Starting a new business is a scary, but exciting process. But would you ever start one in the middle of a global pandemic? If someone was to say they’re starting a business under these circumstances you might think they’re in over their heads. Many businesses have been struggling to stay afloat and unemployment rates have skyrocketed this year. As of September 2020, 164,000 businesses have closed due to the pandemic, according to Yelp.
But amidst all the chaos, millions of Americans are taking this as an opportunity to become an entrepreneur and start their own business venture. In fact, the U.S Census Bureau reported that Americans have been filing applications for new businesses at the fastest rate since 2007! They reported an average of 111,000 applications for new businesses per week between June and September of this year.
As the saying goes, crisis brings opportunities, which is exactly how these entrepreneurs are looking at their current situation. With many losing their jobs, it presented the opportunity to start going after their own dreams and start something on their own. Sometimes, the best business ideas come during challenging times. Did you know Disney and General Motors were all founded right before the Great Depression hit? And companies like Facebook and Twitter were able to survive the 2008 recession. This proves that businesses can withstand hard times and make it through.
If you’re able to successfully start a business during an economic downturn, then you’re already ahead of the game. You’ll be able to become a stronger business, grow faster and are equipped with the confidence to survive any unexpected obstacles the economy could throw your way.
If you’ve ever thought about starting your own businesses and diving into entrepreneurship, now could be your time. Your best option is to just go for it! Yes, there will be obstacles — cue a global pandemic — but with obstacles and struggles comes opportunity and growth. The way businesses are being run are changing, and adapting to this new normal. Many businesses have adapted to an online way of doing things, which can be the perfect opportunity for those wanting to start an online business. There will never be a “perfect” time to start a business, so why not start now?
To uncover the trends and reasoning behind the rise in COVID-preneurship, check out this visual created by the team at LegalZoom to dive deeper into the topic.
