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Why Starting a Business Makes Sense in Today’s World

 

The pandemic caused a lot of uncertainty for aspiring entrepreneurs. Potential business owners in the midst of planning their ventures may have sidelined their projects due to fear, job loss, and industry changes. However, if you’ve dreamt about founding a company, there are many reasons why now could be the perfect time to get started.

 

Better Bootstrapping Methods

Most entrepreneurs start their companies using bootstrapping methods. MasterClass explains that bootstrapping involves starting a company using any useful equipment or supplies you already have and paying for expenses using your personal funds or loans from family members or friends. Finding creative ways to bootstrap your company can help you stretch your funds while you get established.

 

Many companies either switched to remote work or closed their doors due to the pandemic. Purchasing used equipment and supplies from those companies can help you fund your venture without eating through all of your reserves.

 

Hiring permanent employees may not be possible right away, but freelancers or temporary workers can do an excellent job during the short periods of time you need them. Hiring a freelancer can be cheaper than bringing on an employee, and can help you figure out what you are looking for when hiring permanent staff members.

 

Efficient Software Systems

Software can be a tremendous boon to your company’s efficiency. For instance, accounting software allows you to track expenses and profits and stay in compliance come tax season.  

While invoicing software lets you automate tasks like batch invoicing, and scheduling software can simplify managing your employees’ time. The right software selections help you set aside busywork so you can instead focus on growing your business. 

 

Financial and Learning Opportunities

As Brookings explains, the Federal Reserve’s interest rates fell during the pandemic, making loans an attractive and affordable option for many entrepreneurs. Even if you cannot get a business loan right away, you could qualify for other types of financing. For example, if you are willing to take out an equity loan on your home or put up other types of collateral, you can increase your chances of approval at a low interest rate.

 

With online programs, it’s never been easier to go back to school and earn your MBA degree so you can build your business and leadership skills. By earning your degree online, you’ll have the flexibility to still focus on running your business. 

 

Decreased Competition

Many companies closed or shifted gears during the pandemic. The type of industry and the niche you want to fill will dictate how much competition you have, but as things open back up, there may be gaps in the market that your company can fill. The reduced competition can allow you to carve out a space in the industry quickly and efficiently.

 

Diverse Marketing Techniques

Once you’ve identified your target market, as well as the competitors that dwell in this space, it’s time to capitalize on cheap and effective marketing techniques. People use their smartphones, tablets, and computers to interact with the world. The popularity of livestreams and online forums can prove to be a valuable marketing tactic for your company. Depending on the platform, social media accounts are typically free. You can stream live events or question and answer sessions with a minimal budget on a variety of platforms. You can also list your ads on sites like HustleMyAd, which will help you reach even more potential customers.

 

While starting a company at any time entails a certain amount of risk, you can maximize the chances of success by evaluating the market and moving forward when the factors are in your favor. If you have been thinking about opening a business, now could be the ideal time for you to get started.