Coronavirus 2020: Is now a good time to start a business?

With global recession looking more and more likely, many businesses are battening down the hatches and hoping to weather the storm. But for agile entrepreneurs with an appetite for innovation, now could be the perfect time to start a business of your own. So if you’ve been thinking about what your life will look like after lockdown, don’t rule out becoming your own boss…

Have any successful businesses started in a recession?

Yes! Some of the biggest brands in the world started during a recession. An economic downturn can create a range of unexpected opportunities for entrepreneurs with an appetite for innovation. Here’s a few big names you might know…

Five ways a recession benefits businesses

1. Necessity drives innovation
They say necessity is the mother of invention and that is especially true during a financial downturn. Recessions cause problems that people need solutions to. And Coronavirus has caused a very specific set of problems that startups are clamouring to cure.

The current pandemic has seen a flurry of innovation, with small businesses filling gaps left by bigger businesses (like local food deliveries when supermarkets can’t meet demand) and innovating to offer new services (like online course).

Startup businesses are innovative and agile – exactly what the world needs right now.

3. Top talent is available
A sad fact of the pandemic is that a lot of great people are going to find themselves out of work. Whilst that is bad news for them, it is good new for businesses, who can snap up top talent that is usually unavailable.

Freelancers are a great source of flexible resource during a recession too. Put simply, you can hire better people without the premium price tag.

4. Competition is lower
Many businesses will find themselves with less competition as competitors struggle to restart after the pandemic. For those that are able to innovate or borrow to survive the storm, this can be an advantage when they re-enter the marketplace.

5. The (negotiating) power is in your hands
With many businesses actively looking for new custom, now is a good time to negotiate for better terms and lower prices. If you’re in a positive cash position yourself, now could also be a time to buy up other businesses or their assets, if they’ve decided to stop trading. It worked for General Motors.

Working-from-home-man-and-child

Have any successful businesses started in a recession?

Yes! Some of the biggest brands in the world started during a recession. An economic downturn can create a range of unexpected opportunities for entrepreneurs with an appetite for innovation. Here’s a few big names you might know…

Four of the biggest brands that started in a recession

1. Burger King

2. FedEx

3. Microsoft

4. General Motors

FDTSolutions Pty. Ltd. New Business opportunities.

We believe that the market is more than ready for innovative non-invasive trenchless solutions. With more installers and current plumbing business onboarding trenchless solutions will become more visible the gentle effectiveness of these solutions will spread.

People are more aware of the ecological value of non-intrusive, low impact pipe rehabilitation solutions.

We see market growth because many buildings including their drainage systems have exceeded the normal operating life and must be rehabilitated. The market continues to grow.

There is no time like present:

  • We can assist with a business plan
  • We can assist with a marketing strategy
  • We can assist with Asset finance
  • We charge no license/franchise fees

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