Is now the right time to begin your own business venture?

The pandemic feels like it turned our world upside down and changed the way we live and work forever. While many companies had to adapt or die to survive the unexpected curveballs, those looking to start a business can explore gaps in the market and new opportunities in our forever changed world. So, if you too find yourself wondering whether now is the right time to jump into entrepreneurship, take a look at all the reasons we believe it’s your time to shine. 

Economic hardship means less competition 

People are naturally afraid of the unknown and most people will shy away from taking risks during times of uncertainty. So, faced with economic instability, high inflation rates and the threat of recession in present times, many would-be entrepreneurs won’t be starting a new business anytime soon. This means that if you remain undeterred by the current market challenges, you can capitalize on there being less competition hampering your success. This is the best attitude to have as an entrepreneur. Just ask the many daring entrepreneurs who launched their businesses during the previous recession and grew them into multimillion-dollar companies, such as Airbnb, Uber and Venmo. 

The pandemic has changed the business landscape 

The harsh reality many people faced during the pandemic and continue to face is that there is really no longer such a thing as job security. Having a full-time job doesn’t mean you’re going to keep it should circumstances change, especially if you fall into a high-risk job category. Regardless of whether you’ve been in a position for 10 years or two months, the pandemic and recent spate of tech giant layoffs have taught us that nobody is safe anymore. The proverbial rug can be pulled out from under your feet at any time without warning. 

Owning a small business and being your own boss can give you more control over your destiny. You know how the old saying goes: what you put into it is exactly what you get out. If you are willing to work hard and put in those long hours to make your business venture successful, it can offer you more long-term security in our pandemic-hit economy. 

It also opened up new markets 

The pandemic undoubtedly caused catastrophic financial damage to both big and small businesses, but it also created new opportunities for people to capitalize on. It shifted consumer priorities and made people re-examine everything from how they commute to products they clean their homes with and how to exercise without going to the gym. While the list of potentially lucrative market gaps is exhaustive, if you want to tap into a sector that is poorly serviced, you’re onto something good. 

The best place to start is getting a sense of consumer sentiment… what products are people finding hard to come by? Which businesses have outpriced themselves? What are consumer attitudes towards the product/service? Once you have a better understanding of your customers, you can develop a product or service that not only meets their needs but exceeds their expectations. 

Small businesses are agile 

You don’t need employees or a ton of start-up capital to launch a business nowadays. Almost all businesses need to get started is a professional website and a solid marketing strategy to get your product or service in front of your intended audience. 

With remote work becoming a normal part of life, there is no need to invest in an office or full staff complement. You can get away with hiring freelancers to help you in areas you’re not familiar with, such as web design, or where you do not have the capacity to take on the tasks. This will cost you a fraction of hiring full-time employees and you avoid the headaches that come with managing staff. Certain tasks don’t even require a freelancer but may require a minimal investment into tech, such as a decent accounting software package, to help you manage more areas of your business for less. 

Automation has also made it easier to streamline various tasks such as email marketing, social media post scheduling and search engine optimization, among others. As helpful as this technology can be, you should take care that your business does not lose its human or personal touch which will make it harder to connect authentically with your audience. 

Final takeaway 

Everyone can come up with business ideas, but without action, they’re always going to be just that… an idea, a dream and one day when someone else does it first, a regret. Life is far too short to live with regret! If you’ve got a bright idea, don’t be put off by the current economic slump because it means you’re primed for success in a less saturated market. In a world that is forever changed, there is really no better time to take the plunge into entrepreneurship.