Are you thinking about starting your own business, but feel overwhelmed with just the thought? Whether you’re worried about competition, hiring a team, expenses, and more recently, a pandemic… there is a lot to think about.
The good news…unstable periods have proven to be the best times to start a business. New opportunities proliferate and with first-mover advantage available to the bold.
With 2021 just around the corner, here are a few reasons why now is a great time to start a business.
Over 100K small businesses have closed due to covid. That means more opportunities to start new ventures in what would typically be a heavily crowded space. Not only that, but new customer needs begin to emerge that haven’t yet been solved.
A smaller business pool also means those that are in business are likely offering discounts.
Cheaper Operational Costs
Remote-first seems to be the new standard, as offices are not so much of a necessity anymore. What would typically be a large monthly cost can now be applied toward other parts of the business, such as product and people. Not only that, but you also can negotiate better terms and pricing on practically any SaaS tools you need for the business.
Larger and Cheaper Talent Pool
With unemployment rates higher than they’ve ever been and many larger companies reducing headcount, salaries have decreased as well. This has unlocked new opportunities to hire new talent more affordably and from a larger talent pool: the whole world. Great talent that would normally require a higher salary and a very secure position are open-minded. You might consider trading equity for talent as well if you are in startup mode.
More Access to Funding
People starting businesses have more access to funding sources than ever before. There are many programs such as the SBA, that offer a variety of funding opportunities for small businesses. Assistance varies from loans or grants.
Over the last few years, crowdfunding sites have seen a rise in popularity: Kickstarter, Indiegogo, GoFundMe, and others. Not only do these sites allow you to raise capital, but it’s a great way to begin marketing and showcasing your product. According to statistics, 50% of crowdfunding campaigns raise their full goal amount.
While these times may require a leaner operational model, the opportunities for creativity are better than ever. That is why right now is the best time to start a new business. It’s time to identify a “blue ocean” where there is little to no competition and find the resources and talent to get your business going. We’re rooting for you!