The COVID pandemic has completely altered the ways in which we live our lives. For many, this has meant a drastically changed routine with new stresses and challenges. Some people’s plans have been put on hold, whilst some have flourished in the pandemic.
But what about would-be entrepreneurs? Perhaps you had a fantastic idea for a business. Perhaps even you went as far as to rent a quality Start-up space, only to have been stopped in your tracks by the pandemic. Now, with talk of an incoming recession, the prospect of starting a new business seems even more bleak.
So, what now? Should for the pandemic to finish and until recessions have subsided? Well, not necessarily. There are lots of reasons why now could be an excellent time to start your business.
Some businesses have grown in the pandemic
That’s right, some businesses have come out of the pandemic stronger than they entered it. Here are some industries that have seen growth during the COVID era.
Online Retail – During lockdown, many people were unable to shop at Highstreet stores due to restrictions. Even when shops were open, such as grocery stores, many people felt unsafe about shopping. Instead, the public looked to online retail to fulfil their weekly shop or buy new accessories.
According to the Office of National Statistics, online retail as a proportion of total retail sales, grew to a record number of 32.8% in May 2020. Even after the reopening of shops, online retail retained much of its success levels. If you’re business could feature shopping online, now is perhaps a better time than ever to launch it.
Online Education –The pandemic has meant that many schools have had to close their doors. This has meant that parents have had to look for new to ways to educate their children. Even now, as schools return, not all parents feel happy about sending their children in. If your business plan involves education, an online element would give you a good chance of receiving success.
Steaming Services – As people found themselves locked down and furloughed from work, they looked for new ways to entertain themselves. Online streaming provided quick and easy access to entertainment.
One example, Amazon Prime, saw 32% growth. If your plan involves an online streaming service, think about ways in which you can capitalize on this growth.
A recession doesn’t necessarily spell disaster
The idea of a recession is terrifying to many business owners. But it doesn’t necessarily spell the catastrophe that some fear. There is a whole list of companies that have found success during a recession. For example, Burger King, the worldwide fast-food titan, was founded during a recession. A little-known company by the name of Microsoft was also founded during a time of economic stagnation. The fact is a recession can bring many opportunities for savvy entrepreneurs.
A recession is never the ideal time to create a business, but it doesn’t have to mean packing it all in. With the right planning, your business could succeed despite the threat of recession.