Should You Start Your Own Business in the Middle of a Pandemic and Recession?
It might seem counterintuitive, but a pandemic and economic recession may be the right time to start your own business for the first time. This article looks at the excuses people usually come up with for why starting a new business isn’t a good idea for them, and the reasons those excuses don’t make real sense.
Whether you work as a manager, or work in marketing, accounting, or anything else, you may feel that your job challenges you and rewards you, but you may get the feeling every now and then that your job isn't what you were born to do.
You may look at the person who founded the company you work for, and wonder what inspired them to give up their job and go to work for themselves. With the pandemic buffeting the economy and disrupting thousands of companies everywhere, could this be the right time for you to start your own company?
Instagram, Uber, WhatsApp, and Slack, are among the many companies that were founded during the last economic recession. The current downturn that has come about as a result of the coronavirus pandemic, will, again, give rise to innovative companies.
Thousands of talented workers have been laid off or furloughed, and are in a position where they have no choice but to re-examine their lives. Many of them will decide that working for someone else for decades isn't the way to live their life.
A study by the Global Entrepreneurship Monitor has found that as many as 27 million people in America, or 14% of the population, is involved in either starting or running a new business.
If they can do it, you might consider the possibility that you could, too. A number of excuses, however, could pop up in your mind to tell you why this isn't a good idea for you. It's important to realize that these reasons are probably not very meaningful ones.
These Are NOT Good Reasons to Not Start a Business
FEAR OF FAILING: Starting a business is a risky endeavor, and most businesses don't make it. It's also risky, however, that you would rely on one company or another to take care of your employment needs for 30 or 40 years.
Even if you do pick companies that last, you'll need to constantly perform and get better at what you do, or risk being replaced. When you work for yourself, however, you hold control over your life in your hands.
LACK OF RESOURCES: People often believe that they simply don't have the capital that they would need to start a business with. Crowdfunding does exist, however, allowing entrepreneurs to raise capital, and collect cash for pre-orders.
If your business idea is in the area of online retail, you can get a store online with services like Shopify at very little outlay. It's actually easier to start a company now than it's been in the past.
LACK OF KNOWLEDGE: If you never had a chance to observe entrepreneurship up close, say, in the form of a parent running their own business, you may consider yourself too ignorant of entrepreneurship to even try.
While lack of knowledge is a stumbling block, however, it can be overcome. All you need to do is to begin reading up and join an entrepreneurial network to begin understanding the craft. The more exposure you gain to people running their own businesses, the more normal it will seem for you to do the same.
ENTREPRENEURSHIP CAN BE DIFFICULT: Without a doubt, leaving a job behind and putting your future on the line with your own business can be a stressful experience. You will need to develop and constantly refine a great product, manage cash flow, manage other people, absorb new skills, and worry about staying afloat.
A regular job isn't much better, however. Answering to the expectations of an employer or manager can be stressful, as well. When you're in charge of your own company, you put yourself through the stress for a bigger, better reason.
YOU LIKE YOUR JOB: Some people are fortunate enough to be in jobs that they love. They feel that their job gives them all the challenge and fulfillment that they need, and see no reason to give it all up to run their own business.
It's important to realize, however, that good managers move on, companies are bought and sold, and market conditions evolve. You may find at some point that your job is no longer as enjoyable as you once found it.
Then you may regret not having control over your life. You could consider starting your own business in a field that works for you, and take charge of just the responsibilities that you've always loved. You'd do what you liked, while working for yourself.
STARTING A BUSINESS IS TOO HARD: Working for your own business may be hard, but it isn't much harder than working for someone else. Vast numbers of people work long hours, sometimes at multiple jobs, and still only bring home enough to get by on.
They live paycheck to paycheck, perpetually on the brink of financial collapse. It isn't true that you need to work twice as hard in order to get your own business off the ground.
You only need to work somewhat harder, and it's work that you invest in yourself. When you work for someone else, on the other hand, they get to make a profit trading in your labor.
