Is It Possible To Start A New Business In A Pandemic?

by Startacus Admin

With the world and the global economy reeling from the ongoing Coronavirus pandemic, many individuals have found themselves without a steady source of income.

Even if you’re lucky enough to have been furloughed, and have your job protected, then your future remains uncertain- you can still be made redundant while on furlough, so you need to think about the future.

If you’re entrepreneurial and eager to become your own boss, then now you’ve got extra time you might be considering starting a new business.

It might not seem like the perfect time, but if you work hard and commit to your new entity, then you could achieve the success you’ve always wanted.

To help, here’s a list of factors you need to consider and practical tips to support you as you navigate through this challenging situation and drive your new venture towards success and prominence.

The Future Is Online

One of the biggest changes that the Coronavirus pandemic has made to the global corporate landscape is that it has moved almost everything online. From retail through to customer service and beyond, companies from across the business world have had to adapt to this new situation and offer remote, digital support where possible.

As such, you need to make sure that your new entity has a strong online presence, and that you try to offer a service that can be moved completely online if a second wave of the virus forces the UK government to implement another lockdown. You will need to expand your digital presence and get noticed by your target market and it is quite common for a business to work with a digital marketing agency to acheive that. Outsourcing can be more cost effective that doing it yourself. For example, Ground Up Digital is a social enterprise digital marketing agency that specialises in supporting pioneers and innovators and helping them to turn their ideas into successful businesses. 

Recruitment

Thanks to the pandemic, many other businesses have shut down and let go of their staff. As the UK benefits system offers limited support, many skilled workers will be seeking new opportunities. Therefore, now could be a great time to hire the expert staff you need to drive your business forward and help it to grow.

The redundancies in the UK could continue for many months, so even if you need to hire new team members later in the year, you might find it easier to hire the team you require than ever before. To save on costs, use a professional networking site like LinkedIn to search for potential job candidates, rather than working with a recruitment agency.  

Prepare For An Uncertain Future

As the Coronavirus still doesn’t have a vaccine or cure, and one isn’t predicted to go to market for months, if not years, you need to prepare for an uncertain future. Make sure that you future-proof your start-up and use flexible, scalable solutions to allow you to prepare for any eventuality.

Whatever the future holds, you should be proud that you’ve started a new business and worked hard to create something unique and game-changing. Continue to put effort and hard work into your business and, hopefully, moving forward, you’ll be able to reap the rewards.

Starting a business during a pandemic, which could potentially proceed one of the worst recession’s the world has seen in living memory, might seem like madness to many. However, for those intrepid visionaries who have the experience and unique ideas to profit and prosper from this crisis, it could be the launchpad for a successful career as a business leader. This article should help you to understand the challenges you face and how you can overcome them with a little perseverance and ingenuity.

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Published on: 16th June 2020