Is Now a Good Time to Set Up a Business? There are many young entrepreneurs who are asking this question, as the world is still in the grip of the Covid-19 pandemic, and there is no short answer. It very much depends on the sector you are looking to enter and how much is it being affected by the pandemic. On the upside, businesses are being sold all over the world at give-away prices and many shrewd businesspeople will become rich by investing in commercial property.
Providing a Virtual Service
Any business that offers a virtual service will find a huge market, as people look to eliminate human contact; a consultancy, for example, would offer their services using video conferencing, as would a design company. Language teaching has gone completely online and if you provide a service that can be delivered via the Internet, you should be onto a winner. If you are considering going down the language teaching route and want to teach English for example, we would recommend getting TEFL certified beforehand so that you have a good understanding of what is required to teach the language successfully.
Getting Back to Normal
This is where the risk lies; you could probably buy a beachside resort in a tropical paradise for next to nothing right now and if things do get back to normal in 2021, you would have made a very shrewd move to acquire the business when you did. If you invest all your money and the pandemic continues, this could lead to taking a loss. If it seems like a genuine opportunity and you need capital, check out the unsecured business loans for new businesses from a leading Australian online lender. You have to make your own mind up regarding the short-term future, while looking at what the experts predict regarding the vaccine effectiveness.
Buying an Existing Business
Many bars and restaurants around the world are in financial difficulties, largely due to the pandemic and some owners are desperate to sell and you can bargain to reach an attractive price. Take Thailand as an example, with almost no tourists by mid-March of 2021, there are many tourism-based businesses available for the right price. Of course, when things go back to normal, these businesses will reopen and they will not be for sale at a discounted price, so you need to strike while the iron is hot if you want to buy a cheap business.
If, after a lot of research, you still think that now is the ideal time to start your business, create a comprehensive business plan and take out a business loan. The road to success is long and there will be many setbacks, but with determination and a high level of commitment, you can make your business successful.