How many small business owners and entrepreneurs are truly optimistic about their chances of surviving the COVID-19 crisis?
Some hardened risk-takers are up for the challenge, but many others are very negative about it. They doubt they can overcome the financial and emotional turmoil that the Lockdown has caused.
Instead of feeling sorry for themselves, they should rather focus on possible solutions.
Everything happens for a reason; even if we don’t understand what that reason is.
Don’t just stare at the problem, thinking of the why’s and how’s.
Avoid burdening yourself with negative thoughts every time you stumble.
So, How do you build a business during a recession?
This catastrophe has forced us into a “new normal”.
We need to accept it, and then rebuild ourselves with a better understanding of what the future holds.
We have to reconstruct our lives and take advantage of every opportunity for the sake of ourselves and our families.
Is it possible in this devastating pandemic? – YES, Absolutely!
We need to see things from the right perspective and recognise that these challenges we are facing are a wake-up call.
No matter how challenging or complicated the circumstances are, we need to trust that they can ultimately benefit us.
The effect of the quarantine has had several positive influences on our communities.
– It helped contain the spread of the virus.
– It has allowed people to spend more time with their families.
– Many of us have become more health-conscious.
– Most crucially, the world’s pollution is fast reducing.
In the face of the adversity we’re facing, some entrepreneurs have built a new breed of business for themselves. One that would enable them to help not only themselves but as well as others.
In spite of the adversity we’re facing, some entrepreneurs have built a new breed of business for themselves. Ventures that will enable them to help not only themselves but as well as others.
Why is it a great time to launch a startup during a recession?
For starters, not everyone would have seen the opportunities.
Starting a business during a recession gives you access to better employees with greater skills (due to recent job losses). You can also look at negotiating reduced rates for raw materials, utilities, rentals, equipment, etc.
Also, focusing on an online business will minimise your startup capital needs, as well as your monthly costs.
The greatest advantage to act during this time is the availability and of resources, and other benefits include:
• If starting at home you will have fewer employees & minimal overhead.
• Supplies and materials are cost-effective.
• Less competition.
• During the recession, it is likely that you get a good start over others.
In truth, there is no ideal time to start a business. There’s no ‘better’ or ‘worse’ times either.
Different challenges will face you at different times, depending on the market, your business plan, and how prepared are you to take the risks.
If you are considering a startup at any point in the future, there’s no better time than now to take advantage of the “new normal”.