The pandemic has had a significant economic impact and left entrepreneurs wondering if it is an excellent time to start a new business. However, a recession is a brilliant time to launch a start-up if you understand how you can use it to your advantage.
A staggering 57% of fortune 500 companies were founded in a recession. The pandemic has wiped the slate clean and weakened previously mammoth competitors. It’s even wiped some of the major brands out of the game completely.
So, why is 2021 the perfect time to launch your business? Let’s find out.
Outsourcing
More and more businesses outsource freelancers, consultants and local suppliers as the job market takes a nosedive. Utilise this opportunity and become one of those suppliers to provide businesses with the products they need.
As companies struggle to stay afloat, their marketing budgets have plummeted. The price of digital advertisements has dropped, making them the perfect form of marketing for new start-ups.
Ideas
Have you ever heard of “painkiller ideas?” The best business ideas provide a solution to a current and significant problem. People need them, they are willing to pay for them, and you can offer them. For example, with gyms closed, at-home fitness businesses soared. Use the crisis to your advantage… without being insensitive to what’s going on in the world, of course.
Over 52,000 new businesses registered in June 2020, which is over double the registrations of January 2020 before the pandemic even began. Sign printing company instantprint released a study which highlighted that in the 27th week of the year, 29th of June to the 5th of July, 18,189 new businesses registered. The highest number of registrations in a single day happened on the 8th of June at 4,759.
Tuesday was the most popular day to register a business, producing a whopping 98,740 new companies over the course of the year. Who knew Tuesday was such a productive day? Unsurprisingly, Saturday was the least popular day with only 8,076 new registrations. However, that’s still many businesses…
Clearly, entrepreneurs across the UK recognised that the substantial macroeconomic change was an opportunity for new business. Painkiller ideas stem from the worst of situations.
Money
Your competitors are at their weakest, and you have an idea – but what about funding?
You can start a business with as little as a laptop, website and a few necessary skills. Educate yourself on sectors you can easily earn money from. Affiliate marketing, drop shopping and digital products are fantastic places to start.
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