Most people wouldn’t consider a time of global recession the best time to start a business. But with the right kind of planning, it can be as successful now as any other time. Even more so. With more careful planning, and the willingness to look at unconventional approaches. We asked Justin Cobb for some tips on starting a business during a global economic crisis.
If you can create a successful business during the pandemic, then you have created something that can stand up to anything. It’s much easier to create success when success is abundant. If you can make something strong when everyone is struggling you’ve made something lasting.
Almost every business needs talented people to survive. What better time to explore the marketplace looking for those people than now? Many people are looking for new opportunities who may have been busy months ago. You could be that opportunity, and benefit yourself by gaining some top talent.
Many businesses use third-party business software and tools for the logistics of their business. Most of those tools are currently offering reduced rates. On top of this, marketing and advertising costs are being reduced by many providers. Your business could be saving a ton of money compared to starting off in six months’ time.
The pandemic doesn’t only make some businesses harder. It also creates new niches to fill. Can you identify a new need that the pandemic has created? How about one that it has revealed that was already there? Now is the time to consider how things were being done, and how they can be in the future. Can you lead the way in changing how we do things?
Justin Cobb is an international entrepreneur, based in the US, with a network of companies spanning the globe.