It’s been months since COVID-19 caused a pandemic and disrupted every individual’s life all over the world. It changed our daily routine from eating at restaurants to buying groceries. It shifted the way we interacted with our peers and strangers we met and how we conducted our businesses. And yet, we’re still adjusting to this “new normal.”
Mainly, it’s because many of us have lost the stability of our jobs. We became desperate to find ways to support our family. We’re disoriented by the sudden loss of financial stability.
One of the best ways to find our footing again is by starting our own businesses in terms of financial stability. Contrary to popular opinion, during a pandemic is the best timing for starting a business. Here are the reasons why.
The Birth of the Pandemic Founders
A survey JustBusiness reported that one out of five entrepreneurs is open to starting a business during the COVID-19 pandemic. In fact, they’re already starting it now. They are the “Pandemic Founders.”
In the same survey, almost 70 percent of these fearless entrepreneurs are even including in-person transactions in their businesses. Yes, digital marketing has been on a steady rise, especially in the last few months. But that doesn’t stop entrepreneurs from still opting for in-person transactions.
Then, the other almost-30 percent are starting businesses in the food, retail, and entertainment industries. This is such a surprisingly high number because these are the industries that were hit by the pandemic the most.
The survey also shows the reasons why entrepreneurs are starting their businesses right now. The highest number is 51.2 percent. They said that they’d identified new business opportunities that they couldn’t pass up. Then, 32.1 percent of the responders said they’d identified new business opportunities specifically because of the changes in the market caused by the COVID-19 pandemic.
These numbers show the bravery and flair of Pandemic Founders. They are braving through the pandemic with calculated risks. They’re making smart decisions such as finding the right places to apply for loans with low interest. And they’ve mastered the act of turning problems into opportunities. And this is really what being an
entrepreneur is all about.
The Advantage of the People’s Changing Needs
If there’s one thing that the pandemic changed, it’s the priorities of the people. The pandemic pushed us to reconsider everything and box them all into two categories: essential and non-essential. We were forced to accept that activities that we love, such as eating out and going on vacations, are non-essential, at least right now. We had to let them go and prioritise food supplies and health safety. But, as entrepreneurs, you spin this into an opportunity to cater to the changing needs of the market.
Examples are all things related to healthcare. Since people now have a higher regard for health safety, you can venture into the telehealth industry. This industry has been on a steady rise since the pandemic started. Its massive size, reach, and demand amounts to $3.2 billion. And it’s expected to continue growing by 8.3 percent each year in the next five years.
As an entrepreneur, you can start small, simple businesses such as helping patients get in touch with the right healthcare professional. You can also try communicating with them and helping them access their meds by identifying nearby stores that sell them. If you take this opportunity, you could be at the forefront of this demand. You could reap the rewards from it, all the while helping people by providing their needs.
Talented Professionals Looking for Work
People from all lines of work were laid off and had been struggling since the pandemic began earlier in the year. It didn’t matter that they were performing well in their jobs. Their qualification and work experience also didn’t matter. Their companies needed to make room for the budget, so they were laid off.
But you and these out-of-work professionals can help each other. They can help your business set off on its path to success. You can help them by providing them a stable source of income. Yes, some of them may hesitate to join a startup. But, maybe, some of them may have the same mindset as you: that taking risks is better than taking no risks at all.
In any normal time, starting a business is already very daunting. It’s risky. We could lose all of our savings. Or worse, we could be buried in debt. But during a pandemic, we believe that starting a business is downright insane. But that’s not necessarily true. Starting a business during a pandemic is the best way to go. It’s all about knowing how to turn problems and risks into opportunities that would lead to success.