When you work for yourself, you get to keep the value of your labor for yourself. Additionally, you need to remember that when you work for yourself doing something you like, it won't seem that hard. In fact, it can be some of the most exciting and rewarding work you ever do.
THE IDEA OF SELLING SCARES YOU: While you may not consider yourself talented at selling to people, you need to understand that just as with hard work, selling feels different when you do it for yourself.
Since you believe in yourself, for example, selling your own services at a job interview doesn't feel like selling. Similarly, when you're in business that sells a product that you believe in, it can begin to feel like you're trying to help people, rather than selling something to them. Your perspective changes.
YOU NEED A STEADY PAYCHECK: A steady paycheck does feel good, but most businesses depend on a good economy to generate enough cash flow to make payroll. If it seems like starting your own business would be too risky because you would have to deal with a poor business environment from time to time. It's no different with a steady job.
Lots of new businesses get started up during recessions, chiefly because so many people get laid off from the steady paycheck jobs that they've held on to.
Brand New On-Demand Online Workshops FREE!
Discover a unique approach to build a business around your personal interests... AND LEARN HOW TO THEN TURN THEM INTO ENDLESS STREAMS OF INCOME!
What Kind of Business Can You Start During a Pandemic?
As you watch the pandemic change nearly every part of the life that you've always known, it's a good idea to look out for the new opportunities that it throws up. These opportunities could form the ideas on which you base a new business.
In a pandemic and in the times that follow you might think of starting an opportunistic business that directly addresses the needs that people have in such times, or you could think about the longer-term.
There is going to be a 'new normal' and it's those that get in front of this 'new normal' that will come out the other end in a much better state. However, the most important thing is NOT to use this crisis to take advantage of peoples fears.
If you want to buy all the hand sanitisers and sell them at inflated prices then you are not the type of person I am trying to address. What I want you to understand is that you can take advantage of the opportunities you have by coming from a place of service first.
If you have been wanting to build your own career away from the rat race, become fully financially self-reliant, and you LOVE the idea of being able to live anywhere, then these unpredictable times could well be the best time to start.
More and more people are looking for a realistic way to start a business while still working a day job, and the number one thing people like this tend to want to know - is if it's realistic to replace their income before leaving their job to focus on the business full time.
I can tell you that it absolutely is realistic and more so than ever in today's digital world. When my mentor, Stuart Ross, was starting out with his first online venture, he used to work evenings around his 70-hours-a-week job as a real estate broker.
What was really important to him was not just the fact he wanted to be able to make money with his own business - but he wanted to find something he could really believe in.
Stuart wanted to follow the advice of one of his favourite motivational gurus Tony Robbins and set himself up with a business that would not just bring success, but fulfilment too.
Now, some fourteen years on, he is the co-founder of Six Figure Mentors and Mentors.com, an 8-figure business owner and an online educator with thousands of successful students.
Success without fulfilment is the ultimate failure.
Tony Robbins-Peak Perfomance Coach, Investor and Author
So, how can you start a part-time business by helping a group people and as a by-product get paid in return for your service?
Listed below are some services which will be in-demand in these unprecedented times and will provide great value to your clients.
CLEANING SERVICES: With COVID-19, the need to constantly clean and disinfect public spaces is an important one. Business premises from offices to warehouses and factories need to be disinfected on regular basis, both during the pandemic and after it passes. Businesses in the cleaning industry are likely to see considerable demand.
SCREENING SERVICES: Businesses that offer employee screenings are another possible opportunity. The Equal Employment Opportunity Commission recently made it okay for employers to take the temperatures of their employees to screen for possible infection. A number of new companies will be needed to provide the screening services required.
PERSONAL HEALTH PROTECTION: Face masks will remain a standard of life outdoors for a long time. People won't be happy wearing clinical masks for long; they will turn to masks that allow them to make a style statement. Businesses that offer great styling are likely to be a big hit.
ASSISTING PARENTS: Parents are experiencing pains in their lives like they have never experienced before. During the pandemic kids have been home all day. So there is the challenge for parents of keeping children educated, fed, engaged and active and still having time to get their own stuff done.
