The past year has been tumultuous, to put it lightly. Thousands of businesses have had to close up shop as the pandemic went on its rampage. Economic times have been touch-and-go for a while now, and if you decided not to start a business in 2020, then you probably made a wise decision. However, it looks like the light is starting to show at the end of the tunnel. The American economy is waking up and that means now is the perfect time to start a business.
Because so many businesses had to close their doors in 2020, there is an incredible opportunity for new business owners: low-cost locations. If you’re looking for a storefront or office space, then you’re in luck. Not only are their tons of locations available right now, but landlords are looking to make deals left and right. As long as their buildings are empty, they aren’t making any money. This means you’re in control of the negotiations right off the bat and the likelihood of reaching a great deal rises.
Not only that, but there are entirely new options available for your workspace. More and more small businesses are going the route of a shared workspace. These communal offices offer much more than just way lower costs, they also give you opportunities to grow your network, a professional location for meetings, and some even offer access to incredibly useful resources. SBI Detroit has multiple locations in Metro Detroit and offers business resources like startup support, bookkeeping, digital services, and more.
Another unfortunate opportunity is that, with literally everyone experiencing cutbacks, the pool of recruits is huge. Everyone really had to take a few steps back in 2020, causing lots of companies to layoff employees and eliminate positions. This means there are tons of high-talent recruits looking for work right now. A lot of jobs that were in-demand before the pandemic aren’t as in-demand now, meaning a lot of these employees are available for hire at a reduced rate. This allows your small business to benefit from high-talent people, without breaking the bank.
The workforce is also evolving with the times, with more and more people doing gig-work and freelancing. This could be an incredible asset for you, depending on the type of business you open.Check out sites like Indeed, Upwork, and LinkedIn to post your jobs and find the best people for your business.
Because of the economic downturn, interest rates have fallen. The reason being to keep lending afloat. Small business loans have seen their interest rates fall over the past 12 months, giving you an opportunity to get in while it’s still good.
There are also plenty of opportunities for assistance from grants and government programs. Small businesses are the lifeblood of America and the government knows this. That’s why there are programs like the Paycheck Protection Program, to help small businesses during the tough times. Take advantage of the incentives, programs, and grants to give your small business the best start possible.
One of the best things you can do for your brand new business is to build a website, but not just any website. Build something great. More people are shopping online than ever before, meaning your website is incredibly important. Think of it as a first impression for your business. Invest in professional web designers to make sure you provide the perfect first impression.
Websites aren’t just for show though. A well-built website is essentially doing a very important job for you: marketing. Good web designers utilize all the best techniques for Search Engine Optimization (SEO), to help get traffic to your site. In short, SEO works on the backend to make the site easier for Google, and other search engines, to read and understand your site. This allows Google to recommend your site to more search results, allowing you to grow in the ranks and get to page one.
Another great way to make the best out of a bad situation is to invest in yourself with some higher learning. It’s literally never been easier to get a business degree or an MBA than right now. Not only are there tons of great programs to choose from, but because of COVID, they’re all online right now. This gives everyone access to a higher education, as long as you have a stable internet connection.
Getting your MBA is a great opportunity to add to your skill sets. Think of it like adding to your toolbelt. Getting your MBA online is a way to add tons of new tools to your toolbelt. Not only does it give you the up to date training on how to run a successful business in 2021, but it also gives you networking opportunities as well. Take advantage of every opportunity as they come to you and your business will thrive.