Starting a Business in 2021: Is It the Right Time?
If you take a look at what’s happening around the world today, getting a business off the ground may seem an illogical decision. A new mutated strain of the coronavirus is out there and we’ve all been sent back to our homes. We still have physical distancing in place and most folks are still encouraged to stay at home unless absolutely necessary.
Understandably, we all still haven’t fully recovered yet from cabin fever from last year’s series of lockdowns and our livelihoods and sources of income are still on dangerous ground. We all want to get back to the normal that we were used to if only to better provide for our families and meet their needs at this time.
Now, you might be wondering how you could start your own business started, perhaps a carpet cleaning service or small diner, in the midst of a pandemic. Contrary to what you think or believe, experts somehow agree that this is a good year for entrepreneurs and aspiring business owners to launch a company.
2020 may have given us plenty of grief but a lot of things can change in just one year. In the same way that the pandemic destroyed business analysts’ projected high hopes for 2020, things can go the other way this year for us all. And while a lot of people are still not putting too much hope on the vaccines, here are a few reasons why some experts believe that 2021 is a great year to get started on a business endeavor.
There’s far less competition in the market now.
2020 shut down hundreds of thousands of businesses, at the very least, due to the global health crisis. This left a huge gap in the market for consumers and plenty of opportunities for startups to take advantage of. Most people tend to launch businesses when the economy is booming but very few, only the bold, see open doors during a time of crisis.
For entrepreneurs who are brave enough to start a business now, less competition means fewer worries and more market shares.
Customers are ready and waiting.
Because all of us were sent packing for our homes in 2020 and were stuck inside for almost a whole year, people did almost everything online, including shopping and acquisition of goods and services.
With the dramatic increase in e-commerce in 2020, with nearly a 40% boost, a lot of the shops that closed down took their business online. Surveys have been conducted in different parts of the world and came up with similar results: that a huge majority of consumers will still continue to make online transactions even beyond the pandemic.
This only means that people are looking for products and services to spend their money on, despite the present global situation. With low supply and greater demand, starting a business to help fill in the gaps is a sensible thing to do.
You have a lot of talent to choose from.
The pandemic has displaced a huge chunk of the world’s workforce. Millions have found themselves laid off or furloughed at the pandemic’s onset. And while plenty of people found ways to make a living through online jobs, you most probably have seen several startup home-based businesses sprout in your neighborhood and city.
However, there are still a lot of jobless yet highly-talented and experienced people just looking for opportunities to get back to work. If you are dead-set on starting a business now, you have a greater advantage at getting top talent at more affordable prices.
Funding may not be as hard as you think.
Understandably, because of the pandemic, almost every investor and lender put their funding and investments on hold. Now, most of these people who have kept their assets securely locked in 2020 are ready to start investing once again and get returns. Since there’s lesser competition now, this gives you access to a lot more funding, especially from angel investors, as long as you have a great business plan and strategy. Getting funding for your business is not exactly as hard as you think.
To conclude, as we enter 2021, it’s safe to say that like any other year, there’s bound to be lots of uncertainty before us. 2020’s negative effects still linger and will surely be felt for years to come. But that shouldn’t paralyze you from moving forward and facing this year’s challenges head-on. While it’s normal to feel that it’s not the best time now to start a business, if you already have what you need to get one off the ground, you might end up thriving in 2021. The choice will ultimately be yours.