Today’s situation, the #Covid19 virus, the “New Normal”, the lockdowns, we are all going through it. Regardless of who, what, or where you are, it has affected life to a degree we have not seen since the days of the Spanish Flu.

In the world of business and economics, the effects are also too prevalent to ignore. People are laid-off in droves, no business is spared, no matter how big or small. There are businesses that lost their branches, some go bankrupt, and a lot have even closed down. The economy is one of the most affected slices of our lives during these times.

So, we ask, “is it the right time to start a business?”

I’d say, “there is no perfect time to start a business.” Why? It’s up to you to create a perfect time!

Put it this way, not looking at what’s happening right now, why do we start a business? It’s–
A. Personal. You feel you are ready; you know you have the skill, you want to mix it in with the best of them. This has been a dream of yours for the longest time.
B. Fill in a need. There is a need in your environment, you believe you can fill it. You know you have what it takes to deliver.
C. Financial. You want that financial independence. Freedom from the 9-5, and being your own boss, and maybe, someone else’s boss!
D. You have it ready. The skill, the capital, the location, the time.

When all these situations align, like Orion’s belt., that’s your queue. Time to start a new business. There are also advantages in starting a business during these hard times:

1. Businesses that are built under hard times will most likely flourish when everything else becomes stable again.
If you are able to make a business, that fills a need and thrives during times when the demand is low and personal income is thin. You’ve got a winner there. You are not only fulfilling the people’s physical needs, you may also be filling a psychological need wherein people tend to identify with organizations and companies that stood with them through hard times.

2. Talent is everywhere.
A lot of people lost their jobs, there was no taking into account their tenure, their abilities, or their skills. A lot of businesses closed, which means, on the bright side, a pool of talent and skill is available for you to hire right now. And since you will hire people with great need, dedication and hard work are not far away.

3. Resources are at a high.
Since a lot of businesses have closed, you are now exposed to little competition. Not just competition for your product, but for resources to make that product as well.

You can now make lemons out of lemonades. You can get materials for your startup at a lower cost, as businesses close, you can get equipment at lower prices. Banks tend to offer lower interest rates; landlords too need to fill their spaces and are more inclined to offer a lower lease.

4. Marketing becomes relatively cheaper and more targeted.
As everyone stays home, everyone gets plugged into the internet. This means marketing becomes easier and more cost-efficient. Digital marketing is no longer a trend, but a great course to take for your new company.

5. In a crisis, new needs arise. Innovation is the key.
In times of crisis, there are needs that need to be filled. They may be old needs that were magnified (think delivery services) or completely new or obscure needs that have never been heard of before. This is the time to innovate.

We know these are tough times, and there is much uncertainty ahead. But you, starting a new business, can not only help you financially by giving you back the power to earn but also personally by infusing the confidence back into your person.

And when you need someone to help you grow that business through unparalleled accounting advice, it’s the best time for #gainingwitts.