Echoing the situation in large swathes of the world, the UK economy is struggling and unemployment is on the rise. There’s a theory, though, that an economic downturn signals the perfect time for an entrepreneur to start up a new business. It’s why BiD Masters accelerated plans to introduce its franchise model. Here are a few of the reasons why now might be the right time to invest in a new venture:
There’s much talk about a new normal. We don’t know exactly what it looks like, but we do know that it needs the flexibility to be delivered remotely. There are some great examples of businesses that have pivoted as a reaction to the pandemic: Unilever has pivoted to prioritise its packaged food, surface cleaners, and personal hygiene product brands over other products; restaurants have moved into the takeaway market or started making cook-at-home boxes, like Spicebox@Home; Mercedes F1 worked with clinicians from University College London Hospital (UCLH) and engineers at UCL to develop breathing aids for the NHS.
There are endless opportunities to create sustainable businesses within the new normal. The Covid pandemic is the biggest disruptor yet and while it may signal an end for many, it can also bring new opportunities for the intrepid.
During economic turmoil, unemployment grows. Creating a business now not only provides a career lifeline for someone, but also taps into the large pool of talent available. Millions of qualified, experienced, hard-working people are in the market for a new job. The heroes are the businesses that provide the work and the individuals who transition into new careers or start up new ventures.
There are a significant number of financial benefits to setting up shop right now. The UK Government is offering government-backed Start Up Loans of £500 to £25,000 at 6%p.a. with free support and guidance to help write a business plan. Successful applicants also get up to 12 months of free mentoring. Franchises are eligible for this funding, too –if you’re a bid professional looking to start up, BiD Masters is offering a franchise opportunity. Contact us for details.
It’s not just loans and business support, marketing costs are also lower. As businesses fold, advertising revenues shrink, which inevitably means ad rates go down. This is difficult for advertising media, but it can be an advantage for a savvy start up.
As awful as things are, the pandemic will come to an end. We just don’t know when. Businesses that have adapted or new ventures that have been designed to thrive in these difficult times will be perfectly positioned for growth when the economy revives.