Ok, ok, we know. 2020 has felt like pure chaos. We’ve all seen the dumpster fire memes floating around too. AND, most of us are looking forward to 2021 like we’ve never looked forward to a new year before. BUT, despite a global pandemic, mass unemployment, recession, and every other crazy thing happening in the world right now, 2020 still may be a great year to start a company, and here’s why.
“The best time to be an entrepreneur is when everyone is running for the exits. So yeah, it’s about to be a great time to be an entrepreneur.”
Opportunities Abound During Crisis
The world flipped upside down and the way we all work and go about our days has changed. Yes. That’s a fact. Which makes this “new normal” ripe with opportunity. Everyone has new needs that aren’t being met, or old needs that require innovative solutions. This offers you an advantage to serve potential customers in ways they aren’t being served now. While many other companies are scrambling to pivot and innovate, scrappy startups have opportunities to fill in the gaps that have been created with ingenuity and problem solving.
Abundance of Talent
Unemployment is at an all-time high, which is bad on any number of levels, but if you’re a startup in search of talent, the world may be your oyster. The availability of talented individuals for your business is just a click away, whether you need virtual or in-person support.
Funds Go Farther
Bootstrapping a business might never be easier. You may be surprised to find that some expenses are more economical now than pre-pandemic and that your budget can be stretched pretty darn far. Take for instance marketing your business. Right now, many advertisers have cut way back on their budgets so media outlets could be cutting cheap deals to fill space. In addition, journalists and bloggers are on the hunt for fresh content and uplifting stories, so acquiring earned media to share your story might be easy to come by. Keep looking, because each line item on your list may be cheaper than you could have imagined it just months ago.
Recovery is Inevitable
Post-COVID will be a reality. In the middle of a crisis, it’s often difficult to see beyond to what the future holds, but there is always a future state. Companies that adapt during hard times are poised for success when the inevitable rebound occurs. Some of our most beloved brands were founded during nightmare moments in history: General Electric, Hyatt, IBM, Disney, AirBNB, Microsoft.
If you’ve got an idea for a business, use this list of resources for all the guidance and support you’ll need.
References: CNBC, INC, US Chamber