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Why now is the best time to start a business

22nd September 2021 Print

Amid the pandemic, it might sound a little crazy to start a business. However, thousands of small businesses launched in 2020 alone, and many are still afloat. Entrepreneurs are making their mark in the business industry and utilising the current climate. Past economic downturns have proven to be a great breeding ground for successful start-ups and budding entrepreneurs.

The business industry is currently in a transformative state. The pandemic accelerated the digitisation of the industry and the influx of flexible working practices. The business landscape looks drastically different compared to before the pandemic. Entrepreneurs seem to be embracing this change and using it to their advantage. 

Here are a few reasons why it’s time to start your business this year. 

A time for innovation

The pandemic and Brexit have changed the market. It’s time for entrepreneurs to innovate and produce products that fill gaps in the new market. There may be a new demand for a service that did not exist previously. Entrepreneurs need to network both in person and virtually to expand their business contacts. New entrepreneurs may be in need of a mentor and seasoned business owners might be looking to explore a new opportunity. Either way, it’s time to connect with others and learn new business skills. You need to educate yourself and prepare for the next hurdle waiting around the corner. 

Less competition

The UK’s business industry took a big hit from Covid. For example, some retail giants, like Topshop, were forced to close their stores permanently because of the pandemic. Customers were encouraged to shop from small businesses to keep local high streets alive. The business world has slowly started to recover from the pandemic, but the high street continues to deteriorate. As such, there is less competition around and more opportunity for new businesses – a market for the taking!

Services are more affordable

Entrepreneurs can save a lot of money by utilising the small business deals available on many sites. For example, some company software providers are offering discounts for small business teams. They can use team messaging, video conferencing, and file sharing features within secure company software. 

Companies are likely to sell things at a lower cost to small businesses. They could purchase company laptops for a lower price and save money by choosing affordable marketing resources, such as posters, to reach a diverse range of customers via various formats.

People want to boost the economy

Everyone has experienced the effect of Covid in some capacity. There seems to be a collective effort to help small businesses stay afloat. Entrepreneurs are likely to receive more support now from the public and there has been a renaissance of shopping local, making it a prime time to get started in the business world. 

Find a fantastic business idea and launch your business this year.