Have you always dreamed of starting your own business, but feel now is not the right time? Or do you want to scale a business you currently own, but think the market is too volatile for your business to grow? Starting or growing a business in challenging economic times has been done before. Plenty of reputable companies were born during a downturn, such as Microsoft, Slack, Venmo, General Motors and Hewlett-Packard.
The coronavirus pandemic is another one of those downturns, but businesses will start and grow nonetheless. The US Census Bureau reports there have been more than 500,000 employer identification number applications since mid-March. Between mid-March and mid-April, the Small Business Administration issued $153 million in start-up loans and Stripe handled more than $1 billion in sales. While all of these statistics are lower than in previous years, it shows that good ideas — and consequently new businesses — are still being born.
If you have a good idea, here are seven reasons why now is a good time to start or grow a business:
Whenever a crisis arises, new customer needs are identified. Think of all the opportunities that have emerged this year in the areas of virtual education, restaurant carryout, anything delivered, technology and healthcare. Customer needs drive business.
With fewer businesses launching now than in a typical year, there aren’t as many businesses to compete with for the resources you need.
Many workers have been furloughed or have lost their jobs because the businesses they worked for closed. So new businesses have a more skilled and experienced talent pool to recruit from.
When interest rates are low, it costs you less to borrow money for start-up capital. This makes those big purchases that were once unthinkable more of a reality.
With many companies lowering the price of their products to stay in business, you can get better deals on equipment you will need.
Start-ups have the innovation mindset and flexibility to adapt to the constantly changing consumer needs. The businesses that pivoted their business models in response to the pandemic are perfect examples of inspired innovation.
The changing times have brought an acceptance of ideas and practices that were once a novelty. Online shopping has become the norm. Customers are willing to talk with company representatives through their computer instead of face-to-face.
Since now is a great time to start or grow a business, Camden Management is dedicated to helping. We are committed to supporting your business needs now and as your business grows. Contact Camden Management today to learn more.
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