If you announce that you are about to start a new business now, in the middle of a pandemic, you are bound to raise some eyebrows, but despite the global crisis, this really is a great time to start a business.
There are so many compelling reasons to start your own business. Working for yourself has been proven to create high levels of job satisfaction and an improved sense of well-being. When you are your own boss you can focus on your passions and have autonomy over your schedule and workload. While this is the dream situation for so many people, these perks may seem unreachable while we are in the midst of the COVID-19 pandemic, but we would argue that they may be more attainable than ever before.
One of the most common reasons for not starting a business before the pandemic was “I don’t have time”. Now, with no commuting and more time at home, you may find yourself with more time on your hands. You can use this time to think, plan, research and get the seeds of your business sown, ready for your next big step.
Maybe your excuse for not starting out on your own before now was not having a good or unique business idea. Another strange side effect of the pandemic has been the need for solutions to never-seen-before problems. For instance, the market for facemasks and PPE, for digital learning and remote working solutions, for delivery and courier teams and more has been growing exponentially and will not be slowing any time soon. The problems that this ‘new normal’ has created are endless and so, therefore, are the potential solutions.
An unfortunate result of the pandemic has been the decline of small businesses who were not in a position to weather the financial storm. However, the flip side of this is that new businesses have fewer competitors. In fact, even well-established companies are taking fewer risks and have reduced their market reach to focus on the 20% of their business that brings them the most revenue. More business with less competition makes 2020 a great time to launch a new venture.
Starting a business now also has the added advantage of an eager and talented job pool as many skilled workers have been forced out of their jobs due to the downturn in the UK’s economy. It may be easier than ever to find the team you want because of the current National situation – plus, you will be able to afford this great new team as there are new packages of funding available to companies who are willing and able to create jobs in the UK! Even if you are not seeking to invest in people right now, or if you are not eligible for any grants, since the Bank of England interest rate is lower than any point in history, borrowing money is a very viable option for start-ups today.
In reality, starting a business during the COVID-19 pandemic is no different to starting a business at any other time. The practicalities remain the same – you still need a business plan, support and finances. The difference is that time and resources may be more readily available than they usually are, making this the perfect time to start your own business.
If you’d like some administrative support to help you build a business that runs like clockwork, why not try bringing a virtual assistant on to your team? Let us ease your tension by taking some of those time draining tasks off your plate to free you up to focus on driving your business forward and attending to bigger projects with greater focus and clarity. Delegation is the vehicle that enables you to work on your business, whilst others work in your business! Get in touch for a free consultation here.
