Should I Start a Business During COVID-19?
During today’s “new normal” creative entrepreneurs shouldn’t be fearful of failing. Instead, they should use their innovative ideas to serve potential customers in unique and creative ways.
When the nation is facing challenges, consumer needs and desires shift quickly. For example, in the last six months many businesses have become successful overnight–– mask makers, meal prep delivery services, fitness equipment businesses, bread baking companies, and coffee subscription companies just to name a few. Amid the 2008 financial crisis, large startups like Uber and AirBnB were founded as a result of a changing market.
Now is a prime time to reach customers who are being forced to change their habits and are now seeking to build new relationships with new brands. Why not be one of those new brands?
Here are a handful of reasons why you should start a business right. Now.
Qualified People are Looking for Work
Since COVID began, we’ve seen stable companies lay off talent due to decreased demand in the market. This change has left talented, high-quality and capable employees looking for new careers, providing a pivotal time for entrepreneurs and business owners to capitalize on recruiting qualified employees to help start their business.
This one is simple. Statistically, less startups occur during a recession, therefore, less businesses to compete for funding [which is more scarce during a recession as well]. This is beneficial for bootstrappers who want full control and ownership of their company without splitting any surplus with banks.
Growing Popularity with Virtual Mediums
Since the pandemic has forced us to social distance and have limited human contact, virtual mediums like Zoom, Google Hangout and GoToMeeting have become increasingly popular. Think outside the box here, instead of a physical storefront, maybe a virtual one would be more successful––let customers sign up for a time to “shop”. Just because the world is in a different place, doesn’t mean we can’t be creative in the ways we present our business to future customers.
People Desire Innovation
As I’m sure you’ve learned by now, recessions create problems. Without trying, you probably can think of a dozen or more problems caused in the last 9 months. Many consumers and other businesses are seeking solutions to those problems which startups have the chance to help solve. Lucky for us, today’s consumers are more open to new ideas. They are having to adjust the ways they shop, spend and engage with brands and companies. People are looking for business that makes life easier in today’s climate.
People are Saving Money
As many people are left unemployed or forced to take salary cuts, money is pretty tight for everyone. Consumers can no longer afford expensive items and are starting to look for cheaper alternatives. This is a great time to undercut industry competitors and offer the same goods or services at a lower, more affordable cost. If you do it right, you’ll win over the client and keep them when the economy is thriving again.
Questions to ask yourself before you dive in…
Is there a market for this? What problem does this product solve? Are other people selling this product? [When the answer to this is “yes”–that’s a good sign!] Can I create a product or service better than competing alternatives? Do I have the money to tide me over until I can make a profit?
Pro-Tip: Ask for help when you need it. Starting a business is difficult and needing support is essential.
BreveCo Marketing has your back when it comes to any creative marketing that’s needed to enhance your startup. We care about establishing your brand and advancing your business by creating a well-planned, effective digital marketing plan. Check out our “About” page and we’d be happy to give you a free consultation.