Is Now A Good Time To Start A Business?

It is easy to take a look at the news and think that now is not a good time to start a business. The effects of COVID-19 have led to a recession, you are constantly hearing of businesses being forced to close and unemployment is on the rise, but this does not necessarily mean that it is the wrong time to start a new business.

History

If you are intelligent and have a business idea that could survive in the current climate then now could actually be a good time to start a business. Interestingly, there are a handful of brands that have started during a recession that have gone on to find great success which shows that it is possible.

Uber and Airbnb launched during the global financial crisis during 2007-2009 and are examples of businesses adapting to a changing world, plus going further back you have General Motors launching in 1908 while the US was struggling with the 1907 financial crises and even Burger King was launched during a US recession in 1953.

Businesses Adapting To COVID-19

Even now, you are seeing businesses adapting and making changes in order to stay afloat and even thrive in the current situation. Businesses are offering online services and making door-to-door deliveries as well as implementing widespread remote working. This goes to show that there are always ways to manage and succeed no matter what is happening in the world and the right business idea could be a huge success.

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Benefits Of Starting Now

There are also a few other reasons why now could actually be a smart time to start a new business. First, there are financial benefits in that interest rates are low and investors are looking for new opportunities which could make it much easier to raise the capital needed to launch a new business. In addition to this, the talent pool has become much larger with many highly skilled people looking for work so it might be easier to build a fantastic team (especially if you can operate remotely which would allow you to recruit regardless of location).

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Competition & Marketing

Additionally, competition may be lower if you were to launch now which could make it easier to hit the ground running. It may also be easier to promote your new business and you can use poster printing specialists to create high-quality posters that will help to raise awareness about your new business and generate excitement.

As you can see, now could actually be a smart time to start a new business and could allow you to hit the ground running. Of course, you need to have a good business idea and consider the current situation, but history has proven that businesses can thrive even during turbulent times.