It might seem counterintuitive, but the number of new businesses has actually grown during the pandemic. The economic shakeup has created opportunities for entrepreneurs who are ready to seize them. Is now your chance to launch your dream?
Good from the bad
It’s easy to focus on the negative effects of the pandemic. After all, there are so many to choose from. Aside from the possibility of getting sick, many people have struggled with stay-at-home orders, mask mandates, supply shortages, and economic uncertainty. Many businesses temporarily closed their doors in hopes of slowing the spread. By September, almost 100,000 of those closures had become permanent.
That all sounds bad–because it is. But there’s good news too. The number of applications to register small businesses hit a 13 year high in September. So even as many businesses have shut down for good, others are starting up. Why?
Why have so many business owners decided that now is the time to start a business? Everyone has their own reasons, but these are the ones that seem most compelling.
More time, more space
From a simple supply and demand standpoint, businesses that close make room for new ones to open. In markets that had been saturated, there may suddenly be space for something new.
And time is a factor too. Some people have more time than ever before, freeing them up to reinvest that back into a new business venture. Others have seen the pandemic as a wake-up call. They realize that they don’t have forever to achieve their dreams. Not reaching for them at all suddenly seems a lot scarier than starting a business during a pandemic.
Uncertainty is a good thing
Some people see disruptions as scary, many entrepreneurs see them as opportunities. When things are going well, we tend to stick to the same old methods and ideas. Why fix what isn’t broken? It’s easy for even the most successful businesses to get caught in a groove. Not innovating, not reaching for something greater. But uncertainty pushes us out of that comfortable rut and toward new ideas. Maybe even new business ventures.
Adversity breeds resilience
There’s an old saying, “If you can make it here, you can make it anywhere.” We might adjust that to say, “if you can make it know you can make it anywhen.” Okay, not as pithy. But the point is that businesses founded during such a trying time might be uniquely suited to succeed. They’re likely to be lean, flexible, and led by people who are willing to take chances. Those characteristics will likely serve them well as they grow and face new challenges.
So now really might be the time to start a business. Make College Park Executive Suite your jumping-off point. We have coworking spaces and executive office suites that your small business can call home. Or get a business address and phone number with a virtual office package. Contact Jackie today and be in your office tomorrow.