7 Reasons Why Now Is A Great Time to Start A Business
In this article I’m going to share with the 7 key reasons why now is a great time for you to start a business
This article is for anyone that is seriously thinking about starting a business, or if you are weighing up your options about whether starting a business is the right option for you or you if you want to learn more about why now is a good time to get started.
The World Bank predicts that the global economy will shrink by 5.2% in 2020, its worst performance since 1946 and the aftermath of World War Two.
The US economy is already in recession and the Bank of England predicts that the UK is about to see its sharpest downturn since 1706 . That’s a staggering 314 years ago.
As Covid-19 cases continue to rise across the UK, Ireland and worldwide; Government support will have wane and business bottom line will be hit hard.
As a result millions of people will be made redundant or displaced creating mass unemployment. Some sectors are already on their knees for example travel, aviation, high street retail, leisure to name a few. And with increased automation and digitisation, jobs are changing. Businesses are hiring less people as they can now do more utilising technology available which often results in being cheaper, faster and better by creating more.
In saying that history is a great teacher and shows that many successful companies are born in tough times, in recessions. It also confirms that in downturns there are also many opportunities. In 2008 in the financial recession two of the largest brands we have today were born. AIR BNB and Uber.
Imagine 10 years from now; there could be start-ups born in 2020 that will go on to become major household names. I’m confident that will happen!
“The way to get started is to quit talking and begin doing” says Walt Disney and I couldn’t agree more.
Let’s dive in and look at why now is a great time for you to start a business!
1. Opportunities abound. With the Impact of Covid-19 many businesses are grappling with the new market and the new normal and are unsure of what to do. Some have gone out of business and others have not pivoted or created a new strategy for growth. They are stuck and in standstill. They are waiting for things to return to normal and we all know that’s not going to happen any time soon.
A recession creates an abundance of problems, all of which are great opportunities for start-ups to come into play and try to solve them. If Start-ups can solve a problem better, faster and cheaper, then it’s a perfect pitch because clients and people will be looking for the best & cheapest alternatives for most things during this time.
2. Access to Talent. In a downturn it opens up access to highly-skilled and talented workers. They will be plenty of them which also drives down price. In recessions there is always mass redundancies and layoffs opening up an incredible talent pool for you. You can also access government backed and part funded apprentices making it more accessible to start-ups.
3. Increased AI & Technology. With smarter and better technology than ever before you can build a global business from your bedroom AND for a fraction of the price.
With more sophisticated AI you can scale quickly and you don’t need to hire as many people by utilising automation you can have bots doing the bulk of the work 24/7 365 a year. This allows you to get to market faster and keep your costs lean.
4. Funding available. It has never been easier to access funding to start and grow a business. More investment available now than ever before; angel investors, VCs Private Equity firms, numerous crowd funding platforms and not to mention friends and followers who get tax breaks to fund your start up. Access to Start Up loans and more grants available now than ever before.
We are also seeing more big corporates providing grants and support through accelerators, incubators, and funding skills training. Businesses like Amazon, Google, SalesForce to name just a few; who are interested in boosting small business.
5. You’re not on your own. There has never been so much support available for start-up business owners.
You can gain access to mentors, coaches, consultants, online training programmes, government and local government support programmes, university programmes accelerators and incubators and so much free of charge.
You can also access millions of books, e-books, podcasts, articles, tools, templates. In the history of starting up a business there has never been so much support available You can train with experts around the world from the comfort of our own couch.
6. Costs less. In recessionary times you will find better deals across the market. Your paid advertising for traffic costs per click is less; in some cases has dropped 50 to 80% since lockdown. More people & companies have discounted their rates to entice people to buy now. Things in general will be cheaper like furniture, equipment, office space, business services and overhead costs are lower than they otherwise would be normally. There is so much competition and everyone is vying for your business.
7. Increased collaboration. In recessionary times more businesses are open to collaborating through a joint venture or strategic partnership making it a fast route to market for you. They have access to a client base and the infrastructure and resources you need to grow quickly. Start Ups and small businesses are nimble and can respond quickly to changing markets. You can make it a win, win.
So that completes the 7 reasons why now is a great time to start a business.
People are starting a business now for many reasons. Some people have been made redundant due to Covid-19 and want to use this opportunity to start a business for themselves. Other people no longer enjoy the job or the work they do and realise now is a good time to get started and can build it alongside their day job. Other people want more money and want to create a better life for themselves and their families, others want to do what they’re passionate about and what they love and some people want more freedom around their time and where they work from in the world.
Whatever the reason is for you, NOW is a great time to get started.
You may know this ancient proverb.The best time to plant a tree was 20 years ago and the second-best time is now.
Start-ups are a key driver in economic growth and job creation and are often catalysts for radical innovation. There are challenges and opportunities for people right now in business. Many companies are battling for survival, many companies are navigating limited growth whilst others are absolutely thriving.
It’s Imperative to have the know-how to navigate your start up and small business through these testing times.
If you are serious about starting a business and creating the life that you want for you and your family.
Don’t let anything stop you from going after your dreams!
Until next time!
A millionaire by 26 having started her own successful recruitment business Helen has gone on to build several multi-million pound ventures. Now the MD of a successful consulting business Helen shows people how to start and build a successful business quickly. With over 20 years experience, Helen is a multinational award winning business who has worked with other 15 thousand people to date.