To start or not to start a business, that is the question. Many people who wanted to open a small business before COVID-19 found themselves in limbo, hoping for things to change or a miracle. The healthcare situation hurt most companies, big and small, and many have had considerable financial losses.
However, some businesses have thrived during the pandemic, which makes us wonder.
The U.S. Chamber of Commerce released a list of businesses that have done pretty well. Among those experiencing growth: cleaning services, delivery services, drive-in movie theaters, grocery stores, liquor/wine stores, meal prep delivery services, canned and jarred goods companies, game makers and sellers, fitness equipment companies, landscaping and yard care, bread-baking companies, coffee subscription companies, gardening suppliers, mask makers, telehealth services.
Opening a related business might be an excellent decision to make.
So, is it a good time to start a business?
According to Adam Singolda in Op-Ed: Analysis of 8 billion page views shows where the next hot start-up can thrive, it is. “The news cycle is a direct reflection of what’s grabbing consumer attention in real-time,” he says. “Successful businesses will heed its advice and use it to “look outside” in times of crisis, but also how to “look inside” effectively to determine where to save costs and make responsible business choices.”
His piece describes industries that show massive growth after the COVID-19 pandemic started.
- Consumer interest in Home Improvement has increased by 140%,
- Consumer interest in Pet Products has increased by 50%,
- Consumer interest in Home Beauty has increased by 36%,
- Consumer interest in Gaming has increased by 145%,
- Consumer interest in Fitness and Health has increased by 2,000,000 %.
Some of these activities will only need time, courage, and dedication. For some others, you will need more significant savings, or trustworthy investors because banks are reluctant to offer loans due to the crisis.
As Annie Lowrey puts it in The Small-Business Die-Off Is Here, “… banks have been prioritizing applications from bigger clients; some have even developed “concierge treatment” options for wealthy firms.” She adds, “Much of the help (referring to the government relief package) has gone to the companies that need it the least, among them firms with employee counts just under the SBA caps, franchises of major chains, and publicly traded firms, which are by definition able to raise money from investors.”
Here are some pros for opening a business in related fields:
- These businesses will work even if COVID-19 gets contained. So, don’t worry about losing clients when scenarios change.
- People need these services, which makes you an asset to your clientele.
- Some potential new businesses will not open because their owners are still afraid, which will give you more opportunities.
- Some established businesses are closed, and their owners are reluctant to reopen because of the pandemic.
- People are eager to try something new and to help small businesses.
- These industries are booming right now.
- If you succeed, you will succeed BIG TIME.
- How you adapt now will work for you even past the pandemic, and also prepare you for further contingencies.
Of course, there are cons:
- People might still be reluctant to use certain businesses out of fear of contagion.
- People might be reluctant to spend money.
- Some people are engaging in DIY activities at home.
- Some people in your area might have beat you to it.
- It will be hard to get bank loans to set up your business.
- In case of not being successful, there is little chance for recovery.
With these things in mind, it is up to you to make a decision. If you open a new business, it is crucial to adapt to the current situation and make your business more attractive to people from the get-go.
Final words
Life is not going to be the same after COVID-19, at least, for the foreseeable future. Starting a new business or not, it is necessary to adjust to the new reality. If you want to start a new business, thoroughly analyze the pros and cons. You decide. Creating your safety guidelines based on the CDC instructions will help you out. You might also want to do proper research on the market capabilities of your area and your potential clients regarding the business you want to start.
Hellen Keller said: “Life is either a daring adventure or nothing at all.” Taking risks will always bring uncertainty, but it will also take you places. If you want to start a new business, do everything necessary, be creative, and don’t be afraid. Give value and serve people.
So, what kind of business do you want to build?
