With the pandemic still looming over us, a lot of small businesses have been popping all over the place and are, quite surprisingly, thriving. Indeed, the pandemic has not left anything or anyone untouched. Many businesses, whether small, medium, or big, have all struggled to stay above the water the past year. Most of them had to downsize their operations which meant a decrease in manpower as well.
With folks sent home with no job nor financial security, they had to figure out different ways to fend for themselves to still provide for their families’ needs. Some of them took up remote work and online jobs while others started putting up their own businesses.
It might seem like an impractical thing to do but so far, it’s working for a lot of them. Folks are trying to wrap their minds around it and make sense of what’s happening.
How can a person start a business at this time and be successful? Here are some reasons people are going all out in starting a business despite all the risks:
We’re all on a level playing field.
At this point, the pandemic has leveled the playing field for all participants. The sudden shift created by the pandemic has left gaps and voids in the landscape and has highlighted outdated systems.
You no longer need vast resources to get a business off the ground. For instance, several small business owners who started their online business selling OEM digital devices no longer needed a large capital to acquire inventory. Most folks who are strapped for cash are now opting for digital products that are as efficient as the real deal sans the exorbitant price tags.
It’s now easier to find a niche market and create value for the products and services that you offer since most people are looking for the best possible deals.
There’s an abundance of great available talent in the market.
When businesses and companies downsized because there’s just not enough money to go around paying everyone, a lot of people found themselves suddenly jobless. While some employees were still fortunate enough to retain their work albeit under more flexible working arrangements, others decided to either get online jobs or start their own small business.
Those who decided to start a business and look for people to work with are in the best position now to make reasonable offers to top talents for their services. There is an abundance of great talent looking for the right opportunities to get properly compensated for their services.
You can get quality services at affordable prices.
Speaking of top talents, there is a great supply of highly-skilled workers now and a slightly lower demand for their services. Even if the number of entrepreneurs and business people launching businesses now continues to go up, a lot of them are operating individually. Not all businesses launched during this pandemic needs teams of workers.
Given the circumstances, some workers are willing to slightly compromise and negotiate their rates for job security. That’s not to say that employers should take advantage of this. It is still recommended to give a worker his or her due wages accordingly. Times are hard now and we all need to help each other if we are to make it out of this in one piece.
Interest rates for loans are hitting all-time lows.
One of the advantages of getting a business off the ground at this time is that interest rates are low. It’s also a great time to expand any existing business now.
Getting small business loans is now easier for the average American. The additional cash in your pocket will significantly help improve your business and the services you offer, giving yourself greater value to your target market.
If you’re unsure of your financial standing, seek counsel from a finance expert, an investment advisor, or a more experienced business owner. Their expertise on the subject matter will give you greater insight on how to go about your business’s financial needs.
Now is the best time to position your company for the post-COVID age.
The pandemic has brought about changes in the way that we do things, especially in business. Once this crisis is over, there is no guarantee that things will go back to the way things were. A lot of the new normal things we have now are most probably here to stay for the time being. Establishing a business now will help you get a better position in the post-COVID market and give you an edge over the future competition. Companies and establishments that have responded and adapted to the current changes will likely thrive once this is over.
Starting a business now may seem like an illogical thing to do, especially if you consider the risks but the payoff is also worth it, especially if you do it right. Do your due diligence and seek advice from trusted and knowledgeable people before you take the plunge.
