Why Now Could Be The Best Time To Become An Entrepreneur

Rivalled only by fears of a ‘second wave’, job security is one of the most talked about subjects in households across the UK. The pandemic has exposed the brutal realities of our once buoyant job market. The unemployed face a shrunken and highly competitive job market while many people currently furloughed are stalked by the threat of imminent redundancy as
the government eases back their support for the scheme. Freelancers and the self-employed are also facing a tumultuous time, many lost their income abruptly in March and future opportunities particularly in some sectors appear greatly diminished. So, with all the doom and gloom, why would anyone consider starting a business?

The answer is, why not. In this financial climate creating a new business and generating a source of income might be the
most sensible option of all. Now Could Be The Best Time To Become An Entrepreneur.

Of course, that’s easier said than done.On social media platforms it is easy to be inundated with stories of people who have seemingly launched multi-million-pound businesses at the click of a mouse. Many of the stories are inspiring but not necessarily informative for people considering making the leap.

Startup Challenges

• How do you find the funds to start a business when you are currently struggling to pay your
  bills?
• How do you supply to business or consumers when the current coronavirus restrictions are unclear?
• How do you fit your startup around other your caring responsbilities?

These are genuine challenges for anyone wanting to start a business right now, none of which should be discounted but new opportunities also exist.

As the UK emerges out of the pandemic and we resume ‘normal life’ over the coming months, new successful businesses will be born and yours could be one of them. The old proverb ‘necessity is the mother of invention’ has already proven true, with businesses nationwide developing new operational models to survive. What is also true is that new businesses and ways of doing things often emerge during and following a recession.

Airbnb was launched as a simple online platform in 2008 when the founders decided to rent out an air mattress in their apartment to raise income. So far, so modest. But then the financial crash hit and suddenly there was surge in demand for short-term, low commitment living space. By March 2009, the site had over 10,000 users and 2,500 listings and is now a billion-dollar business.

Another brand to emerge in 2008 was Groupon, the website provided a way for businesses to promote their discounts and gain consumer attention in a way that many would have otherwise struggled to do. We may not all be able to start billion-dollar businesses but none of us know what we can achieve until we try.

If you want to become an entrepreneur or develop a side hustle, join us as we explore start-up opportunities in the UK and provide essential start-up resources.
To make sure you do not miss out on all our upcoming content sign up for our free
newsletter for exclusive content.