A whole new set of businesses are being created now to help parents in this situation - in areas like home schooling space and teaching kids how to cook. If you can find parents and understand what their pains and problems are, then that's where you can find some good opportunities right now.
CONTENT CREATORS: There are a whole load of people who are at this time are consuming more information on the internet. They are watching more Youtube videos, reading more blogs and listening to podcasts.
There are also a whole set of people that are creating content for consumption that are doing this for the first time. Theses are brand new Youtube video creators, brand new podcasters, and they are going to need some support and help with creating their content and getting it online.
Businesses that help these new creators by assisting with video editing, re-purposing information, and creating content will find a booming industry.
SPEAKERS: People who speak in front of audiences have been hit really hard as travel and gatherings have been restricted and events have been cancelled. What can you do too help these speakers?
You can help them in various ways by booking virtual conferences and creating their own online virtual events.
Many experienced speakers will be suitable to have the topics they talk about turned into a book. You can step up and help speakers write books and have their content published.
STARVING ARTISTS: Musicians, painters, sculptors are usually though of as 'starving artists'. In this time of a pandemic and recession they will be starving even more. There are a lot of people who are now coming forward to teach art, guitar, piano and creativity.
There is a market for this as most people are restricted from going to work and now have more time to learn a new skill and take up a new hobby like the piano, guitar or learning to paint. 'Starving artists' can create a stream of income by delivering lessons online straight into the homes of their clients.
However, these 'starving artists' may not know the best way to deliver their teachings. You can assist these artists to effectively pass on their crafts to the people they are teaching. Courses about hobbies have been very successful and helping artists best deliver their teachings will be a win for everybody.
STUDENTS: Many students have been drastically affected during this time, from all ages but especially the college graduate who needs a bit of supplemental in come to help pay off their college debt or continue their education.
Due to restrictions and not being allowed to attend college facilities, many students are studying from home. There is a huge opportunity in connecting these students with software companies who are looking for help to provide remote work solutions.
You can act as the person helping businesses find students, or helping students find these software companies that will pay students some income for assisting in remote work solutions. This will be a win all round.
You can be the middleman connecting great students with companies who need their talent and get paid for those services.
ENTERTAINERS: People who used to perform live on stage or attend auditions to get work, like comedians or actors are now creating a presence on Youtube to present their work. You can help them get set up online and to grow their audience.
They have previously been so busy going from casting to casting and working on their work outside of their homes. But they can no longer do that. You can help them by consulting and bringing new ideas, creating a brand and growing an audience online.
HEALTH & FITNESS: In this time of crisis there are opportunities to present speciality fitness solutions for people. One example of this is a guy by the name of Joe who has a fitness channel on Youtube called PE with Joe.
He specialises in getting kids fit and goes live most days. His channel has exploded and has had up to 500,000 people watching his live sessions. If you are a personal trainer you can hone in on a particular niche and post live videos or do personal virtual trainings.
A lot of people are at home now eating junk food and getting no exercise. Some need help with their personal fitness and nutrition regime.
SOFTWARE SOLUTIONS: This is not niche specific, but is solution specific, which is another way to approach businesses. Under the current conditions most business are having to focus on new things which they have never had to focus on before and there could be solutions that are software-based that could help them.
So, instead of approaching them from a consulting standpoint, you can offer a software that helps them achieve a presence on the internet. This is especially pertinent to brick and mortar business who are now having to build an online presence for the first time.
You can assist in finding the right software to help them, or if you are a developer, even create software that can help them with their inventory. Call businesses and ask them what they need help with and what they find inconvenient.
You can get paid up front to find a software solution that can help with these problems and connect them with the developer to assist them.
MEMBERSHIP PLATFORMS: Membership websites are thriving right now as in a period of restricted movement people are craving connection and community. The beauty of paid membership websites is that you can get that holy grail of passive income (monthly recurring subscriptions) from people who are looking for community and want to talk about something specific.
You don't need a large group and it's not always about the content you put on the membership site. It's more about the connection, guidance and networking that people are really missing right now.
