The year 2020 has presented unprecedented challenges with the COVID-19 pandemic, lockdowns, and the “New Normal” that has impacted all aspects of life. The world of business and economics has not been spared from the effects either. Layoffs have become widespread, businesses of all sizes are struggling, and many have been forced to close their doors. The economy has been significantly impacted, leading us to question whether it is the right time to start a business.
However, I firmly believe that there is no perfect time to start a business. The perfect time is one that you create for yourself. Despite the current circumstances, there are several reasons why now could be an opportune moment to embark on your journey as a government contractor:
- Building Resilience: Businesses established during challenging times have a higher chance of flourishing when stability returns. By creating a business that addresses a pressing need in the market, even in times of low demand and limited personal income, you position yourself for success. You not only fulfill physical needs but also have the potential to create a psychological connection with customers who appreciate organizations that supported them during difficult times.
- Access to Talent: The current climate has resulted in a significant pool of talented individuals who have been displaced from their jobs. This presents an opportunity for you to attract and hire top talent for your business. With many experienced professionals seeking employment, you can assemble a dedicated and skilled team committed to the success of your venture.
- Abundance of Resources: As businesses close down, resources become more readily available. This includes not only competition for your product but also access to materials and equipment at lower costs. Banks may offer favorable interest rates, and landlords may be more flexible with leasing terms, as they too seek to fill vacant spaces.
- Cost-Effective and Targeted Marketing: With more people spending time at home and relying on the internet, digital marketing has become increasingly effective and affordable. By leveraging online platforms, you can reach your target audience with precision and cost efficiency, maximizing your marketing efforts.
- Innovation in Times of Crisis: Crises often give rise to new and amplified needs in the market. This presents an opportunity for innovation. Whether it’s addressing existing needs with a fresh approach or identifying entirely new needs, crisis situations can spark creativity and enable you to provide unique solutions.
While these are undoubtedly challenging times with much uncertainty, starting a new business can empower you financially and personally. It gives you the ability to regain control of your earning potential and instills confidence in your abilities.
When it comes to government contracting, having a reliable accounting partner is essential for sustainable growth. Gain the advantage by seeking unparalleled accounting advice to support your business’s financial success.
Remember, in times of adversity, resilience and innovation prevail. Embrace the challenges, adapt to the “New Normal,” and embark on your journey as a government contractor. The future awaits, and now is the time to seize the opportunity. #GainingWitts