Starting a business at any time is a bit of a gamble. You may have a great idea to reshape an industry, financial backing and the best of intentions. But, in the end, there is always the risk factor of putting yourself on the line and not getting enough customers to come through the door to make your business a success.
So, why would anyone want to start a business now, as the coronavirus pandemic continues to spread, people are being implored to stay away from each other and the government is spending lots of money in an effort to prop up a staggering economy?
Let us examine some of the pros and cons which can help you decide whether to launch a new business now or not.
With many people working from home and social distancing rules in place, you now have the time that you so dearly craved, to develop your business. Instead of taking a long nap on the weekend afternoons, you can start the behind the scenes work of forming your business. Invest this time in drafting your business plan, doing competitive research, or creating your website.
The legal formation, which includes filing documents with the concerned authorities, can happen at any time. There is no penalty for forming a business now. But you must anticipate the fact that your actual services may not start for a minimum of 2-3 months.
Resilience of Your Business
Forming a business during a pandemic or potential recession is the true test of whether your company will succeed. Your business plan and the business itself will have to be out of the box and have contingency plans as well as creative solutions to flourish.
Low Interest Rates
The currently low interest rates are a huge bonus for you if you are looking for capital to fund your business. Obtaining a business loan with smaller interest payments can help you sustain and eventually grow your revenue.
Depending upon the type of product or services offered, your business may not have a market currently. For example, if your business depends upon interacting with people in person such as a restaurant, you may not be permitted to do so with the shut down in effect.
With this pandemic, businesses have to make difficult decisions and cuts. Some businesses are seeing their sales decrease dramatically and therefore need to cut personnel and others may even have to file for bankruptcy. Supply chains have been impacted or even disrupted completely. This dents the confidence of people looking to launch new businesses.
Limited Financial Resources
With a potential recession headed our way, you will have to make judicious use of your financial resources to take care of your daily expenses. There are chances of increased competition to obtain loans and venture capital especially with a good chunk of the government resources getting channelized towards the healthcare sector.
If you’re looking to start a new business and want development resources in the form of personnel as well as a place, then AppleTech will undoubtedly be the right choice for you. You can save a lot of money as our rates are comparatively much more feasible than the current market rates. Go ahead, launch your new business and we will be cheering for you all the way.
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