Starting a new business is challenging, but entrepreneurs understand that the biggest and most successful businesses started small and grew into the giants we know today. If you are considering starting a business, now is a great time to do so, even though it might not look like it.
It is Easier Than Ever to Start Small
The internet and the technology available to businesses today have made it much easier for entrepreneurs to start businesses, as long as they have a product or service that the customers they are targeting need.
Gone are the days when you needed a huge marketing budget or massive investment to start because you can do that with a website and a well-coordinated social media campaign. Businesses can also leverage affordable public relations strategies and professionals to help set themselves aside and finding one is as easy as looking online.
Lastly, businesses can be very agile with small teams of employees located all over the world. Businesses can hire from a pool of millions of experienced and talented freelancers for all kinds of business tasks and processes, occasionally using software to fill gaps where they cannot or do not want to hire.
Create Value for Tomorrow
To survive, a business must provide value to its customers. Doing so in an economic downturn helps entrepreneurs learn the resilience and problem-solving they will need to ensure the success of their businesses in the future. If they can do this and survive a downturn, they can use that momentum to create more value when things improve.
Also, businesses started during a downturn provide value to customers when things are hard. By doing so, they build a base of loyal customers who are more likely to stick with them when times are great.
Most businesses scale down when there is an economic downturn. They stop providing some of their products and services to save money or don’t spend the money they need to survive such a downturn. Both of these create gaps in the market where your business can come in and take advantage.
You will need to do some research to find out which gaps bigger businesses have left in the market, and as soon as you find one, find out if it can be a profitable venture to pursue.
Access to Space
Things have changed a lot in recent years, with commercial real estate becoming more affordable and accessible to businesses of all sizes. Some of this has to do with the pandemic which led to the rise of remote or hybrid work. For this reason, many businesses are letting their commercial properties go as they do not need as much space as they did a few years ago.
This is a massive advantage for businesses seeking affordable and accessible office space. Additionally, leasing companies are providing additional services like regular cleaning of communal spaces and building insurance to attract businesses.
If you are looking for office rental space in St Albans for a new business, this is a great time to find one in a prime location with numerous amenities and facilities for you, your employees and your customers.
People have realised over the past few years that things can change if companies decide to lay people off for various reasons. Many people are rethinking their professional lives, with many professionals who would otherwise be working now on the market. These workers are looking for new prospects, with many of them not willing to live only to work.
Starting a business remains one of the best ways to ensure you are not caught up in a situation like this. It ensures your independence and allows you to control your independence and destiny. The combination of new technologies, online markets and access to funding makes being an entrepreneur much easier than a few years ago.
Remote Work is Here to Stay
Despite the numerous reports you might have seen, remote work is here to stay. It gives small businesses numerous advantages, including allowing them to hire the best talent from anywhere in the world. It also eliminates commuting, which many people cite as the reason they are more open to remote work.
Since employees have better work-life balance, they also have better mental health. They also work in environments that allow them to be very productive.
It might seem counterintuitive, but an economic downturn is a great time to start a business. You face less competition and have access to lots of talent that is available in the market. Today, you can also hire from anywhere in the world and use the technologies available to help your business succeed.