Businesses shut down, employees laid off or suspended, remote working, etc. – these and many more are the effects of the Covid-19 Pandemic. There is no doubt that a lot of pockets have been dented and dreams put on hold as a result of this same pandemic, even children are tired of staying at home!
While the idea of starting a business sounds crazy, new businesses are actually springing up, though at a significantly slower rate than before. This begs the question: Is this a really good time to launch new businesses? For aspiring entrepreneurs, the thought of launching a business seems daunting at best and foolish at worst.
This is what Rashmi Menon, an entrepreneur in residence at the University of Michigan’s Zell Lurie Institute for Entrepreneurial Studies said: “Downturns or challenging times are seen as good times to start a business for two reasons. One is, there is less competition for resources. The second reason is that whatever changes we face, positive or negative, bring up new customer needs. And customer needs are at the core of any business”.
Yes, you can start a business even in this pandemic if you so desire. Look around you, there are needs and challenges. Basically, you need to determine the needs of the people RIGHT NOW, not prior to the pandemic.
If after reading this, you decide to kick start your business, you need to adapt to the new realities of the Post Covid-19 business world and prepare for the challenges that come with it. One thing you need to do (this also applies to already existing businesses, no matter their sizes and structures) is to BUILD YOUR ONLINE PRESENCE. David Greenberg, SVP of Marketing, Act-On Software has this to say about online identity: “If a brand’s online identity is non-existent or inconsistent, its audience will quickly figure it out and go to a competition who communicates more effectively.”
Before you start your new business however, you want to find out the laws governing its operations. And in building an online presence, you have to be abreast with the Data Protection Act, laws regarding online adverts and business operations, and how they affect you. Lastly, do not forget to be futuristic and start building a strong legal structure for it; this is the bedrock of every other structure.
ALUKO ADEYEMI AND ASSOCIATES 