Why is now a good time to start a business?
Written by Charlotte
People that have been considering the idea to start a business of their own should not be put off by the current climate caused by the Covid-19 crisis. You might wish to open an online clothes boutique, a marketing agency, become an independent fitness instructor or a blogger, maybe launch a particular product. Whatever your idea is, now is as good a time as any and we have good reasons to believe that now is possibly a better time than before the crisis took hold.
Londoners that were used to expensive travel, dining and weekend spending are stuck at home. At the moment, those people represent a potentially large online audience waiting to be entertained.
How the Coronavirus pandemic has affected current businesses
Times are undoubtedly difficult at the moment, and when it comes to business, they’re proving to be more testing than ever for many of us. Covid-19, also known as the Coronavirus – believed to have originated in a wet market in Wuhan, China – has caused widespread death and fear globally, reaching some of the remotest parts of the world in as little as 3 months. This pandemic has left us all dumbfounded with governments effectively closing down their countries in it’s wake. Now we all find ourselves in lockdown with businesses forced to temporarily close, leaving many in financial crisis.
The luxury and hospitality industry has been one of the first to suffer during this time, experiencing a noticeable decline several weeks before the UK’s official lockdown was implemented. Financial analysts predicted there would be a boom in the UK’s food delivery service industry, benefitting companies such as Uber Eats, Deliveroo and Just Eat. However, to date we are yet to see that boom materialise, in fact there has been a significant drop in takeaway orders as more people stay at home and cook for themselves.
Gousto, a London-based meal-kit service, has just agreed a £33 million ($41 million) funding package; money that will be used to continue investing in it’s technology. It is companies like these that are paving the way towards what some may argue is a shift in people’s buying and lifestyle behaviours.
Time for your business idea to come to fruition
As we are all well aware, during the current lockdown, people have more spare time on their hands. Londoners that were used to expensive travel, dining and weekend spending are stuck at home. At the moment, those people represent a potentially large online audience waiting to be entertained. Now is your chance to grab their attention through online campaigns. Consumers can be engaged by creating interesting content and running ads that will have a much better hit rate, being directed at a captive audience. If yours is not a product that can be sold online, you can still build your brand and following.
Why not get potential customers excited to come to you once the crisis is over? If you can come up with a way to remodel what you offer by, for example, targeting new clientele or identifying new delivery methods, then do it! Even though we know this opportunity will pass, it will last long enough for all these efforts to pay off in the long run by adding to your brand strategy.
Reports* show that online marketing budgets for businesses are at an all time low, and larger businesses are spending less on paid advertising. This means that you have a greater chance for your brand to be seen at the top of Google searches. As the competition decreases so does the CPC (Cost Per Click), allowing you to spend less of your budget during the crucial early stages. It’s a great time to invest in SEO efforts to position your brand in a better way. This also includes paid campaigns on social media – with less competition on platforms such as Facebook and Instagram, you have the chance to reach out to a broader audience on a start up budget.
If that isn’t enough encouragement for you to get going, don’t forget there is an abundance of freelancers all available to help you set up. They’re able to work remotely on your website design, graphics, Google ads, social media management and more. It’s a great time to negotiate fees, as competition for work is high.
Don’t waste the opportunity, start a business now
History tells us that opportunity lies in every crisis, and the deeper the crisis, the better the opportunity can be. This has been, for many of us, a period of contemplation, as we spend more time at home and with family. It’s a time to rebalance and prioritise what is really important in our lives, without the distractions a normally busy life can bring.
This is the perfect time to really fine tune business plans and ensure your business can offer what it is people really want.
If you can do that, then you will always be in demand!