COVID-19 has affected economies around the world. While some businesses managed to stay strong, many had to temporarily cease their operations. For the more unfortunate ones, owners had to make the difficult decision to close their business forever. In the U.S. alone, the pandemic is the reason for 43% of permanent business closures.
Many would think that now is not the best time to start a business. Why would you invest when the economy is experiencing one of the deepest recession in history?
Many Successful Businesses Started During the Recessions
Did you know that many brave souls took the chance to start their own company amid economic declines? Take Bill Gates and Paul Allen, for example. The duo launched Microsoft in 1975, during the time the oil embargo. Now, the computer software company is valued at $1.3 trillion.
In 2001, Ben Chestnut founded Mailchimp together with Dan Kurzius. This is when the gross domestic product dropped by 0.6%. In 2018 alone, Forbes estimated Mailchimp’s valuation to $4.2 billion. Many other entrepreneurs jumped into the world of business during uncertain times. This goes to show that with the right strategy, you too can start a successful brand with a recession or not.
Technology Makes Marketing Easy
Marketing is essential for a company’s success. But since many doubt offline marketing to be effective during the pandemic, tech innovations available make it easier to reach your target audiences, introduce your brand and start making money. One does not even have to be an expert at digital marketing just to launch your brand online.
Successful business owners recognize the fact that delegation and outsourcing are a must-have these days. There is no need to do and learn everything on your own just to achieve the kind of results you want. There are professionals willing to take on the job, as long as you are willing to invest in their services. If you are worried about marketing your brand online, you can always hire a competent digital marketing firm to get the job done. With the online marketing efforts, it will be easier for you to reach out to your target market, introduce your brand, and sell your offers.
Lots of talented people are out looking for jobs
If you start a business now, you can access a large pool of talented individuals hunting for work. Many are on a job hunt is since the pandemic forces even the most talented individuals to look for remote work opportunities. This only means you can harness the skills of already experienced individuals to work in your company and make things happen.
You can even expect your employees to be more productive if you allow them to work remotely. Statistics show that remote workers are 77% more productive. You will not only get to work with a group of talented and productive remote workers. You are even helping other people who are struggling because of the pandemic.
Starting your own business during the pandemic can be your best investment yet. You can hire talented remote workers from all around the world and take advantage of digital marketing to boost your efforts. If some of the biggest brands nowadays were able to succeed during past recessions, who says you too can’t do the same?