It is not uncommon for businesses to be started in times of economic issues – lots of businesses are established in times of economic recessions. The reasons are clear – with high unemployment and uncertainty, being self-employed becomes an attractive – or necessary option for individuals to develop an income.
Does the pandemic change your business approach?
One of the first things to consider if you have been planning your business prior to Covid is whether the pandemic changes the fundamentals of your setting. Businesses that just months ago may have made financial sense suddenly have become much more precarious to launch during this time of uncertainty. Not only are certain businesses impacted by changes to consumer behaviors and restrictions, but also supply chain disruptions and cost changes may impact your business model.
Is this a long-term plan of yours?
Another consideration if you are setting up a business because of the pandemic is whether this is part of your long-term goals. Starting a business requires a lot of commitment – and it may take substantial time before you see returns no your efforts.
While the possibility of working for yourself may seem an attractive option, essentially in times when it is difficult to find work, it is important to consider whether this is part of your long-term goals, or whether it is part of your long-term intentions.
Will post-Covid change your approach?
If you plan on continuing your business long-term, it is important to consider how you will adapt your business once the pandemic is over. There may be fundamental changes in society associated with working and consuming more services remotely that may mean certain new business models continue. Remote classes may for example continue – while
Others may be more temporarily – new openings that may cater to meet specific needs of the pandemic – however, will likely change substantially once people return to working normally.
Will there soon be a lot of new entrants to your market space?
A final consideration if you are developing a business to capture a segment of the market underserved due to Covid is whether there will be increased competition.
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