Is now still a good time to start a business?

In a world turned upside down by COVID-19, businesses are rushing to close their doors. Some of them will close permanently if the global pandemic does not come to an end. Others are barely functioning due to the many hardships imposed. Starting your own business seems counter-intuitive. In other words, this does not look like the best time to build a company. Well, you should think twice.

Previous economic disasters gave way to high-profile companies. The most striking example of a company that has turned the economic downturn to its advantage is Apple. Instead of selling the company stock to avoid being hit hard by the recession, Apple maintained its stance and just look at where the company is today.

If you are a savvy entrepreneur, you will seize the opportunity. It is complicated, but if you stop to think about it, what is simple in life? Nothing. The COVID-19 outbreak has made room for much-needed change. The global pandemic is creating fertile ground for startups. So, what are you waiting for? If you want to become your own boss, there is no better time than now to do it. Keep on reading to find out how to navigate these tough times.

You do not have to reinvent the wheel, but you do need a good business idea

Without exaggerating, all businesses are online these days. The number of infected cases has declined, yet we are far from calling it a quits. If social distancing measures are not respected, the novel coronavirus will grow in power once again. Physical contact should be avoided or, at least, minimized. Do not open a business that implies coming in close contact with clients, such as a restaurant. It is better to go online. If you do not have any kind of idea what to do, here are some suggestions for you:

1. Set up a web-based consultancy business. Provide professional insight to organizations and individuals alike. You will be helping clients develop essential skills and knowledge. Regardless of your talents, whether you are a photographer or a writer, it will be simple for you to get your online business going.
2. Operate an online tutoring business. Maybe you are not passionate about education. Maybe not, but you should give it a try. As a tutor, you enjoy flexibility and you can lend a helping hand to the younger generation. More and more people are trying unconventional schooling, so there will be a demand for the services you provide. Make sure to craft interesting learning material.

It all takes a small monetary investment

We are starting to see a great many opportunities for businesses that did not exist before. If you plan on starting your own business during this time, make sure you have enough money. You must spend some cash to get your business off the ground. If you do not have money, it will be impossible to procure the necessary supplies and equipment. How can you manage financing during COVID-19? One solution would be to get a cash loan. Cash loans are short-term loans that are received in cash. The money is transferred directly to your bank account, usually within a couple of hours.

Before your company has any hope of becoming profitable, you must find a way to finance its conception. Because you do not have a business started up yet, you will be borrowing money based on your personal finances. If you have a strong personal credit score, there is nothing to worry about. The great thing about cash loans is that you do not have to wait in line for the money or fill out stacks of paperwork. You complete the application, which can be done online, and get the money in a short timeframe.

Chances are that you will need additional money to maintain the company while you are trying to attract clients and make a profit. It can take up to a year to accumulate enough customers to allow the business to run on its income alone. The more capital you will need upfront, the more time it will take to get back the original investment. However, it is important to keep in mind that each business’s profitability timeline differs, so it is necessary to do the math.

Are Canadians starting new businesses during the global pandemic?

Contrary to popular opinion, business formation has not fallen off a cliff. More and more savvy entrepreneurs are starting new businesses, focusing their attention on problems that are related to the virus. Others made their plans ahead of time, right before all this happened, and have decided to go ahead with the plan and see what happens. It is tempting to think that these people are nuts. They are not, they simply have the courage to take risks in life.

Right now, we do not know for how long the restrictions will last. At one point or another, businesses will be allowed to reopen and life as we once knew it will get back to normal. Organizations will, of course, have to reassure visitors, as well as staff members, that they are safe to visit. Even if it will be technically okay to reopen, entrepreneurs should not jump at the chance because they risk losing their businesses if they open too soon. Nevertheless, this is not the time or the place for such a discussion.

While many businesses have effectively shut down, others are coming to life. In Canada, we can see innovative types of businesses such as virtual funerals or telemedicine for pets. If there is one thing that we can learn from Canadian entrepreneurs, it is the fact that there is never a right time for starting a business, so you might as well make the circumstances work for you and not against you. Even if you do not have a promising start, that is not a guarantee that things will not turn out fine. You just need to give it a try.