A crisis is a good time to start up a business
Times of economic disruption such as the current one precipitated by the pandemic tend to be good times to start up a business according to experts.
Firstly, businesses that were already on a shaky footing or insolvent finally close down.
Secondly, a pandemic can also highlight where there are gaps in products or services, or different ways of doing things. Good examples are technology for remote working, remote learning and providing some health care consultations, as well as exploring the possibility for introducing more AI into manufacture. Another example is to switch more products to e-commerce.
Thirdly, the disruption of global supply chains means that some products and materials are scarce and it might be a good time to develop in-country supply chains instead. So manufacturers, producers of raw materials and provision of storage facilities might be good examples.
Setting up a new business requires forethought and planning as well as research into the market you may be intending to enter.
The key questions are:
- How much competitions is there
- Is there sufficient demand
- Can you source good-quality employees if you need to
- Are you ready?
It is also important that you have the best and the right technology and systems in place to be able to operate effectively while keeping overheads as low as possible.
That includes reliable IT support on call when you need it.