Is now the right time to start a business?
The business world is dealing with a lot right now. The pandemic continues to cause havoc with the economy and uncertainty is rife across all sectors. So why would anyone want to start a business at the moment? Well, it’s not all doom and gloom, especially for a small business. While it still may not be advisable if you’re not secure yourself, there certainly are some potential opportunities out there for any would-be entrepreneur. Here’s some considerations if you're thinking of starting a business during the crisis.
Agility in a volatile marketplace Small businesses and start-ups are often lauded for their agility, with usually a small workforce and small amount of assets allowing for them to respond to opportunities with ease, quickly orienting small teams on to new projects. This is even more valuable in a volatile marketplace such as the one we find ourselves in now. Opportunities will arise very quickly, and those that get in first will usually reap the most rewards. Furthermore, if a crisis emerges, a small business can be more agile in manoeuvring their way through it.
A surplus of talent The pandemic has caused a lot of businesses to sadly let a lot of people go and, as the furlough scheme comes to a close, there may be a lot more unemployment on the horizon. However, this does also mean that there is a lot of talented people across sectors and functions that are currently out of work. If you have the cashflow available or believe you can acquire it through investment, snapping up and securing a great team should be relatively easy, especially if you have some good connections. Furthermore, with the advent of remote working, you can get talent in from anywhere in the country, or indeed the world!
Post-pandemic success A lot of the biggest and most successful businesses in the world have emerged from economic crises. Disney was founded just before The Great Depression, Google and Amazon emerged from the dot-com bubble and Facebook made its way through the sub-prime crisis of 2008. Crises usually unmask and exacerbate a lot of problems in the economy, and highlight a whole new range of problems that need to be solved by a new generation of businesses. While this certainly isn’t a guarantee of success, it is worth noting that if you can employ your small business’ agility to tackle this new wave of problems, you can put yourself and your business in a good place for the long term. Furthermore, minc offers a variety of outsourcing services, adaptable for the needs of any small business, and can act as mentors for those looking for business advice. Find out more here.