Is a Pandemic a Good Time to Start a New Business?
Over the past year, the world has faced an unprecedented time due to the COVID-19 pandemic. The UK alone has faced nearly 4 million cases of the coronavirus, and over 100,000 deaths. Due to this once in a lifetime worldwide event, the UK suffered the worst modern slump in its modern history, twice as much as the previous largest.
However, the economy narrowly avoided a double dip recession by actually growing in December, potentially giving the UK some light at the end of the tunnel. Here we will discuss whether a pandemic is a good time to start a new business, and the things that must be considered.
It depends on the market
The short answer to the question is- it depends on the market. For example, hairdressers, tattooists and beauticians will have massively lost out during the pandemic. Even pubs have been struggling to make ends meet whilst they have been closed, only allowed to serve food, or hit with a curfew.
However, food delivery services, such as takeaways and groceries, have increased during the COVID-19 pandemic. This is because of environmental factors such as self-isolating, shielding, and wanting to continue eating from our favourite local restaurants but in a safe way. Therefore, there is no yes or no answer to whether a pandemic is a good time to start your business without thorough research into the sector you wish to enter.
Can employees work from home?
Another issue to consider is remote working. With many people working from home last year, and widespread working from home likely to continue well into 2021, it is crucial to consider the ease at which your employees can work from home.
If your business will be providing a virtual service, it is more likely that this will be possible. To make sure that working from home is productive and efficient, implement a communications solution such as Voco, which allows you to take and make voice or video calls on any device, displaying only your business number.
If your company sells a product, or it is a physical service, then health and safety should take the upmost priority. When you do open your business, consider government guidelines concerning social distancing, PPE and travel restrictions. It is always best to have too many hygiene practices in place, such as cleaning, sanitising and handwashing, as it is better to be safe than sorry.
Due to the success of the vaccine rollout, business confidence is reportedly now at a six-year high. Not only this, but it has given society a sense of hope and a light at the end of the tunnel to look forward to. This means that we could very well be nearing the end of the COVID-19 pandemic.
Whether you decide to open your business during the pandemic or not, the vaccine rollout signals the start of society to attempt to go back to normal. By considering these factors before opening your business during the pandemic, you will be prepared to move towards the new normal.