With the catastrophic effects of a world-wide pandemic still looming, the idea of starting a business can seem like the last thing on many peoples’ minds. But even though COVID-19 has negatively affected public health as well as the economy, a recession often provides great prospects for growth. This article will cover three reasons you should consider starting your business now.
If you’re considering starting your own branch of a particular franchise, there are some valuable things to be aware of. In an effort to alleviate some of COVID’s effect, some franchises are waving royalties for owners during this time, according to Franchise Gator. This could mean that you could end up saving a lot of money—often franchises take 4 to 12 percent of revenue every month.
Additionally, other organizations have put together specific funds for small businesses. GoFundMe partnered with Yelp to create a small business relief initiative that offers micro-grants to help sustain small businesses. If you are creative, you can find other great resources to help you get the money you need to get your business off the ground.
There is often more opportunity for starting a business during recessions, and now is no exception. Even though many industries have been detrimentally hit as a result of the virus, other industries are thriving. Healthcare and grocery industries are growing, and other industries are being forced to adapt.
With the school system switching to online and with so many businesses adapting to be virtually accommodating, there will be important innovation required to handle the shift. If you have any ideas that can fill some of these gaps, now is a great time to make your venture.
Because the pandemic has so drastically hit the economy, there are many more job-seekers than there would be normally. Though this is generally not ideal, it can have a few benefits for a growing business.
With so many job-seekers on the market, you may have better luck finding potential employees who are qualified and able to help your business grow. If you’re looking for programmers, web designers, or sales reps, according to Dice, it’s a good idea to invest time into posting clear job openings on various different websites to attract people to your company.
COVID-19 been devastating in so many ways, and particularly to the economy. But despite the ongoing fragility of today’s market, it is still a good time to think about starting your business. These ideas can get you started.
Read this next for more great tips: How to Increase Productivity While Working from Home