COVID-19 has taken the world by storm, and as it continues, the world is likely to move into an economic recession, at least in multiple industries. This has already led to significant unemployment problems. However, this may also be an excellent time to be make a transition, become financially independent and start your own business.
This may sound crazy, but a lot of today’s well-known businesses have started during recessions with unemployment problems. Companies like Microsoft, General Motors, FedEx, and Burger King all started during a time when the economy was low and uncertain.
Of course, exceptions can not be examples. Therefore, we are going to show you a few reasons why 2020 can be an excellent time to start your own business-
It is true that not every business is going to succeed, especially in a time when things are so volatile. But without a doubt, these quarantines and lockdowns have created several new demands.
For instance, food delivery businesses are doing exceptionally well. Small outlets are also saving up on rent and making a hefty profit.
Online businesses are also growing. People are now spending more time online, and this looks like a perfect opportunity to attract customers through online marketing; besides it also costs less than traditional marketing.
Many people have started using different online platforms for blogging, and some who used to earn passive income through blogging are now becoming full-fledged bloggers and making more than ever.
Different companies, like Loaded Lab, are also helping potential bloggers to start their online journey.
In this uncertain economic state, interest rates are usually lower, which makes borrowing more affordable. It will be easier for you to attract investors when starting a business since tech-savvy startups have potential even during times like this.
A lot of people have lost their jobs, and some of them are highly talented. But due to budget cuts, the company just could not afford them.
This might be an excellent opportunity for you to hire them to work as freelancers. Talent hunting will also be very easy since most people will be ready to earn some quick cash and stability.
If you have a big enough investment, you may just be able to hire some talented people that you might not have access to before.
It takes a lot of money simply to run the company and factories. But many giant companies are failing to maintain their cost because of quarantine and lockdowns.
This has allowed plenty of small companies to enter the market and meet customer demands. Take the healthcare industry as an example. The big corporate companies are failing to satisfy all the customer demands completely and are readily losing market share.
Plenty of small players have decided to start a business just because there is still immense demand that needs to be fulfilled.
Considering the present condition, this might just be the right time to enter a market where competition is at its lowest.
It’s all about utilizing the right opportunity. Unable to maintain the running costs, several businesses are ready to sell their franchise at a considerably affordable price.
This increases your negotiable power and leaves you with plenty of options. This does require a lot of experience, and you also have to be in a cash favorable position to make the purchase. If you are new to franchises, consider starting with an affordable option in a recession-proof industry. For example, if you have experience in home improvement, you can purchase an affordable home repair franchise.
With the right skills, you can make profitable deals in buying those businesses and assets.
Yes, you can indeed start a business even during this pandemic and still be profitable. But you have to select the right company. You should be paying more attention to online businesses.
Whatever business model you plan on, make sure it can be used and interconnected through online. Once you add that to your business model here are a few businesses that you can start right now and safeguard your financial state from the recession.`
This is not the first virus pandemic and may not be the last. In the new ordinary people are going to be more skeptical about health and hygiene. People are already more cautious than ever, and this creates an excellent opportunity for cleaning services.
We previously mentioned how the food delivery industry had made quite a hefty profit, and it is only natural that they would do so. There are plenty of other products that also need to be delivered other than food.
Health care products and tech devices can also be delivered. It is also very easy to start a business and to market these deliverable gigs. Plus people will readily use them. The demand is only going to increase even more in the coming days.
Since more people are going to receive online deliveries, a lot of people are going to use online stores. Starting a business with an e-commerce store requires quite a bit of upfront work, but the benefits are worth it.
With more people visiting online stores and buying stuff from there, it makes sense that this business is going to be profitable and sustainable in the long run.
Online tutoring platforms have become quite popular during COVID-19, and this can be used to start your own online tutoring business. Before the lockdowns, it would have been a bad idea. But now people have become used to online learning.
If you have expertise on a particular subject, you can make money off of it by creating online courses, video tutorials, and selling them to your audience.
Plenty of people are thinking about starting their online business. And most of them may not have the technical skills to do so. If you have the right skill set, then you can create your team and offer your freelancing services to other people.
This should include creating websites from scratch, providing SEO consultancy, and helping to generate traffic into their website.
You can establish your business by helping other people create theirs. This will require vast technical skills and experience but can be a very profitable business.
Starting a business anytime can be risky, but the pandemic can make it even more nerve-wracking. But to survive the upcoming recession, you have to turn this current state into an opportunity and rise from the crowd. Check your financial conditions, study the market, consider your skill set, and start a business.
