On the fence as to whether it’s a good time to resurface that business idea you’ve had floating around in your head for a while now? Although it may be easy to think otherwise, here are 14 reasons why it’s actually the ideal time to start your own online company.
Reason number one, it’s been done time and time again. In fact, some of the most successful brands in the world were started during a recession. You might be surprised to hear that these global companies came to market in treacherous times:
Don’t let an uncertain economy cap your ambition for success.
There’s an African proverb that states ‘Smooth seas do not make skilled sailors’, and I think it’s rather fitting for the current circumstances.
The harder the obstacle, the more skilled you become when you overcome it. And if you can build a successful business during a recession, imagine how easy it will be when the economy is booming.
The challenges of launching a business during covid will naturally bring out your creative problem-solving skills and you’ll be a more successful entrepreneur as a result.
For the very reasons you may be putting off starting a business, so is everyone else. It’s a time of uncertainty, and the majority of aspiring business owners will be applying the breaks until things are back to normal.
Coinciding with that, many businesses are sadly closing their doors. The savvy side in you will see this as an opportunity as gaps in the market open up and competition lessens for your business idea.
As the risk from shopping in brick and mortar stores has increased and customers become more wary, the population has massively relied on online ecommerce to continue their shopping habits.
In fact, online shopping rates have surged 129% across the UK and Europe throughout covid in 2020.
Not only is launching a brick and mortar store expensive, it’s not nearly as effective as reaching a wide audience as an online store is. Luckily for you, online stores are exactly what customers are looking for right now, so take advantage of this opportunity.
If you’ve had a scroll on LinkedIn recently, you’ll have noticed a lot of talented and ambitious people are looking for jobs at the moment.
Redundancies have been a tragic part of the covid crisis, but you have the opportunity to hire some brilliant minds to help you with your business launch.
Whether you need freelance designers, web developers, accountants or a business partner, now is the time to give work to those who need it and benefit from their experience and skills.
More than ever the online business community is there to help you succeed. If you’re part of any entrepreneurial LinkedIn groups, Facebook pages or online forums you’ll know the lengths other business owners will go to to give you advice or a lending hand.
This year we’ve needed to rely on each other like never before, and because as individuals we know how tough it can be figuring it out on your own, the online community will be more than willing to help you out.
If you’re still not completely sold on the benefits of launching your own business during covid, there are low risk ways of doing so that you might not be aware of.
Traditionally when starting an ecommerce company you would have to find the suppliers and source the products you want to sell by yourself.
When starting an ecommerce business with Mercarto, all you have to do is select products you want to sell from the third party marketplace and add them to your store. We’ve done the hard work and found quality suppliers, and you don’t even need to hold the stock yourself. Once you’ve made a sale, the supplier ships the item straight to the customer. So give yourself peace of mind that if you don’t end up selling as many products as you thought, you haven’t lost out on any cash!
As you’ve probably got a lot more time on your hands at home due to the social restrictions, now is the perfect time to use that spare time for building your own business. Just think, when else will you have an opportunity to dedicate so much of your spare time to launch the company you’ve always dreamed of?
Times are tough, and customers understand that. Shipping is delayed across the board and customer service lines are strained.
Right now, that’s standard. So it takes a little pressure off you when launching your first online business. Deliver the best customer experience you can, but don’t fret that it’s not perfect under the current circumstances.
As businesses are eagerly looking for more customers and partnerships, they’re much more willing to negotiate on new deals. Whether it’s a type of product or service you need for your new business, don’t be afraid to initiate the conversation around negotiation.
This is the time you’re much more likely to get a yes, and the worst that will happen is they’ll say no, so it’s always worth a try!
As I mentioned earlier about having a little extra time on our hands to build up the business, this also goes for acquiring new skills.
You may not be engaging in your usual social activities, so use this time to learn about how to run a successful business and the strategies experienced entrepreneurs use. Use YouTube, eBooks, online courses and social media to expand your knowledge.
Your friends and family want to see you succeed, especially during such a challenging time. Even showing their support on your business social media pages (which doesn’t cost a penny) can be a huge help to you in the beginning, and they’ll be more than willing to if you explain how much it would mean to your recently launched business.
Things have changed, and so have our needs as consumers. There’s certain products where demand has plummeted and unexpected items that have skyrocketed in sales, for example face masks, PPE and hand sanitizer.
Look for these new gaps in the market and what kind of products consumers want in these unwarranted circumstances.
Have you been trying to stick out a job you’ve not enjoyed for a little too long? Now’s the time to put all your efforts into creating a new opportunity for yourself.
With every reason listed in this article, it’s the ideal time to try something new and run with that idea that’s been playing on your mind for a while now.
Sign up for your free ecommerce store to start building your own business.
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