Why You Should Consider Starting an Online Business During the Pandemic
For most niches, a business cannot continue as usual. Brick and mortar stores will feel the pinch that comes with behaving responsibly amid a global pandemic.
Existing enterprises have an advantage over nascent ones, but they’re still struggling.
Yet, according to the Wall Street Journal, there were more applications for employer identification numbers in 2020 than in 2019. Economist John Haltiwanger told the journal, “This pandemic is actually inducing a surge in employer business startups that takes us back to the days before the decline in the Great Recession.
The good news is that you do NOT need to take on ridiculous overhead like rent to become a successful business owner.
Times have changed.
The internet, in the grand scheme of things, is just getting started. You still have time to get in on the ground floor of something great.
Starting an online business is likely your best option during the pandemic, but it is by NO means a last resort: it is the direction the world has been headed for the last twenty years.
Ileana Valdez created a dating app called OKZoomer that doesn’t include profile photos. Danielle Payton launched an online workout platform after her publicist business in March 2020. And there are many other examples of entrepreneurs who choose to fill the void created by countless business closures.
Eventually, every business will have to make the transition to the digital space in some fashion. With that in mind, here are a few reasons why you might want to start a business during the global COVID-19 pandemic.
Everything Is Online
There’s no way around having an online presence. As the novel coronavirus wreaked havoc across the country, many businesses transitioned to a remote workforce.
Brick and mortar businesses that lacked online strategies had to quickly adopt digital marketing practices.
The digital world moves quickly. It never sleeps. Competition is fierce on the online world, but you can’t compete without it.
You need to be flexible, you need to be ambitious, but–above all else–you need to be brave. There are a lot of unknowns right now, and it can be scary to entertain the idea of introducing another.
“Why not wait until things are back to normal?”
That’s a great question. Unfortunately, if you live by the ethos that you should play it safe until normalcy returns, you will either must: change your opinion on what “normalcy” is or wait until you’re the unknown passes.
If you’ve heard the saying, “better the devil you know than the devil you don’t,” chances are you understand why waiting until things are back to “normal” could hurt you professionally and financially.
Online Businesses Help You Adjust to the New ‘Normal’
Maybe it’s not today or tomorrow or even next month, but you will eventually have to make the call. The world will force you to adjust your sense of “normal,” because that is the only way you will survive.
This is a GOOD thing. It’s your primal instinct to move forward after trauma.
And make no mistake: this pandemic has hit all of us hard. You’re going to feel challenged, but you must concentrate on the reward that comes with taking your risk.
Otherwise, you will be paralyzed, stuck in a loop, thinking only of what is at stake rather than what is to be gained.
One of the most common advice given to hesitant would-be entrepreneurs: If you get started now, you will be ahead of all your competitors that waited. Your risk will have remained mostly unchanged, but the profits to be made are immense.
You need to stop asking “how to become an entrepreneur” and just get started doing it!
Remote Work Flexibility
Like many other Americans, perhaps you’ve been delegated to a remote work lifestyle. As such, chances are you’re saying yourself a commute and are able to maximize and leverage your free time better than ever.
Numerous studies and surveys have found that since COVID-19, more and more individuals are spending money on passion projects, personal interests, and hobbies.
With some free time at home, it’s a great time to begin working on a business. Perhaps you’ve been thinking about starting this particular business for a while but never had the right time.
Now is the right time.
Low Barrier to Entry
Starting an online business is easy. It’s making headway in an oversaturated market that is the problem.
It is so easy to start a business online that nearly anyone can do it. And so everyone tries! Therein lies the problem for you, if you are just getting started.
But you should know that the secret ingredient to success in the digital space is usually time. It can vary greatly depending on your company’s niche, of course.
However, you’ll find that time spent actively invested in an online outfit is a good predictor of success for the most part.
This is because online commerce is not the get-rich-quick scheme that many digital ”entrepreneurs” think it is. Making money online CAN be done, but it takes time to learn to do it right and to differentiate yourself from flakey competitors.
Eventually, you will have risen above the rest as an established enterprise in the online realm: you won’t need to worry about the influx of newbies so much daily, though they may be a nuisance early on.
Search engines and social media platforms will promote your content because they know it’s coming from an authoritative source that has the grit to stick it out on the web.
However, don’t mistake the low barriers to entry as a completely free ticket to ride. That just isn’t the case. But I’m not talking about dollar costs (though that is some of it).
Increasingly, the internet economy is going to rely on integrated audiovisual content.
That’s right: film production will become an integral part of the marketing of mom-and-pop shops, providing the same value as it does for the multinational corporations doing it today.
Plus, you will have to invest time in learning digital marketing. You can’t make a sale if no one thinks to buy from you, after all!
One of the best benefits of starting an online business is that you can get up and running on a low budget. During an economic downturn and a tight financial environment, the ability to cut costs is crucial.
As other companies struggle to adjust to a remote work business model, you can benefit from starting out that way.
Bigger Talent Pool
Online businesses benefit greatly from a much bigger pool of talent. Unlike traditional businesses, you aren’t bound by geographical restrictions.
Let’s face it: the American business model is changing and the gig economy is alive and thriving. Not only can you start a business with a low barrier to entry, but you have easy access to independent contractors and freelancers around the world.
Use platforms like Upwork or Fivver to build websites, create graphics, and even sketch prototype renderings.
This is certainly challenging times but one must try to find opportunities and move forward.
At ProfitBooks, we’ve seen a sudden rise of online businesses during the past few months. That’s why we came up with a free edition of our accounting software. If you are just getting started, consider using it for billing your clients.
If you have any ideas to share, please feel free to post a comment below.
How to grow your business in a pandemic
8 Tips for promoting your business for free