They say the pandemic is the worst time to start a business, but history tells otherwise. In fact, the most successful companies today started during one of the worst periods. For example, IBM, Disney, and General Motors started before the Great Depression, while the Dot-com bubble gave rise to Amazon, eBay, and Google. There’s also Facebook and Twitter that survived the economic crisis during 2008.
Start a business before, during, or after a global crisis doesn’t really mean you’ll end up successful. The point is that global crises have highlighted a new wave of issues the world has to solve to survive. In turn, this opened opportunities for new industries, markets, and companies to contribute to the solution.
For example, the COVID-19 pandemic left customers with no choice but to buy their necessities by ordering online. Staying at home for many months also got people longing for dining experiences. In turn, this inspired entrepreneurs to start a food franchise to take advantage of people’s cravings while at home. One example is the acai bowl business that seeks to provide healthy, delicious food for health-conscious diners.
Entrepreneurs find themselves in the middle of a global crisis, and this presents a new opportunity to make necessary adjustments as the consumer market changes. This article will discuss why it is perfectly possible to start a business and things to consider before launching one.
The pandemic is a perfect time to start a business
There’s a saying that if you start a business during a difficult time, the experiences and challenges you faced will inspire you to become stronger in the long run. No one can tell when a recession or pandemic will last. But if you can start a business that offers something valuable to the consumers amid an environment filled with rising unemployment and declining demand, you’re likely to become stronger once the economy improves.
Running a business during a financial crisis will also encourage you to be more conscious of your expenses and discover unique ways to keep the business afloat. These approaches will also inspire you to make smarter decisions in response to the current environment.
It’s also worth noting that the pandemic has produced a set of talented people looking for new jobs. Because of financial challenges, a large number of companies are laying off employees to cut costs. Thus, companies should take advantage of this opportunity to hire talented individuals. In turn, this will open doors for employees to work at the right company.
Startups are always updated on consumer demand, from content-heavy education and digital-first focus to convenience. With the right strategies, startups are at a greater advantage in this current environment.
For those businesses that aren’t lucky enough to benefit from these changes, it’s up to you on how to make things work in your favor. Don’t just easily give up, but find a way to get out of the situation.
What to consider when starting a business during the pandemic
If you’re starting a business, you have to consider what customers look for right now. The pandemic has caused significant shifts in consumer habits, so think about how your product or service will fit consumers’ current lifestyles.
For instance, pet adoptions have increased since the start of the pandemic as more people seek pet companionship while at home. This offers a business opportunity that caters to pet owners, such as pet insurance, pet training, pet grooming, and organic pet food.
Another strategy is to develop a strong digital marketing plan to enhance your online presence. People’s lives today revolve around the internet and social media, and businesses should take advantage of this opportunity to increase their exposure. From search engine optimization, email marketing, marketing analytics, and social media platforms, these are just some of the many strategies to reach your target customers online.
Last but not least, being optimistic, flexible, and adaptable are the must-have qualities of any entrepreneur during these difficult times. You need to have a flexible plan in case of delays and unforeseen circumstances. The pandemic is an unpredictable time for business owners, so you need viable strategies that will keep your business from collapsing.
The bottom line
There’s no harm in being optimistic and hoping for the best on your new venture, even there’s a pandemic going on. Launching a business comes with unique challenges, and failures are always inevitable, but it’s up to you how you will find a way out of it. So if you feel hesitant to start a business in these trying times, make sure to consider our discussion above.