WHY RIGHT NOW IS THE PERFECT TIME TO START YOUR BUSINESSSep 07, 2021
As the Covid-19 pandemic continues to have a major economic impact on countries around the world, entrepreneurs and aspiring business owners are all asking themselves the same thing - Is now a good time to start a business?
Although it seems counterintuitive, recessions historically breed the most successful startup businesses. In the past, economic downturns have proven to be a breeding ground for successful entrepreneurs to build their business. Companies such as Airbnb, Slack, Uber, and Venmo were all created during the Great Recession in the late 2000’s
Inevitably, since businesses were forced to close due to the pandemic, new businesses will arise to surge toward an even stronger economy. In 2020 alone, the U.S. witnessed a nearly 40% increase in the number of new business applications (Source: U.S. Census Bureaus). There are many unmet needs that arose from the pandemic, and while large companies are busy trying to stay afloat to fill these holes, right now is the perfect time for your business to grow.
The talent pool is also much larger and richer for startups than it has been in the past. As more and more people are laid off, entrepreneurs are finding the highly skilled employees for their business they usually have a hard time getting. As employee preferences shifted to wanting to work from home, commute less, and have a Covid-safe working environment, startups are well positioned to leverage these benefits over larger companies.
Most importantly, every day sitting on the sidelines is another setback to achieving the life you want. Taking the initiative, that very first step to get started, is always the hardest part. Now is the time to be bold, capitalize on the advantages that lay in front of you, and build the business you have always dreamed of owning.