You enter into a zoom conversation with a few of your old pals and talk about what’s going on in each one’s life. At one fine moment, you share your plan of starting a business venture, and then, you can experience a strict ‘no’ from your friends.
“The pandemic is still going on. People are losing jobs; businesses are shutting down, the world economy is collapsing and uncertain. How can you think of a business venture in these hard times?”
Is starting a business after the pandemic advisable?
“You better wait for a few months. Let the pandemic end, and you can start then.”
“It is better if you look for something certain. Like a job in your field. You have extensive experience. Why do you need to take risks in these times and venture into something completely unknown and risky?”
“Obviously, you can start a business by selling masks and sanitizers because this is what people demand these days. Lol.”
If you have gone through this type of Zoom conversation, you are not alone. Several new business entrepreneurs have witnessed mockery and criticism from their friends and family members, discouraging them from starting a business during the pandemic.
Let us discuss how much truth lies in this free advice and how you can overcome the same.
- It depends on the type of business venture you choose.
If you think of starting a tourism service for travelers visiting the United States or a bookstore, you need to be ready to face several challenges. Your business type is good but uncertain in this socially distanced world. But if you choose an online library service or telemedicine, you can certainly thrive in the new business. Choose a venture that is feasible to operate in these times, and not just because you have expertise in that area.
- Observe businesses that emerged out of recession.
Remember the old times when the business industry suffered a few setbacks. Yes, Uber emerged out of the dark hole and has never turned its back. You don’t have to think out of the box each time to flourish your business; you simply need to provide products and services that people want. Crisis situations can also be profitable if you don’t simply sit back with the idea but provide it to the people concretely and help them live life in a fulfilled manner.
- The statistics might not encourage you, but you need to transform digitally to step into the business.
When you check the statistics, you can find that more than 27 million Americans are running a new business or planning to start a new one. With the pandemic around the corner, and several people getting laid off or sacked, one’s chances to survive in this tough, competitive world are meager. But if you consult eminent business coaches, they will surely advise you to harness and optimize digital technology as you step into the business industry. The brick-and-mortar business might be your passion and life-long dream, but it seems to be unachievable in the pandemic where people are trying to stay distanced from others as much as possible.
Hence, if your dream has been to start a boutique, you might have to take it to the digital medium and not spend time and money setting up a store in a city’s prime location.
- No matter what, some industries are really doing well; check them out.
Even if the brick-and-mortar business model seems to be collapsing, you can find several digital businesses coming up and doing well. This is because the business environment has changed rapidly as people preferred to isolate themselves to avoid infection and resulting chaos.
You will be surprised that there are 15 types of businesses doing really well, and you can start a venture in one of these. The US Chamber of Commerce has listed down the different businesses. To name a few, telemedicine, delivery services, digital marketing, and health products.
- There is a silver lining in every challenging situation.
Whether you agree with this statement or not, you can obviously look at the good in every situation, whether it is a recession or a global pandemic. There are several opportunities popping up in our lives, even when the virus is trying to beat us down. But we have to find our new way of living, ignoring all the negativity around us.
Generally, some mindsets bring us down while starting a business. It is fear of perfection and fear of failure. We are scared that we might not succeed despite putting all the effort into the business. Also, we are afraid of uncertain and unpredictable situations. Can we generate the desired level of income? We don’t have an answer to this initially.
However, uncertainty lies in a job as well as a business venture. Hence, it will be unfair to state that jobs are more secure and high-paying than a start-up. Of course, you can make an excuse of not starting a business, but if you think twice, you will realize that your mindset is faulty.
- Believe in yourself as you grab the situation.
Just recollect the conversation you had with your friends in the first part of the article. If you nod to their every statement and agree that starting a business after the pandemic is stupidity, we are sorry but you do not have an entrepreneurial mindset.
Instead, you should believe in yourself and your business idea and not back out. It doesn’t imply you should argue with your friends or loved ones. It would help if you simply be firm about your decisions, whether it is starting a new business venture during or after the pandemic. Opportunities will come if you have the will to unleash them. The Universe will listen to you if you know how you can help out people during these tough times.
So, gear up and get ready to launch your business venture during or after the pandemic. It is surely advisable, provided you know how to seize the opportunities and harness digital technologies.
