Why a pandemic is a great time to start a new business

24/08/2020 - 10:43

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At first glance, the concept of launching a new business during an unprecedented global pandemic may be a bit crazy. However, the crisis has opened the door of possibility for savvy entrepreneurs willing to take their shot.

Starting a new business during a pandemic isn't as crazy as it seems.

At first glance, the concept of launching a new business during an unprecedented global pandemic may be a bit crazy. However, the crisis has opened the door of possibility for savvy entrepreneurs willing to take their shot.

There are many well-known businesses that emerged after a global crisis who have gone on to have incredible success. From the launch of Disney in 1929 during the Great Depression to the more recent big-hitters like Uber, Slack, WhatsApp and Instagram, all who started following the 2008 US recession. In Australia, we’re already seeing an increase in the new business registrations, with a 6% increase in registrations from March-June 2020 compared to 2019*.

With high levels of unemployment part of the new normal, a lot of what has traditionally held us back is no longer on the radar. So why not carpe diem - seize the day. History has shown that there are opportunities for those willing to capitalise on a global crisis; you just need to be passionate and prepared to do the hard work.

I believe the three key areas of opportunities are:

  1. Ability to recognise and react faster to the new customer demand.
    The COVID-19 pandemic has changed the way we live and work and will continue to do so for the foreseeable future. This has opened many new paths for us, from how we spend our free time to how we work, and with that comes issues that we need solutions to. New businesses have the unique ability to react faster to this new demand, and this will help the new business appeal to customers much faster.

  2. Expand on digital opportunities and explore new virtual options.
    We’ve all been aware of our reliance on digital technologies for many years, however the pandemic has significantly increased this reliance and demand. Entrepreneurs can factor this into the new business plan, rather than needing to overhaul existing processes. This change would be a costly venture, so being able to address it as part of the launch will set the new business up for success.

  3. Large talent pool to choose from.
    With unemployment at high rates across the country, the number of talented people who are looking for work is at an all-time high. Whether you’re looking for a co-founder or teammate, you will have a higher percentage of skilled and experienced people to choose from than if you wait for the pandemic to end to launch your business. People will also be more engaged and excited to get stuck into new world having faced their personal fear of being made redundant.

With these three things in mind, prospective entrepreneurs who had initially parked their great business idea to the side because of the pandemic should jump back into the fast lane and get to work.

Starting a new business can be scary, with many new avenues to consider, but Carbon can help you navigate your way through. By working together, we can help set your business up for success. Get in touch with Carbon by calling (08) 9446 8588 to get started.

  

*Source: Australian Securities & Investments Commission

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