Whenever there is a global crisis or something shocking happens around the world, it causes great damage to many and for many others it presents a great opportunity. I can remember watching the brilliant businessman Cash Myricks talking about this some years ago with regards to the 2008 financial crisis. What Cash was discussing were the number of people who were unaffected by that crash, and how they were the ones who could go on to make money from the oppporumtntiy which they were presented with afterwards. The same thing is very much apparent here as we go through this global pandemic and whilst it has caused untold damage to many, for many more this is the ideal opportunity, especially when it comes to launching a business.
Launching Under New Conditions
It is not necessarily the pandemic itself that has caused so many businesses to close their doors, but rather the changing face of the world and the consumer, and their inability to react to that. In most cases this is because those businesses had been setup under normal conditions and the shock to the system which the pandemic caused was a contributory factor in their downfall. What you will be doing however is launching your business under this new normal and that will better prepare you for success in the future.
Ready Made Customer
Because of the number of businesses which have been forced to close their doors, there is a large amount of market share up for grabs in so many business sectors. This will give your new business faster access than ever before to the customer base and if you get the product and the service right then you can eat up way more market share than any new business could normally dream of.
Picking Up The Pieces
It may sound unfair but the reality is that those businesses which have disappeared will leave behind a great deal of pieces that you can pick up to make your business more successful. Premises is a great example of this, many have left behind great spots where you can launch your business. Another example would be staffing, high quality and trained sales staff who now need a job. Finally there is equipment such as tills, POS and a whole host of shelving and cabinets that you could use in your new store. Business is very much like this and ultimately you may actually be doing those outgoing businesses a favor in buying up their stock and their equipment.
The world economy needs to get up and running again and this is why we can also expect to see some government incentives offered to new businesses. This will be of great use to a new business and it will not only help smooth the financial transition of the first year, it will be a way to get customers through the door and money in the till. Governments have to make money from taxes and a business incentive looks highly likely.