With the health crisis still wreaking havoc on many nations across the globe, perhaps you are wondering if this is the right time to invest in business opportunities? The short answer is yes. Undoubtedly, these are troubled times, but the important thing to remember is that business opportunities never really go away. The global market naturally rises and falls, and as different countries start re-opening their borders, and we get into the hang of the “new normal,” things will begin to improve.
The Asian economic outlook for the rest of the year may not look good, but it’s also not negative. The Asian Development Bank (ADB) even forecasts that GDP will grow by 6.1% in 2021 (up from the current forecast of 2.2%). What this means is that despite how seemingly bleak the current situation is, better days are also ahead. People will still need certain products and services. Families and friends would eventually start going out to patronise various establishments.
What You Can Do Now
Continue doing your research. What are your motivations for wanting to go into business? Have these motivations changed since the pandemic and the lockdowns hit? Will you need certain things, like a business loan? Experts agree that despite shuttered shops, there are other areas of growth. The food industry was practically brought to a standstill, yet the demand for it did not wane. Restaurants may have closed, but those who were able to convert their offerings to delivery and curbside pick-up were still able to turn a profit.
Some industries, like online learning, saw a surge in users. Sites like Coursera or Duolingo put up discounted rates of their paid courses while offering some for free. Reports suggest that these sites saw an increase of users by nearly 300% in March 2020, right when most lockdowns and quarantine measures were imposed.
There are other industries that you could look into as well and assess how well you’d succeed. Something as simple as a neighbourhood delivery service would do you well now. If you’re into arts and crafts or cooking, you would only need minimal start-up fee to start an online selling business. That is more likely the easiest route as selling to friends on social media would generate income.
Check Your Finances
Are you one of the lucky ones who can still work during this pandemic? If your reason for wanting to go into business is more about finding that elusive work-life balance, then it’s probably better if you hold off on plans to go on your own until things have calmed down a bit. That’s not to say you have to stop chasing the dream, though.
If anything, now is the perfect time to review your finances. Look at the capital needed to start the business you want. Do you need a big capital? Would you need to take out a business loan? Or would you be taking on investors instead? With your steady income, you would be able to forecast the amount of money you would have saved by the time you’re ready to start your business, and you would also know just how much more you need to fill.
The entrepreneurial spirit remains alive even during these unprecedented times. If you believe in the product or service you offer, and you’ve done your research (you’re confident you can fill a demand), then you should never question whether now is the right time or not.