despite the benefits of starting a business during a pandemic or slowdown, many would-be entrepreneurs are nervous about making the leap. The last two years have been full of uncertainty, with waves of Covid 19 and fluctuating regulations and mandates. However, no matter what, the economy has nowhere to go but up. If you get started now while others are sitting back, you can jump the market and stand out in a crowd. When your potential competition is not making a move, then it could be the time for you to strike.
Being Your Own Boss
When you are working a nine-to-five job, then you have little control over the fortunes of your company. Yes, you can work hard to help your employer find success, and find that to be very rewarding. However, you won’t have any control over what your boss wants to do if there is an economic downturn or unfavorable conditions for the business.
If the business suffers from hard times, you could find yourself without a job very suddenly. Many bosses do not keep their employees up to date on the finances of a business, and you could be blindsided. While starting and owning your own business carries significant risk, it allows you to have control. If you find that tough times are coming or are here, you can shift your business to find new streams of income, cut costs in certain areas, and do your best work yourself out of the situation, rather than be left to the whims of a boss.
Even though we are going through a pandemic, it does not mean that there isn’t opportunity out there for an entrepreneur. If you have been holding back on starting with your fantastic business idea, this might actually be the perfect time to pull the trigger.