Time is an invaluable commodity that is often credited as the biggest reason why many businesses succeed or fail.
For successful businesses, entrepreneurs cite the time that they had on their hands is the reason why they were able to plot out a proper business plan and strategise accordingly. On the other hand, entrepreneurs with failed businesses will be the first to tell you that the lack of time was one of the reasons why their business failed or never got off the ground.
With that said, the current pandemic situation, as dire as it is, presented an opportunity for some risk-takers. These entrepreneurs are making the most of their free time and keeping themselves busy by starting their own business. While it might not seem like a good time to start a business, here are a few reasons why many people are doing so.
1. A successful business today will get better when the situation improves
It is essential to understand that the current situation is not ideal for businesses to survive in, let alone thrive, but there are ways around this.
As an entrepreneur with a problem-solving mindset, you need to turn your idea into a real business. By doing so, you will find yourself making adjustments to fit the current situation better, and if your business is fortunate enough to survive this, then things will only stand to get better.
Being frugal, knowing how to make smart decisions, and learning how to dig your way out of a proverbial hole are all invaluable skills to have for an entrepreneur.
2. Access to more skilled labour
Businesses, both big and small, are greatly affected by the pandemic. This means that a lot of people are currently looking for their next opportunity to work. Especially for companies that are moving to remote workforces, this can open the door for the right worker to find the right company to work for.
3. Prioritise your business right
Content-heavy, digital-first, and a need to differentiate yourself from the crowd are vital qualities for small start-ups to make them prepared for the current market environment. Even if your business idea isn’t aligned with what consumers want amid the pandemic, that doesn’t mean you should give up. Instead, you should take it as an opportunity to step back, see what’s wrong, and change it to better suit whatever situation is at hand.
It is also important that you understand how to keep your funds in check during this pandemic by outsourcing to an accounting firm, like Ackenting Group. Not only do we provide essential accounting bookkeeping services, but we can also help you make the best financial decision moving forward with your business. Our goal is to ensure that your business remains financially viable and is able to compete within your industry. To do so, we offer essential financial services, tax accounting services, risk analysis and more so that your business can weather the storm and come out of the pandemic stronger.
There is no ideal time to start a business. However, with the reasons above, there may be merits to starting a business during a crisis. If you persevere, you will be able to learn how to survive a dire situation in the future and use it to your advantage.
If you require any assistance on accounting services, feel free to drop us an email at johnwoo@ag-singapore.com or contact us at +65-66358767. At Ackenting Group, we offer a complimentary 30 minutes online consultation for us to better understand your business requirements.
