If you’ve been thinking about starting a business but have reservations due to the pandemic’s challenges, you’re not alone. Plenty of companies have failed since the beginning of 2020, and it’s easy to feel like that could be your fate, too.
However, there are many reasons why starting your business now could be a good idea. This article will outline a few of them for you and hopefully get your motivation fired up again. Read on to see why this might just be your year for starting a business.
Low interest rates
Interest rates on business loans are at an all-time low if you’re willing to do a little digging. While startup loans traditionally come with higher interest rates, the pandemic is making it easier in some ways. If you have collateral and a high credit score, it will be easier for you, of course—however, there are ways to secure a loan with less than perfect credit as well.
Used equipment sales
Businesses that have now closed had all sorts of equipment, and they no longer need it. This means used, or gently used, equipment will be for sale and at a lower price than if you purchased it new. This can save on your startup costs, while also helping a former business owner who might really need the extra cash.
More available locations
Another reason to start your business during the pandemic is available rental space. Whether you’re opening a store, a restaurant or just need office space to conduct your business, there’s an influx of open spaces available. Not only that, but rental rates are holding steady at the moment, making it a great time to set up shop.
Other options to consider
If you’re still unsure, it’s totally understandable. You have a life to support after all; quitting your job to start your business might not be the right move at the moment.
Thankfully, there are still things you can do to move your business goals along, all while you continue to work and support yourself, family, or loved ones. One of the actions you can take is going back to school.
You can get an MBA degree online in your spare time while learning about all the critical functions that go into running a successful business. Such important subjects as economics, accounting, marketing, and corporate finance, to name a few, can be invaluable to your business and can be learned in your spare time while you continue to live your life as normal.
Conclusion
Hopefully, these reasons to start your business now have put some of your worries at ease. It’s totally understandable to be concerned. After all, we’re living through a pandemic—something not many people can say they’ve done in their lifetime.
If you do decide this isn’t the right time for you, that’s fine, too. You can begin to work on your business before you start it by earning a degree in the meantime if that suits you better.
Keep in mind that some of the most successful businesses were started during a recession and remember that whatever works for you is perfect.
