Risk is a natural part of life. No matter what you do, there will be inherent risk involved. So, even though it seems like it is riskier than ever to start a business, now may actually be the right time to move forward with your plan.
Despite global uncertainty as a result of the COVID-19 pandemic, there are more than a few reasons why starting a business right now is a good idea.
Greater Access Than Ever
Thanks to technology developments, it is easier to have access to people and talent globally than ever before. That’s not even mentioning the fact that the global workforce has seen a stark shift toward a remote workplace.
Finding the right talent is one of the most important aspects of any business. With more opportunities present, finding that talent has become a bit more feasible than ever.
Fixed costs – things such as real estate, servers, and so on – have actually come down for startups over the past two decades. Still, they can be quite high without the right avenues. That can lead to a higher initial capital expense before the business is even able to generate revenue.
But these are meaner and leaner times. Real estate costs in times like these tend to come down considerably, especially when landlords are more than willing to give more favorable terms to close a deal and gain an extra tenant.
Customer Acquisition Costs
For just about any business, the challenge in growing a new business is in acquiring new customers and getting them to try a new option or product. The costs in the current environment, however, have come down considerably.
This is partially due to the economic changes but also because consumers are more willing than ever to try new products and even switch to a new brand. All of this means new opportunities for new businesses to get their foot into the market and make an impact with customers who may have otherwise had an allegiance to a specific brand.