With the COVID-19 pandemic sweeping the globe, markets crashing, millions of lay-offs and businesses closing their doors, it might seem like the worst possible time to think about starting a new business...
But is it?
Although it might not be the best time to open up shop, there is a lot of preparation and learning that goes into building a business and getting uninterrupted time to do so in our normal setting is basically unheard of.
Right now is a great time to learn new skills, try something new, and upgrade your knowledge so you can set yourself up on a clear path to success in the coming months.
If you’re entrepreneurial-minded and wanting to start or grow a business, now might just be the best time for you to take an online course, start your business plan, do market research and get the ball rolling, here’s why:
During unforeseen down time, it’s important that we stay learning and keep exercising our brains.
Binging Netflix, watching the news 24/7 or scrolling Instagram for hours will leave you feeling sluggish, unmotivated, and sad. Whereas reading, learning, engaging and partaking in something that will challenge you will result in you feeling more hopeful, proud, and creative.
Although taking time to relax is beneficial as well, if we were to stop challenging ourselves altogether for the next few weeks or months, it would cause much more harm than good. Resulting in stagnancy, frustration, and even more fear. If you want to be a business owner, you have to be committed to your growth.
Stagnant businesses will never result in long-term success. Entrepreneurs are driven by the possibilities and use their creativity to work in unconventional ways. There is always something to be done, a project that can be worked on, or a lesson to be learnt.
If you’ve been put on leave, laid off, or your hours have been cut significantly, you’re probably making significantly less money and are feeling the financial fear.
However, as most people know, entrepreneurs don’t tend to make money in the first couple years. We’re used to waiting, crunching numbers, and working tirelessly just to eventually breakeven. Don’t get me wrong, the work you put in will pay off, but you won’t see it reflected in your bank account immediately!
Taking this time to budget, better understand your finances, and figure out which areas of life you can reassess in terms of necessities and novelties is something that can really help you long term and will start to get you thinking like an entrepreneur.
Between work, family, errands, and the constant hustle of our typical everyday lives, we rarely get time to sit down and focus on something outside of our routine.
Although the reason for the time we’ve been given isn’t necessarily a positive one, we can choose how we view this time and whether we choose to see it as a blessing or a curse. Choosing to utilize this time to evolve and grow will put you ahead of the game for when life does start to return to a state of normalcy.
Most ambitious people looking to start a business have to spend lunch breaks writing business plans, long nights doing research and every extra minute they can take away from already busy schedules, working towards what they really want.
If you’re wanting to dive into the world of entrepreneurship and you’re not utilizing this time to get started, you could be missing out.
The government is already taking steps to stimulate the economy and get people spending. When the rules and regulations begin to be lifted, it’s suspected that there will be more incentive put in place to boost consumer activity and get small businesses back in the ring. Big corporations are holding off on strong marketing campaigns and unsure when to make the next move.
Competition is in a vulnerable state right now, and people are beginning to look for change. Highly qualified individuals that have been laid off will be searching for new positions, investors that took money out of stocks will be looking for new investment opportunities, and consumers will be driven to support fresh and exciting small businesses.
Low interest rates also make it prime time to invest in your business, take out a loan, or get the credit cards your business will need. If you need to borrow money, the best way to do it is with a low interest rate, and they don’t get much lower than what they are now.
To sum it up, if you’re wanting to start your own business, grow your current business, or even just learn more about the world of entrepreneurship, now is a great time to take the first steps.
When we push past the fear and uncertainty that is surrounding us right now, there is truly a world of possibilities of how we can be utilizing this time to upgrade our skillset and improve our knowledge.
We would love to be a part of your journey and help you make the first move. Send us an email, connect with us on social, and let’s get you started on your path to success.
Giovanna Minenna is a Co-Founder of Simple Growth as well as the Founder of Brows by G and Browluxe. She has been recognized for her entrepreneurial accomplishments in national publications and with numerous awards. G has a passion for supporting young and first-time entrepreneurs.