7 popular business trends that will continue after the pandemic
Welcome to the new world! Well, that’s certainly not a warm welcome as we have suffered losses in multiple ways. However, it is time to introduce a few changes in our business scenario and industry during and after the global pandemic. It could be cashless transactions or focus on the essential category of products and services.
Even if we do not welcome these changes, we must adhere to them for survival and growth. So, let us accept this new normal and understand the business trends that can be seen even after the pandemic. We have tried our best to provide you details of seven of these business trends; some might even crop up while you read this post.
- Cashless eCommerce transactions.
Remember during the 1990s, how the people watched on Discovery Channel about human beings visiting Mars, installing houses in space? But before that, they showed us how the world would go digital, and people can shop from their homes, and students can take classes online. Truth to be told, it is happening right out of necessity and fear of infections.
Never mind, we need to keep in mind that the future will witness more cashless transactions and the growth of eCommerce stores worldwide.
- Online presence.
The brick-and-mortar business model seems to be outdated in these times. It does not matter what kind of business you conduct or the scale of your business operations; a business needs to be online. For years, customers in the United States have preferred in-person shops to buy non-essential items such as apparel and footwear. But due to the non-essential shops closing down and avoiding the risks of infection and crowding at the stores, customers prefer to change their shopping behaviors.
This eCommerce trend has forced all local shop owners and non-essential business entrepreneurs to establish their virtual presence. They ought to set up an eCommerce store, build an attractive website, be active on all social media channels, and accept payments online.
Yes, customers are adjusting to this new trend, and so are the entrepreneurs. But this trend will continue in the future as it will open more avenues for business owners.
- Sanitation and Disinfection services.
We know you won’t agree that sanitation or disinfection is a business trend, but that deserves a place on the list. With the growing risks of infection and the hazardous virus killing people, sanitation services will always be in demand. No researcher can predict an exact date when people will stop using sanitizers or masks. Hence, a business entrepreneur will always have to mention its sanitation standards to the customers, partners, suppliers, and even creditors.
He who comes with clean hands will be provided business opportunities. Jokes apart, sanitation will be a significant topic of every business discussion in the future, particularly the hospital and travel industry owners will have to take it seriously.
Getting into the sanitation business will also become a trend for new business owners. The returns will be good and guaranteed, no matter how many disinfection companies open in your area.
- Delivery services.
Delivery services are synonymous with convenience and ease in shopping, but they also denote employment. You will be surprised to know that when the employees were getting laid off around the world, there was more demand for delivery agents and representatives. Each business dealing in products and services hires delivery agents. It could be a meal delivery service, or a retail business, or a convenience store.
In similar parlance, the cab services need drivers and more vehicles to operate the business sustainably. The delivery services have a bright future ahead as non-essential businesses are also trying to get into this domain. If you plan to launch a new business that requires you to deliver products or services to the consumers, you will certainly need delivery options.
Needless to say, eCommerce and delivery services go hand in hand. And that’s why even online retail giants such as Walmart witnessed a hike in the recruitment of delivery agents in this period.
- A good call for locals.
Whoever told you small businesses are an impossible task in this pandemic does not know this! It is challenging for businesses to source from international suppliers due to the stringent and non-predictable instructions of the government. It has affected international trade considerably, and businesses prefer to rely on local suppliers instead.
Similarly, consumers have developed an immense liking for local stores and businesses and refrain from hiring external help. For instance, a person might avoid traveling to a far-off store and prefer to buy from a farmer’s market. Hence, if you are a future small business owner, you can seek these benefits and without paying heed to the naysayers.
- Work from home.
The technological predictions done in the 1900s have finally come true with the WFH concept. Small businesses do not have to rely heavily on leased business premises to work; they can surely do it from the comfort of their homes through video conferencing tools. Employees can avoid commute time and balance their personal lives, and be dedicated to their company.
Even if the pandemic ends, people will not be comfortable in re-joining offices or students attending school and classes. It will take time to be completely normal; till then, this trend will continue.
- Online and mobile businesses.
You will see a growing trend in online businesses as well as mobile business ventures. For instance, a business entrepreneur will not waste money in setting up a salon. Instead, he or she will launch an online salon service where they deliver services directly to the consumers at their homes.
Another example is an auto repair business. Instead of opening up a physical shop for repair services, he will build an online presence and provide mobile repair services as per client availability and emergency.
We hope these emerging business trends transform the industry and help entrepreneurs operate the business more efficiently and with ease.