Forbes Coaches Council
A Return To Normal Or The Roaring 2020s? What You Need To Know About Starting A Business Right Now
The global pandemic will eventually become a distant memory as more people get vaccinated and there are fewer Covid-19 cases. However, the buzz about long-term macroeconomic impact is starting to take shape. The history books may call this moment in time a “return to normal” or “the roaring 2020s,” depending on what happens next. As someone who works with business owners all the time — and often people starting their own companies for the first time — I can say the outlook for the rest of 2021 is promising.
We’re poised to end the year strong.
For those who are considering taking ownership of their career by changing jobs or starting a business, I believe there has never been a better time than now. The International Monetary Fund expects the world economy to grow by 6% this year. In March, more than 900,000 new jobs were added in the United States. And small business optimism has grown in recent months, according to a survey from the National Federation of Independent Business. In other words, while the pandemic isn’t over, there is no reason to put one’s dreams on hold.
There is financial aid for those who still need it.
Although case numbers may be declining, it doesn’t mean that all small businesses have returned to previous levels of profitability. The Paycheck Protection Program was signed earlier this year and extended to May 31. These are forgivable loans that can cover your payroll and employee benefits. You can also use the funds for rent and utilities.
If you are not feeling confident yet about your business’s health, there are resources you can turn to for assistance. The stronger your business, the more likely you can jump on opportunities as they present themselves throughout the year.
Home-based businesses are a safe bet.
For those who are hesitant about starting a new business while the pandemic is still going on, you might want to consider starting an online business or investing in a home-based franchise.
Late in 2020, the Small Business Administration predicted that remote work would continue to be a growing trend in the business world, citing the U.S. Chamber of Commerce’s reports that the pandemic led to “increased demand for certain business types, particularly those related to technology and virtual health and fitness. These include cybersecurity, at-home fitness, food delivery, gaming, home improvement, and telemedicine businesses.”
As more people gravitate toward home-based businesses and working from home in general, there is a real opportunity for entrepreneurs.
It is a good time to think about socially-oriented businesses again.
The pandemic put a strain on indoor businesses and ventures that involved crowds, such as an indoor trampoline park or a movie theater restaurant concept. There is now a desire to be able to engage in those experiences again. It stands to reason that there are going to be business owners who are going to do very well simply because they can offer customers something they’ve been missing: fun with friends and family.
One thing that hasn’t changed? If you’re thinking of investing in a business, the rules are the same as they were before and during the pandemic. You want to research any business you’re considering investing in carefully. You want to talk to professionals who can guide you. You want to carefully line up your financing. Discuss your options with a professional, your peers and your friends and family. Then, trust your instincts.
The world may be different than it was a year ago but the basics of starting and running a business are not. Owning and running a business is always going to be a risk but can also be a rewarding experience. Even a pandemic cannot change that.