GARDENING: Every body is at home right now and when thinking about going out, it may be a better decision to stay home. A lot of people are starting gardens in their own homes and even wanting to grow their own foods.
The gardening niche is exploding right now and this is confirmed by the number of gardening products that are been sold on Amazon. You can research the space and find out where people need help.
It could be that you become an expert on growing tomatoes. I need to preface this by saying that you don't need to build a business that helps a million people. You just need a small group of people that could use your help, advice and expert curation. You could become the go-to person that helps people start their gardens at home.
I have listed above just a few of the possible businesses that serve new niches that have come about as a result of the pandemic and resulting recession.
As people begin to work and socialize more while staying at home to protect themselves from the virus, all kinds of services that cater to isolated living and working will find a ready audience.
Great businesses have been founded around deep recessions and downturns. Banks tend to process a great number of loan applications around these times, simply because during a deep recession, there are many people who are out of jobs, with time to rethink their lives.
Delivery services, remote working applications, remote fitness, e-commerce, and cybersecurity businesses will likely find ready demand.
It could be a good idea for you to rethink your life, to see if you could finally start your own business (part-time or full-time) and work for yourself.
What Kind of Business Can You Run Part-Time?
Like the famous entrepreneur, investor and author, Robert Kiyosaki states, you should start a business with anything that is very product-driven and extremely easy to fulfil on. Something you believe in and feel confident selling.
It needs to be a product you can sell many times over every week without spending a lot of your personal time on customer service and support or transactions.
After all, the last thing you want after 60 or 70 hours of work is to come home and have to deliver whatever it is that you're selling.
So what business models can work around your job and start as a side-hustle and, if you wish, grow into a full-time income?
AFFILIATE MARKETING: Affiliate marketing is a great one to start with. This is where you sell other businesses products and get a commission – without having to do any fulfilment or delivery.
If you're an affiliate, the amount of products you can sell is unlimited. And the beauty of it is that you can sell those products many times over, 24/7, 365 days a year. So even when you're at work or sleeping, you are busy growing your income as you grow your sales.
SELL with E-COMMERCE: Another option is to sell physical products with an E-commerce business. With physical products, you don't have to reinvent the wheel. You can order existing products in bulk at a fraction of the cost and then set up a sales system.
Opportunities like Amazon FBA will do the heavy lifting for you. They will process the payments from customers and deal with the packaging, distributing, and customer service.
In the meantime, you'll get busy selling the products and setting up marketing and ad campaigns to make those sales happen – which you can do around your job in just one or two hours a day.
Start a business with anything that is very product-driven and extremely easy to fulfil on. Something you believe in and feel confident selling.
Robert Kiyosaki-Entrepreneur, Investor and Author
Something to Consider as You Go into This
Whatever you're selling, the first 10 sales are going to be the hardest. But once you've made your first double figures in sales, you'll gain the confidence that you can rinse and repeat – and grow.
You'll learn exactly how many sales you need to be making each week and each month to have a steady business that's going to eventually replace your income.
People always want the ultimate answer to the question "How long is it going to take?" But I've seen so much diversity – from 2 days to 12 months to make the first 10 sales.
It comes down to whether you picked the right product for the market at the current time – and your commitment to learning the digital skills you need to succeed.
If you are serious about getting a business started and you're looking for a genuine way to do it around your day job, without having to break the bank and at the same time not have a ceiling on your income potential...
Then be sure to check out this FREE Video Training Series that's been responsible for helping THOUSANDS of people just like you to start an online business from scratch while working it around their day jobs.
It's totally free to register and receive the training, and it's totally void of all the usual hype and false promises you see online, so please don’t worry you won’t be taken for a ride!
You can find more great videos from Pat Flynn on his Youtube Channel.
Free Training Video Series Reveals How to Launch Recession Proof Income Streams from Scratch...
Get access to this free training series right now. Discover how to start, grow, and scale your income by developing a recession-proof skillset and leveraging the power of the Internet. No experience needed!
About the Author
Merv Stevens is an experienced Online Marketing Strategist and a member of the Digital Marketing Education platform