Wednesday, September 30, 2020

Is a Pandemic the Right Time to Start a Business? It Just Might Be.


As millions of businesses shut their doors and sent their workforces home during the early stages of the COVID-19 pandemic, many wondered what they would do with their copious amounts of new free time. "Pandemic Bucket Lists" quickly became a viral internet meme, with many sharing the personal development goals they hoped to achieve in their free time:


     Run a backyard marathon.

     Learn how to bake sourdough.

     Write the next great American novel

     Finish an online degree.


Unlikely to make that list of pandemic bucket lists is "start a new business." From the startup costs and massive amounts of energy required to launch a company, starting something new in the best economic conditions can be hard enough. Throw into the mix a global pandemic that has the power to shut down national economies, and the idea of starting a new business can seem far-fetched… if not downright insane.

Yet, history has shown us time and again that some of the most significant innovations in business and culture occurred during times of massive disruption. For entrepreneurs who dare to take a step forward instead of back, these economic upheaval moments can create avenues for new opportunities. Sure, some ideas may flop before they get off the ground. The ones that do work have the potential to change the business landscape forever.


So You Want To Start A Business?

The pandemic has given many would-be entrepreneurs to put themselves in the first shoes of great innovators such as Steve Jobs and Jeff Bezos. However, just because you have an excellent idea for a service or product that could come in handy during this time of great need, make sure you consider the following tips before you hop online and purchase


Define Your Unique Value Proposition (UVP)

The first step in launching your business is defining what you are offering the world. Take a look at your product and service, and consider what unique value it brings to the market. This will be regarded as your unique value proposition - what sets you apart from the rest of the market. Do some research online for other versions of your business idea and note whether or not the market is already saturated with your product.

The last thing you need is your brand new business venture falling below the noise of countless copycats- especially if your business is going to rely on online digital marketing to get off the ground.


Do Some Research On The Startup Process & Experience

Think of your model entrepreneur who hit it big with an industry-breaking innovation. While their story is likely filled with success and fame, they probably didn't start at the top. Behind every great business idea are countless failed attempts and sleepless nights.

The process of launching a new business in today's competitive market is not for the faint of heart. It will require you to put in the work - often physically - to help put your name and brand in front of your future customers. You will likely fail - which can be a great thing if you know how to fail well!

The best step in ensuring you succeed in your launch phase is to build a strong foundation of support. Find individuals who support you and your vision, and will be your strongest cheerleaders. The market is full of cynical critics - drown them out with a strong startup team's support.


Run A Systems Check On Your Leadership Abilities

What was your job before setting out on your own? Were you at the bottom of the rung, or were you wasting away in middle management? The pandemic shutdown might have been the catalyst you needed to break free of the chains of having little influence. However, leading a new business as the founder and CEO is no walk in the park!

Make sure that you read, interview, and study the great business leaders of the past. Heading up a department or a small team is one thing. Ask questions about their leadership tactics, their team-building methods, and their work-life balance. By finding a tribe of mentors to help you grow your leadership skills, you will set your new business up for success with a strong foundation of confidence and credibility. This will be vital for building a healthy team and a strong brand reputation.


Start Your Business For The Right Reasons

It may be tempting to start a new business simply because the current job market is difficult. With high unemployment numbers and increasing anxiety about the future of the economy, it is easy to see why so many are considering now as the best time for something new. However, before you throw your life into a new venture, make sure you are starting something for the right reasons.

What are the "right reasons"? Part of that answer depends on how you respond to the above tips. If you are simply frustrated with your current situation and are looking for something new for your nine to five, then the leadership and management needed to start a new business might not be right for you.

However, suppose you are driven by a passion for bringing a new idea or innovation to the market or are desiring to see a need met where none have answered before. In that case, you will find that you have the drive necessary to push forward against the obstacles that a pandemic economy can bring to a new business.


Ready To Start A New Business In The Pandemic Economy?


So what do you think? Do you have what it takes to step out in faith and start something new when the world is pulling back? For those with the entrepreneurial edge, the opportunity to enjoy success where others are withdrawing from the market is everywhere.

By taking the time to consider your aspirations, your current situation, and what you want to bring to the world, you may find yourself looking at a brand new life. If your idea catches in the winds of pandemic-led change, enjoy the ride. If not, pick yourself, dust yourself off, and get started on your next idea!

Get started! Register a business online or get incorporated in Canada! 

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