Everything has changed. No company is left untouched by the pandemic. And most of the economy is tanking, which includes massive layoffs and life changes that no one could predict. But these reasons could be the very motivators, and opportunities that make you successful in the venture you have always dreamed of starting.
Here are 5 reasons why you should get started on your small business today.
It’s Anyone’s Game
This global pandemic has shifted the meaning of work and personal life for all of us. The shift has created gaps and highlighted inefficient systems that are outdated. Now it’s anyone’s game. You no longer need an arsenal of resources and an army of employees to get something done. You can be nimble, with a small efficient team maneuvering your industry and creating value.
With work and kids at home, families are in going through a transition that is changing their day-to-day needs. Even singles are finding new ways to virtually date, and stay connected with friends. There is an opportunity to find a new niche across both online and offline businesses.
The gaps are everywhere, and motivation for change is high. This creates a perfect storm for innovation and progress.
There is Plenty of Talent on the Market and It’s GOOD Talent
With economic shifts and companies failing, a lot of good talent that is otherwise inaccessible is now on the market. Successful companies such as Apple and Google hired aggressively during the financial crisis and they’re doing it again. People are looking for new opportunities, many with an open mind to even shift industries. There are freelancers that can fit the temporary needs of your business while full-time talent can help build the robust team that you’ve always dreamed about.
In addition, with remote working, you are no longer constrained by location. You can access a pool of talent beyond your borders. You can expand your locations and attract the best talent from around the world. It’s easier than ever to expand yourself to new perspectives, and new ways of doing things. You can create your team flourishing in the diversity of thought and people.
Services are Cheaper
As you build your business you will need access to resources, educational materials, and vendors that can provide you systems to make your business more efficient. If you need to automate your email marketing you have access to sites like Mailchimp and Zoho. If you need help with designing your social media, services like Canva are available. Many of these companies are providing promotional pricing. Many sites and blogs are also providing educational content for free on topics like digital marketing, and customer acquisition to help your business grow.
This is also an opportunity to take advantage of small-business deals currently available on services like online advertisements, and small business trials on software like team messaging and video conferencing.
Interest Rates are Low
If you’re thinking of expanding your business, 2020 is a great time to do it. If you want to get a small business loan, interest rates have remained low and the fed doesn’t plan to increase them in the next few years. This means that for most everyday Americans, loans have gotten cheaper.
This also means that many lenders are offering refinancing options, which could help you save even more money. And because of the COVID-19 crisis, many student loan payments have been put on pause, apartments have offered free rent for a few months, and grants have been made available.
With more money in your pocket, this could be your opportunity to use the extra cash flow and invest in your business.
There Will Be a Post-Covid Shift
The pandemic will not last forever (as much as it feels like it will). Companies that have made their businesses responsive to the current climate, and adaptable to change will thrive as soon as this period has lifted. The pandemic, as much as it’s been difficult and overwhelming, can also be an opportunity to position your company for the future. To take time to reflect and adapt to a post-Covid world.
This provides you valuable lead time to build up your customer base, refine your sales strategy, and level up your social media game. And once the economy starts to shift again, you will be ready to ride the wave up.
There are plenty of companies that have been successful by beginning in difficult economic times. Venmo, Whatsapp, and Uber were all founded during the financial crisis. This is the time to get started and go after that business you always wanted.
About the Author: Brenda Pak is a cofounder at BackPac, a digital platform committed to working with organizations and people groups to display radical acts of kindness through the giving of time and resources. BackPac allows you to easily schedule volunteering, group meetings, give generously through donations, and team up with local nonprofits to make a difference to your neighborhood, city, or global cause. Formerly she has held positions in fortune 500 companies including investment banking, brand management, and consulting. For more information follow BackPac on Instagram and Twitter. You can also find her latest article on volunteering in Forbes.