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The pandemic has caused serious disruptions for businesses large and small. Many businesses even had to close their doors due to COVID restrictions. It may not seem like a good time to start a business, but the time may be right for many budding entrepreneurs.
In fact, the rate of new businesses is setting records. In the U.S., the rate of new businesses popping up are at all-time highs when compared to the last decade. In 2020, over 3.2 million new businesses have been set up, according to the U.S. Census Bureau.
Why has the COVID pandemic sparked a new entrepreneur drive? Many contractors and gig workers have taken their skills and knowledge and started their own businesses.
However, business success is certainly not easy. Pandemic or no pandemic, new business owners will need to stick it out for five years in order to sustain a viable business for decades to come. And there is a lot to learn as an entrepreneur and new business owner.
For instance, new businesses need UX savvy web design, marketing strategies, social media marketing prowess, and even simple tasks like how to buy website domain for long-term branding.
These are only part of the business success equation. The COVID pandemic has ushered in restrictions and new guidelines for brick-and-mortar businesses as well. But spending is moving in the right direction. With a viable business idea and profitable niche, a budding entrepreneur can strike while the iron is hot during the pandemic.
A Move Toward Digital Only Businesses On The Rise
Business closures around the world have opened the digital economy up for massive growth. As more digital businesses are opened during the pandemic, the rise of digital technology to support those businesses has followed.
According to a McKinsey survey, COVID has accelerated the digitization of customer interactions with businesses by several years. And there is no sign of it slowing down in the near future. In fact, many consumers now prefer to do things digitally.
“Of the 12 changes the survey asked about, respondents across sectors and geographies are most likely to report a significant increase in remote working, changing customer needs (a switch to offerings that reflect new health and hygiene sensitivities), and customer preferences for remote interactions,” the McKinsey survey explained.
All of these statistics and data points serve as a call to action for budding entrepreneurs ready to start their own business.
Business Ideas Are Plentiful For Pandemic Entrepreneurs
There is certainly no shortage of businesses to start. Pandemic entrepreneurs have a ton of choices when it comes to online businesses and the digital technology that supports them.
You probably don’t want to open a massive restaurant as a pandemic business. However, if food is your passion, and you want to bring that passion to life, you can lean on digital technology to get your business up and running.
For instance, a pandemic entrepreneur can set up a food truck business and utilize social media and a website that is all about user experience. This allows a new business owner to start a business, and get the message out to the masses via digital tech.
There are also a ton of professionals trading in their remote 9-to-5 grind at business and companies to start private businesses. For example, mental health specialists like therapist Joyre Montgomery.
Ms Montogomery opened a private practice as a licensed clinical social worker. She had her first client in July 2020 and now has over 50 clients. She also uses social media to connect with current and future patients.
Savvy entrepreneurs are also utilizing digital technology to create new digital tech, forming unique tech startups around the world. Many developers and engineers are going all in on their own startups.
An obvious tech startup for pandemic entrepreneurs is a mobile app startup. This is where tech prowess meets the business owner. And the COVID pandemic has sparked massive mobile use, especially in the application space. This has given many techies the opportunity to finally bring their creativity and technical knowledge to the masses.
In Conclusion…
There are plenty of ways to bring a new business idea to life, especially online. For those ready to put a business plan into action, it is important to have a strong business plan, a powerful solution to a common problem, and a viable market.
With digital technology, you have a ton of online pathways to promote your new business, and sell products and/or services with ease. The time has never been better, despite the woes of the COVID pandemic. What is your great business idea as a pandemic entrepreneur?