Starting a new business is an exciting milestone in the process of becoming a successful entrepreneur. The timing of your business is often just as important as ensuring that the business is well-funded. The year 2020 was quite challenging for most businesses, and so far 2021 seems to be following suit. From an entrepreneurial perspective, however, that doesn’t mean that now is a bad time to start a business. In fact, I recently kicked off my own new entrepreneurial endeavor with my Chef Parkere Clean Pancake Mix.
While it may seem somewhat counterintuitive based on the way the economy has been over the past year and a half, there are some reasons why 2021 may actually be the best year to start your business.
Reasons 2021 Could Be a Great Year to Start a Business
Many businesses that were founded in the year 2020 were inevitably shut down as a result of the pandemic. Many more will have a hard time restarting in 2021, even as most business persons focus on reorganizing their entrepreneurial ambitions. These factors will make the year 2021 highly likely to have reduced competition for market space and entrepreneurial resources. Founding your business in 2021 will, therefore, give it the much-needed mileage.
The COVID pandemic has rapidly shifted the dynamics of customer acquisition. To survive the effects of the pandemic on entrepreneurship, businesses are expected to leverage the e-commerce sector. This year, establishing your business will have you benefit from the increased penetration of the idea of using digital platforms for marketing, customer acquisition, and selling. With competition at an all-time low, the cost of acquiring customers will, therefore, be substantially minimal.
Most governments will most likely focus on ensuring faster economic recovery this year. Part of the recommended governmental initiatives includes having a special kitty for small businesses. It is recommended to take this opportunity to secure a loan to help fund your business idea. Despite this, most creditors for small businesses will have to exercise patience when dealing with small business loans to support their recovery.
Ready Customer Base
After almost a year of lockdown and poor business performance, customers are waiting to bounce back into the market and consume products and services. Therefore, the guaranteed ready customer base will serve as a huge boost for your business idea, especially if you take advantage of this kind of ambition and morale within the business community. Since more businesses have shut down over the last year, customers find themselves unable to access crucial business services among the few that remain.
With the potential for reduced competition in the market and a lower cost for acquiring new customers as well as greater funding opportunities and an eager customer base, an entrepreneur starting out in 2021 has true potential for success. So if you’ve been dreaming of starting your own business, you don’t necessarily have to wait for a full economic recovery to get started. Take it from me, there are opportunities out there if you’re willing to put in the work it takes to succeed!