I watched a speech last week from the brilliant business analyst William West Seegmiller, and he was discussing the various positives which people can enjoy, if they start a small business at the moment. At first I did think that this was probably something of an outlandish idea, given the fact that the economy is in poor shape and that many were struggling to stay in business, let alone start a new one. Thinking on however, I have recognized that William has a very good point and that small businesses in particular could do very well at the moment, and here is why.
The first instinct here is to recognize the state of the country and be shocked at the idea of launching a new business as so many are failing. What we have to recognize however is that many businesses are failing because they were set up under very different conditions to what we have today. These businesses have been forced to adapt to the situation we are in, yet a new business will have all of the information first, before they launch a business. This means that any planning can be done, taking the situation with the pandemic into account, and that may give an edge.
Focus on Small Businesses
It is true that online retail juggernauts like Amazon have been crushing it this year as people look to buy things online to have delivered to their home. What we have also seen however is a level of social responsibility displayed by people who want to support their local communities, and the businesses within them. More people than ever before will opt to buy from their local store than from a big retailer, and this looks to be something which will continue in the future. These are perfect conditions for the launch of a small business.
Gaps in the Market
Many of the businesses which failed at the beginning of the pandemic would be alright at the moment had they made it through. Because they did not, this proves to be a good opportunity for anyone looking to launch their own business. Ultimately there are holes in the market and customers who are looking for a new business to use. If a new small businesses chooses the right sector, they could do very well from this opportunity.
Any small business which is set up right now will be able to learn all of the lessons from this year. It has been something completely unprecedented and no business could have expected what has taken place. This however does offer a new small business the chance to learn from what has gone on, and as a result create a stronger and more robust business model, primed for success.
It may sound outlandish, but there is a lot of reason behind the claim that now is a great time to start a new business.