It seems like only yesterday when 2020 started. The mid-year bump has arrived, and yet many businesses and professionals are struggling to keep afloat while the country--the world--fights against the COVID-19 pandemic.
Many sectors are facing challenges, from sourcing, delivery, and staffing. In a time like this, businesses can fail, but many businesses can also start, due to the rise in entrepreneurial spirit. Necessity also pushes people forward, in order to supplement their incomes in a time when layoffs and decreased work hours are common.
You may have been sitting on a brilliant idea for years now, but haven’t been able to start because it’s not the right time. With the world in recession and economies struggling, it doesn’t look like now is any better.
But there are many signs that point to the opposite. Now is the right time to start that dream business of yours.
Take a Page Off the Giants’ Books
Many giants of today started their journeys in the middle of a recession.
Disney launched in 1929 as the Great Depression in the US started, and they continue to make the world smile until today. The ubiquitous Netflix was founded in 1997 as a DVD rental by mail, but as the dot com bubble burst in the early 2000s, they changed to on-demand video service and are bigger than ever.
Many technology companies have also started or survived through a recession, such as IBM in 1911, Google in 1998, and Facebook in 2004.
Perhaps there’s something to be said about the resilience and perseverance that a recession sparks in people.
Arm Yourself Accordingly
Being prepared for your dream business is important, now more than ever. Knowing is half the battle, as they say. Careful consideration needs to be done to make sure you’re in the right industry: don’t sell outdoor sports equipment when everyone’s staying inside!
Sourcing is also an important piece of the puzzle. You may be limited to local suppliers, but don’t let that stop you from supporting your own fellow Filipinos as we all get through this economic crisis.
Fulfilment and delivery may continue to be a challenge especially if you’re not in the cities. However, more and more people are coming online to transact than ever before--even the ones who were previously averse and hesitant. More local players are coming up with delivery and errand services, that you may find more support in this sector than you think.
Ad spend may be down across many industries, but ads are cheap and everyone is online. Being creative about advertising your business may be all that’s enough. Take advantage of the bayanihan spirit--word of mouth can be just as effective as you start your business.
It’s Not a Walk in the Park
Starting a business is difficult, in today’s reality or any other. One needs to have a clear head as well as the agility and adaptability to respond quickly to your customers’ demands.
But today may very well be the best time for you to start your dream business. Everyone is online, ads are cheap, and everyone is figuring out how to navigate this New Normal. The business that leaves a mark on their customers now may very well usher them into the time when we are out of this recession.
Stay tuned every Friday, starting next week, as we dive into a series of business ideas that anyone can start on while in lockdown.