COVID-19: Is now a great time to start a business?

Fa calendar 16 grey August 18, 2020   
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Now more than ever the world need realists who are daring enough to pursue their dreams.

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Photo credit: Ketut

Perhaps, Lucky Dube’s hit song, nobody can stop Reggae, was not only about Reggae as a musical genre, but also about something innately timeless and metaphorical.  Simply put, it was a song about defiant hope. The song symbolized an idea which could transcend the test of time and adversity.

The idea manifests itself in different forms. It might be making a big career move, applying for a job opportunity, finishing up studies or even starting up your own business. Question: what business idea or plans for your career did you have before the pandemic struck? What was your Reggae – and did it stop or adapt to the changing environment? 

In its unexpected interruption of our daily lives, there is no doubt that COVID-19 altered the dreams of many. Some businesses have closed shop while those who have remained afloat have reported diminishing revenues. Incomes have been lost, and the purchasing power of consumers has depreciated with a rising demand for basic commodities. But make no mistake, the economy will rise again to its feet. It will take opportunistic individuals who can identify opportunities during COVID-19 and turn them into viable businesses.

To ascertain whether this is a good time to start a business, one has to understand the four phases of COVID-19:

Phase 1: (Reaction Phase) which saw the government outline its response strategies to combat COVID-19.

Phase 2: (Resilience Phase) is when the government enacted measures to manage social distancing. This saw the beginning of curfews and lockdowns. 

Phase 3: (Recovery/Reopening Phase) this is when businesses started to reopen and lockdowns lifted. However, not all countries are in this phase, this phase is considered ideal for starting up your business.

Phase 4: (New Normal), this is when the restrictive measures shall have been relaxed for a sustained period of time. The new reality.

On the other hand, the pandemic is likely to group people into two categories, the idealists and the realists. As we brace for the aftermath of COVID-19, idealists will sit and bask in hope while waiting for the pandemic to waver. While realists/pragmatics will notice the opportunities that the pandemic has brought forth. They will create solutions, rebrand themselves, recalibrate their ideas and thrive in their newly forged paths. Now more than ever the world need realists who are daring enough to pursue their dreams. Because pandemic or no pandemic, dreams have to adapt to the changing times.

If you want to start a business amidst this crisis, you have to be cognizant and bear with the harsh economic times that are upon everyone, even though in the long run, the economy will revamp. Here are 4 things that you should take note of:

1. Determine whether your business idea is addressing a long-term problem.

2. Identify your market. 

3. Analyze the business trends related to idea during this pandemic. 

4. Take advantage of low-cost marketing methods such as social media.

In addition, the good thing that developing countries have reaped from this pandemic is consuming locally produced goods to drive their economy. They have started looking for solutions amongst themselves where local industries and businesses thrive.

Would you like to tell us about a business that you started during the COVID-19 outbreak? Share with us in the comment section below.

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Comments

    ALVIN | August 27, 2020 18:46

    🔥💯Insightful

    Martin Charles | August 20, 2020 08:19

    This is very important

    Elicipha | August 19, 2020 12:55

    Nice one!


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