Should You be Starting Your Own Small Business During a Pandemic?
Whether it’s the feeling of vulnerability, necessity or the extra push some people needed to take the plunge – the current global pandemic has seen many individuals decide to start a small business from home.
In 2020, the whole world has been thrown into a type of uncertainty that many of us have never experienced. Along with the health crisis, Coronavirus has shut down industries, sent companies scrambling to stay afloat and left some people out of work entirely. This has meant a heartbreaking two-decade high unemployment rate spike.
So, it stands to reason that so many have thrown caution to the wind and embarked on business ventures, making working from home, work for them.
Perhaps this is the opportunity you have been waiting for. Just think how amazing it would be to come out of this challenging time with the achievement of starting a successful business from your own home. But being in a state of lockdown might have you asking yourself ‘Is now the right time to become a business owner?’.
So, let’s look at some pros and cons.
Having extra time to get things organised
Being forced to spend more time at home can have different outcomes when it comes to work. But in terms of recreational and socialisation, a lot of us have found ourselves filling the void binge-watching Netflix, shopping online, or uber-eating our feelings (me!).
Being able to set aside a few hours a week and use this time productively could be a great way to get the lion’s share of the small business administration out of the way.
Having extra time to upskill
Utilising our alone-time can be productive in other ways too. This time could be used to upskill and gain extra know-how with an online course in areas you are a little hazy on. The ability to make sure you are up-to-date and confident in everything you need to be can be a huge advantage.
They say ‘When life hands you lemons, make lemonade!’. And let’s face it, lemons have been aplenty this year. So, what better time than now to do what you have always wanted to do? Each little win feels like a gold medal right now so we say seize the day!
Being able to take some control
Unfortunately, this year has left many people feeling vulnerable in their work industries. What did feel like safe employment can now feel like it could be whipped away from under our feet at any moment. Maybe now is the time to take the reins and be in the driver’s seat. Not only can you fulfill your career-path dreams, but it can also benefit our mental health to feel a little more in control.
Having time to study small business courses
No matter what your business is, an online course in small business or business management can give you the perfect base from which to start your new venture. With so many courses to fit your specific needs, this could be the perfect time to get this groundwork in place.
Potential clients are watching their outgoings at the moment
Knowing your potential customers’ or clients’ exact needs and how they think is integral to winning new business from them. Every company is watching its spending at the moment, so it’s super important that when you put yourself out there to prospective clients, they know just how essential your business offering is to them.
Is it the right time to jump ship on secure employment?
Now could be the perfect time to take a calculated risk and focus 100% on your new venture – but could you also start the process as a side hustle, retaining full-time or even part-time employment elsewhere for a little added security? If this is a possibility, it could be a good way to make a careful transition in these uncertain times.
Starting can be more work than you think
Let’s be frank – starting your own business is a huge undertaking, requiring a lot of thought and organisation. From bookkeeping and tax obligations, to branding and refining your business model, the list is huge but necessary. This checklist provided by the Australian Government is a great resource in making sure you have all of your ducks in a row.
It can be hard to get the help you need
Now can be a really tough time to get what you need, when you need it. For example, your new website might need some updated images or photos, but restrictions in place might mean you have to wait to meet with a photographer.
Getting new business can be hard
With networking events and face-to-face meetings off the table at the moment, getting new business or expanding your customer base can be a little more tricky. Getting active on LinkedIn, other social media, stepping up your digital marketing game and talking to your current network about possible word of mouth opportunities are some ways you can get yourself out there.
Ready to be your own boss?
This could be your time, and with the right support, knowledge and so many resources on starting a small business and working from home ideas at your fingertips, your transition into ‘Small Business Owner’ can be a lot easier than you think.
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