Is It Economically Viable To Start A Business During The Pandemic?
Online reviews based on customer experiences can make or break a business. Because people are staying at home because of the pandemic, they have more time to search for reviews before deciding on a product or service. An example is King Kong agency review that the digital agency uses to attract top talent and clients.
The world has experienced several financial crises but the coronavirus pandemic is different. Since March, small businesses across the world are shutting down. According to Shanel Fields, it is crazy to start a business during an economic collapse. However, previous financial crises have given rise to high profile American companies like Airbnb, Disney, General Motors, Hewlett-Packard, Microsoft, Slack, Uber, and Venmo.
Small businesses are wondering when they will be able to re-open. Meanwhile, there are small businesses that are opening but a significantly slower rate than before. Between the middle of March and April, Small Business Administration was able to issue nearly 300 start-up loans amounting to $153 million. Credit card processing firm Stripe reported that it has handled more than $1 billion in sales to businesses that use the platform.
According to Rashmi Menon, an entrepreneur in residence at the University of Michigan Zell Lurie Institute of Entrepreneurial Studies, challenging times are good times to start a business because there is less competition for resources and customers have needs. Businesses have to satisfy their needs. There is also greater access to top talent.
Interest rates are low making it easy to borrow start-up capital. Equipment is cheap because businesses sell off inventory. Landlords are scrambling to fill up empty office spaces and they are offering lower lease rates. However, not all startups will be winners. At least 20% of new businesses will not survive during the first year like restaurants and bookstores. Tech firms can be winners because their employees can work from home.
Digital marketing is very important right now because people are spending more time on their desktops and mobile phones. Digital companies need more talent to fill up vacant positions. Qualified tech talents can read the King Kong agency review to gain insight into the digital agency’s workplace environment, management commitment, work-life balance, and many more.
