Is it the right time to start a business?

We are not saying anything new, with everything that’s going on worldwide we are all in a situation of global economic crisis and that this situation will last for months.

In an environment of economic recession, job loss, uncertainty about the future, etc., it is worth wondering about the opportunity to embark on a business adventure at this time.

A first topical answer could be, if we have a good idea, it is always a good time. We also resort to the topic with the widely used sentence that times of uncertainty and crisis are also of new opportunities.

Both answers combined may be correct. We are at a time that may be ideal to start a business. Of course, bearing in mind the moment in which we are.

Adaptation to the moment

If we want to undertake at this time, we have to be aware of the circumstances that surround us. Our idea has to adapt to the times, and they are more changeable than ever. A business idea that just months ago could be great, today would have no place, and vice versa.

We also have to be flexible, the situation is changing in days and we must be able to change with it. The same legislative framework in each country is changing from one day to the next and that can affect our business idea.

New business niches

But, as we have commented, not everything is negative. The current situation has given rise to new needs, new business niches. Could anyone foresee that something as simple as custom fabric masks, or some plastic strips to protect the face, would be profitable?

Many times the key is to be able to detect those needs or even amenities that the public may want depending on the circumstances.

More access to finance

All governments will try to reactivate the economy, and for this you will have to provide financing channels not only to existing companies, but also to new entrepreneurs. So it may be a good time to seek aid, soft loans, etc.

Digitization and the cloud, once again allies

This pandemic has changed consumption patterns and our vision of issues such as service provision, trade, communication and the relationship between company-suppliers-customers, etc.

The face-to-face is less and less necessary, the internet is increasingly a means to carry out commercial exchanges at all levels. The presence on the internet has gone from being a support or something fundamental to being the only ecosystem necessary for certain businesses.

The cloud and collaborative work are proving to be self-sufficient for the management of the company.

And all this means a reduction in fixed costs (storage, premises, employees, etc.) that can greatly facilitate entry into the market without the need for large outlays.

In short, as we started to say at the beginning of this blog, let us never lose sight that times of crisis are also times of opportunities.