Launching a business in the midst of the Coronavirus

The world around us has been changing at a rapid pace ever since the advent of the internet and more recently, the popularity of social media platforms. However, the last few weeks in particular with the Coronavirus have really highlighted the way we are all connected on a global level. We are living in challenging times and as we all come to terms with the global pandemic that has seen COVID-19 force us all to make changes in our daily lives, many people are realising their dependency on the global economy.

Years ago it was very commonplace to hear the term, ‘job for life’. Most people would work for the same company for the majority of their working life and loyalty would run both ways, from company to the employee and from the employee to the company. Fast forward to today and loyalty and job security are in short supply, regardless of location or industry sector.

The Coronavirus, whilst more dangerous for the elderly and those with underlying health conditions, is a disease that can affect all of us and that is why we have seen Governments around the world take unprecedented measures to safeguard their citizens.

One of the consequences of the radical changes imposed to ‘flatten the curve’ in society has been the economic cost, both to businesses and individuals. The Coronavirus has really brought to the fore, the dependency of millions of people in the UK and around the world, on their employers. With talk of mass redundancies and stimulus packages to safeguard businesses, jobs and income, the stakes are well and truly sky high.

However, one question we have not really seen answered anywhere, both in the media and online, is centred on launching a business in the midst of the Coronavirus. Is it really the right time to start a business and what are some of the advantages and disadvantages? With that being said, being a Digital Agency business opportunity, we wanted to tackle this question head on and provide some clarity on a topic that is most likely important to you as you plan the next stage of your professional life.

How will the Coronavirus impact you economically?
The widespread nature of COVID-19 means that many people here in the UK are bracing themselves for the next 3 months with lots of businesses advising employees to work from home and the closure of key institutions such as schools and colleges. While it is true that we will all be impacted by Coronavirus in some way, the majority of economic challenges is centred around the hospitality industry.

However, even in the middle of the Coronavirus outbreak, there are opportunities and signs that the business community is coming together to help the hospitality industry. For example, TechCrunch reported that Just Eat are planning to reduce their commission fees to help restaurants for the next 30 days and there has been a recruitment drive amongst Deliveroo and Uber Eats to minimise disruption to online orders. Moreover, supermarkets and online retailers like Amazon are hiring more employees which shows that demand for products and services is still high.

It is also true that the central ethos behind a Digital Agency is offering a multitude of technology solutions to local businesses. With so many different solutions in the toolkit of each Partner such as social media management, online reviews and web development, there are lots of business sectors you can target aside from the hospitality industry.

Ultimately, the economic impact of the Coronavirus will be based around a number of factors but as with most challenges, there are already signs of optimism and growth opportunities ahead.

Where will most people spend their time during the pandemic?
With most countries moving towards or currently experiencing a ‘lockdown’, it is easy to see where most of us will be spending our time, namely online. The Coronavirus will not adversely affect online browsing habits, indeed Facebook have already confirmed a spike in user activity since the COVID-19 crisis began. Similarly, online shopping is due to experience a significant upswing as more people turn their shopping habits to online.

As more and more people spend their time online, it is crucial that small/medium sized businesses at the very least, maintain their online visibility. Indeed, there is an argument to suggest that businesses all over the world will be focusing more energy on online marketing activities as they will get exposure to potentially more customers.

Can you still reach business owners?
The short answer is yes, absolutely. As we have seen earlier on in this blog, many businesses are not shutting down, instead they are adapting their working practices for the next few weeks. Selling to small or medium sized businesses can be tricky as each business owner is engrossed with their daily activities.

However, with most business owners working from home, it can actually be a great time to connect with business owners without the distraction of employees, customers and suppliers. Online meeting tools such as Join.me have made it very easy for anyone to conduct remote meetings to limit social contact but still deliver powerful presentations and nurture clients through the decision making process.

Is now a good time to hit the reset button on your career?
Sometimes, you need a real shock to the system to make a lasting change. The Coronavirus has actually provided many people with the opportunity to re-evaluate their professional careers and really start to think about how they utilise their time.

Most people can see that while there are many benefits of working for a small or large company, ultimately, you are building someone else's business and when it comes down to crunch time, as an employee you have very little control.

Therefore, we have actually seen a spike in people enquiring with us about our Digital Agency business opportunity as people look to take charge of their own future and not rely on others to make decisions that will affect their welfare. We recognise that being a business owner can be challenging but with the right solutions, training and resources, anyone can become a Digital Entrepreneur.

At the end of the day, starting a business is a very personal choice and we fully appreciate that aspect. Our advice is to use the next few weeks to really assess your own situation and explore different opportunities that might be right for you. The world is changing at a rapid pace and whether you are an individual or a business, the most successful ones will embrace change.

Summary
We are not naive enough to believe that the Coronavirus will not result in changes for individuals or businesses over the next few weeks on a global scale. However, there are many reasons to be optimistic as we adapt and face our new realities. With more and more people spending their time online, it is actually a great time to launch a technology driven business as you can potentially add value to lots of different types of clients.

To find out more about our Digital Agency business opportunity, please contact our team today. Please stay safe and from all of our team at iOB Business, we wish you continued good health and prosperity for the weeks ahead.

Until next time, take care.