Starting a business is scary in itself, let alone starting one in the current pandemic. However, to answer the question, yes, now is a great time to start a business.
Well, now is a good time as any but let me share 3 reasons why now is a great time to start a business.
1. Start a business because where there is a need, you can be the solution
The truth is this, necessity is what drives innovation. As a new way of normal unfolds, there will be emerging needs that people will want to find solutions for.
For example, did you know that during the 1969-71 depression, FedEx began as a university project for a gentleman named Fred Smith. Fast forward years later, it is now a business with almost $70 billion in revenue.
Now is really the time to evaluate the emerging needs post-COVID and see how your skills and knowledge can be the solution to people’s problems. As I always tell my clients during our coaching sessions, people don’t buy the products or services you are selling, they buy solutions to their problems.
So, as the new normal starts to emerge, you have a great opportunity to really position your business as the go-to authority to help people solve a particular challenge they would now be facing post-COVID.
2. The cost of starting a business isn’t what it used to be
Gone are the good old days when you had to consider brick and mortar when starting a business. Given the way we have relied on digital innovation in the current pandemic, trading online is now becoming the norm.
Starting a business online is a lot less costly than starting a business that requires a physical building. Even small businesses that sell products have gone online and they are successfully selling their products.
So, if your excuse was that you don’t have enough money to start a business, then start your business online. There are a number of great business ideas you can start today that you need little to no money for.
Here are some examples:
- Delivery (food or goods delivery for stores like Amazon)
- Online teaching
- Social media manager
- Affiliate marketing
Furthermore, you can decide to niche down within these business ideas. For example, as a social media manager, you could decide you want to help new businesses or established businesses. It may be that these businesses are unfamiliar with the online space and how to market their product or services effectively post-COVID.
So, what are you waiting for 😉?
3. There is more support than ever to start a business
From the platform that is Clubhouse or YouTube, to lower interest rates, you will find that there is more support than ever if you are ready to start a business now.
Let’s say you decide that you need money to start your business, then low interests rates would make it much more beneficial for you to take out a loan to invest in your business. Being able to secure a lower interest rate means that your loan will likely cost you less to pay back in the long run.
Also, if you didn’t already know about Clubhouse, it is a new (yes, it launched in 2020,) invitation-only audio-chat social networking, and as of December 2020, it was valued at nearly $100 million! ERRRRM WHAT (yep, you didn’t read that wrong), and it hasn’t even been rolled out to Android users yet.
The platform allows you to get direct access to established entrepreneurs (a lot of well-known celebrities and best-selling authors are also on the platform), who are giving live talks about specific topics and you also have the opportunity to ask them questions directly. Recently, Elon Musk hosted an audio-chat on Clubhouse and the event maxed out the app conversation room limits and was live-streamed to YouTube.
So, when you really think about it, there is a lot of information and resources to help you start your business.
Now that you are ready, let’s deal with the elephant in the room
So, now that we know it is a good time to start a business, let’s address the elephant in the room. This is something that will crop up when you finally make the conscious effort to start a business.
When you start your entrepreneurial journey, you will find that you are not immune to the existence and effect of self-doubt. Unfortunately, this plays a major role in creating a false sense that you can’t start a business. Why? well because you may feel that you:
- have nothing to offer;
- don’t have a business idea that can actually generate an income or;
- have no time to dedicate to a business (maybe alongside your 9-5 or family life)
But by leaning into this way of thinking, you are doing yourself a major disservice. Go check out my blog post on How to really start a successful business in 2021 so you can get to grips with the practical tips you need to overcome some of those issues when starting a business and set yourself up for success.
You can do it!
So, whether you want to start or you are in the initial stages of starting but self-doubt rears its ugly head, remember that I am living proof that you can do it. I am a wife and mum of two, with a 9 – 5 and I have been able to start a number of side businesses that have allowed me financial flexibility that I didn’t even think was possible.
So, if I or even Becky with the good hair (who is probably selling hair right now 😊), can earn income from starting a business, why can’t you?
Yes, the world is going through a global crisis but understand this, businesses are still turning profits and people are still starting profitable businesses. So what’s stopping you?
If you want to learn about the steps you need in order to launch a successful business online, then go check out my free webinar 7 Steps to Confidently Launch Your Online Business. It’s only 30minutes long because I know how precious your time is 😁. So make sure you go check it out.
Want to know more?
Also, if you want to get to grips about the financial habits you really need to stop having, so you don’t slowly sabotage your own business from the start, then you need to go check out my blog post 3 Bad Financial Habits You Need To Stop Doing Right Now As An Entrepreneur
I do hope this post has been helpful.
If you’d like to get more tips and training about business strategies, then you need to join my private Facebook Group where I help you get clear and confident about your business and provide you with more free tips and strategies on how to grow your business.
In the meantime, make sure to comment below and let me know what your biggest takeaway has been from this post. I look forward to reading your feedback and hopefully answering some of your questions.