The middle of a pandemic must be a bad time to start a new business, right? Not necessarily. With employees being furloughed and, worse still, people losing their jobs, now is proving a good time to “take the bull by the horns” and start a new venture.
In fact, some of the most innovative, successful, and well-known brands of the 21st century were created on the back of a recession, including Slack, WhatsApp, Uber, Square and Instagram.
Research shows that due to the job insecurity created by the pandemic and with many re-evaluating their lives, a growing proportion of the population is starting a new business.
Millennials and Generation Z’ers are driving the renewed enthusiasm for entrepreneurialism in the wake of the pandemic.
Starting a new business is both exciting and daunting at any time, but especially during these challenging times. For anyone beginning a new business venture, there are several vital aspects entrepreneurs should be aware of, particularly during the middle of a pandemic.
Research the market
Are people going to pay for the services or products offered, especially in the current climate? When starting any kind of new venture, the target audience of the products/services should be researched in depth to help determine if there is a market, particularly during these testing times.
Location, location, location
The location of a business is paramount to success. With more consumers shopping online than ever before, having an ‘omnichannel’ presence – both a physical store and online – could be a wise move.
Write a business plan
What some deem as a waste of time can be an effective way to map out how the business will progress and what is required to get it up and running.
Start small and grow
In these testing times, it might be a good idea to start a business small. Once a target market has been secured and the economy starts to gather momentum, this could be a more profitable and ‘risk-free’ time to grow.
Get the right insurance in place
When starting any kind of new business, it’s vital to have business insurance in place. Business insurance protects businesses – big and small – against losses that may occur as a result of business activities. From legal liability, to employee-related issues and property damage, there are different types of cover that all new businesses should consider.