Starting a Business in 2021 is Not an Easy Feat

Starting a Business in 2021: Challenges and Opportunities

Unprecedented problems call for new solutions. And if we learned anything from the raging pandemic in 2020 is that we should never become complacent in our ways. Anything and everything is liable to drastically change at any point in time. And relinquishing control over those things is another hard-learned lesson.

However, accepting a new reality does not mean giving up. Far from it, in fact. The key to evolution and survival during the toughest times is adaptation. And as humans, we are wired to adapt to new situations. So why not make the most of this?

Embrace New Concepts

While many businesses couldn’t stand in the face of lockdowns since they relied too much on brick and mortar and physical presence, others, thrived. And the success of the latter shows us that embracing new technology and being fast at adjusting your business model in the face of a crisis, makes all the difference. Many people have lost their jobs and revenues.

And so, many are now looking for new sources of income and a renewed approach to doing business. There are entrepreneurs in 2021 who want to start their business. Amid the continued uncertainty, the bleak prospects to rid the world of Covid-19, and increasing unemployment, it may not be an easy feat to start over. So, in this article, we share an overview of the challenges to expect, and potential opportunities to grasp when opening a business this year.

Answers From History

If you are having doubts about whether or not now is a good time to start a company, here is a list of successful businesses that got their debut during a crisis:

• General Electric (GE) was established in the midst of the 1870’s recession
• Disney emerged in 1929 at the peak of the Great Depression
• Revlon was founded in 1932 during the Great Depression
• Microsoft was created during the oil embargo recession in the 1970s
• Uber and Airbnb were founded during the Great Recession of 2007-2009

A lesson to be remembered by the experiences of our predecessors: in business, as in life, resilience is key.

Reasons to Go For It

We see that many before us took the plunge of investing in a venture in the middle of a social or economical turmoil. Clearly, even in recessions, there are opportunities to grab and positive pointers to encourage entrepreneurs. And the coronavirus pandemic has highlighted the advantages our generation has to counter or ride out the crisis.

• The widespread availability of advanced technology
• Increased consumption of online content
• Consumers are seeking solutions to their novel daily life struggles

Nothing but these three reasons are enough to make the case for an e-commerce website, an online service provider business, or the digitization of any and all brick and mortar business.

Lockdowns have tremendously increased the demand for online education, virtual coaching, and cultural events. The major effect of staying in lockdown for prolonged periods of time – especially if you have children – is the need to bring all the activities that used to be carried out outside the home, to the inside of it.

Consumption and purchasing behaviors have altered. And when that happens, as it did in 2020, gaps in the supply appear. And these gaps are the entrepreneur’s opportunities!

Challenges to Prepare For

When you plan your new business, make sure to include a solid strategy that fits the market needs of the moment. But also, make room for some flexibility. The biggest challenge you may have to face is uncertainty in the future and sudden changes. Therefore, equip your company from day one with the right tools, technological and conceptual, to adapt to new circumstances. Also, take advantage of information technology, set up a disaster recovery plan. In this day and age, you can’t afford not to have one. If most of your activities rely on the internet and on computers, this is the asset you want to ensure and protect. For when the next storm comes, you want your business model to bend and never break.

Business Ideas for 2021

We leave you with some inspiration and encouraging ideas that you can develop into your business this year.

Online consultant

Consult about any topic you are passionate and knowledgeable about. Think about any service that can be digitized or offered virtually. From marketing to human resources, accounting, tourism, or even fitness. Anything can be tailored to the online world of consultancy.

Reseller, Delivery, and Dropshipping

You can address the new market needs by setting up an online shop. This can be a reseller business, a drop shipping operation, or even a delivery service linking supermarkets, grocers, and retailers at large with their customers.

Whatever venture you choose, adapt and persevere under all circumstances!