With the world in such a topsy-turvy state of affairs, many people may look at the idea of a successful business as ludicrous! After all, there is less demand for products during times of recession and while there’s a lot of uncertainty as it stands, one of the best ways to take control of your life is to start your own company. This may seem strange, but is now the best time to start a business? Here are some factors that say “yes!”
The Rate of Borrowing
This may seem very counterintuitive, but times of economic uncertainty creates a need to seek funding. Interest rates are lower, which means that loans become more affordable. This can be seen not just in terms of businesses that have started during tough times, for example, Burger King or Microsoft, but it’s also important to remember that there are initiatives that can be used to your advantage. With carbon footprint and sustainability being such an important topic in the modern world, the number of carbon initiatives, such as the LoCASE carbon initiative, can help small businesses save energy costs, which can be something to get you started. It seems strange, but because of economic difficulties, you can use a downturn to get more for your money.
There Is Less Competition
The pandemic has put a lot of companies out of business and as people are struggling to restart their lives after the pandemic, this could be a great way for you to carve out a place for yourself. The current environment for any entrepreneur is a difficult one because of uncertainties arising from the omicron variant and many customers are naturally clutching their purses closer. But if you are able to survive this tough period by focusing on creating innovative ideas, you could enter the marketplace with a massive impact. If you have a good enough idea to capture the imagination of the public during this tough time, while focusing on being innovative this is exactly what the world needs at this moment in time.
There Is Access to More Talent
Something that is an unfortunate by-product of the current circumstances is that people are finding themselves out of work or they are being kept on tenterhooks in the hope that they will be able to come back to work properly. This is difficult for those in the gig culture, but for you, this could mean finding great talent that is not normally available. Freelancers are a fantastic resource right now because of their flexibility. Having the opportunity to hire top-tier workers at a price is something that any business owner is more than aware of during tough times.
Entrepreneurs Can Negotiate Better
Many businesses are looking for new custom, which means that you could negotiate lower prices and better terms. So at this point, you could find businesses that are looking for someone that fits your calibre. When big businesses are struggling or in a desperate position it certainly can help you to “partner up.”
A recession or any tough time is actually a good time to start a business. You’ve only got one life, so if you really have been thinking about it, it’s time to make it count!