Starting a small business is usually fraught with opportunities and challenges. That is especially true during COVID-19. COVID-19 has caused many companies to close their doors. But small businesses are launching during these unpredictable times, taking advantage of new opportunities. Some industries are not being affected as significantly as others, and certain entrepreneurs are optimizing this time to make their dreams come true.
There are two reasons why it is a good time for starting a small business right now. There is certainly less competition, creating more opportunities. Savvy small business owners are also becoming acutely aware of what their customers need during a crisis.
Aric Martin is a young entrepreneur who dreamed of starting a small business. But the approval of his Futurpreneur application overlapped with COVID-19. Still, Martin was undaunted. He arranged to sign his small business loan paperwork in a parking lot so that the parties involved would not expose themselves to the virus. When you are starting a small business in the back of your truck, wearing masks and gloves, everything to follow should seem like smooth sailing.
But even when the world is not experiencing a pandemic, a small business might not make it. Approximately 20 percent of small businesses fail within the first year.
Getting ahead now may put you on top, though. Many people are out of jobs, and this is an ideal time to secure top talent for your small business. Unemployed individuals are looking for new job opportunities. New small business owner Shanel Fields received more than 200 resumes from qualified applicants when she started her company, which streamlines non-emergency calls that come into 911 dispatchers.
Interest rates are low right now too. Entrepreneurs may have more opportunities to secure capital for starting a small business.
With so many people at home, scrolling on the internet throughout the day and night, this is also an ideal time to initiate a social media marketing strategy. Getting in front of your target audience is not always easy, but you can have them in the palm of your hand right now if you play it right.
During COVID-19, you may not be able to control every aspect of starting a small business. However, you can focus on the factors that you can influence. There are many opportunities right now for fine-tuning your branding and creating content for your blog.
There will always be risks involved with starting a small business. You must be calculated if you are starting a small business during COVID-19.
Some opportunities simply are not available right now. For example, it would not be the best time to get into the airline industry or start a small business that works with travelers. However, some of the small business opportunities that are still thriving during COVID-19 are in the following industries:
- Grocery stores
- Technology and tech support
Staying in tune with the political and economic environment during COVID-19 is important if you want to start a small business. If you can make it through this, perhaps you can make it through anything.