Is Covid-19 creating financial options for your business?
With a clear depiction of a stagnant economy (thanks to the obvious increase in closed-down shops around the country), it is difficult to assume that your business will fare well from the get-go. However, no business – whether it was launched during an economic boom will instantly reach the top without a fight. In fact, more often than not, it will take up to 2 or 3 years for a startup to break even with profits.
That being said, we think shying away from opening your business due to the persisting pandemic is not a wise choice, especially with the amount of funding and support you can acquire from different means. While the pandemic has undoubtedly forced changes in our everyday lives, it has also created once-in-a-lifetime opportunities that you might want to grab before it’s too late.
Here is the list of opportunities that has prevailed even in this unfavourable situation:
1. Opportunity amidst Disruption
Just as the famous saying goes, you should “never let a good opportunity go to waste.” What the pandemic has done was to encourage people who were normally resistant to change, to step out of their comfort zones. Let’s take the sudden rise in revenue of Zoom Cloud Meetings for example; the video communication software’s revenue skyrocketed as the number of people working from home increased. As a result of this, many similar apps entered the market, challenging the industry leader and filling gaps that consumers may not have even noticed.
2. Availability of Talent
If you’re looking to hire only the best-of-the-best for your business, this is the ideal time to attract an experienced workforce. With so many people made redundant, small businesses and start-ups will have a pool of talent to choose from. What’s even better is these individuals would have already been exposed to the ins and outs of working remotely, so productivity will not be a huge issue.
3. The Best Time to Invest
With vulnerable businesses going extinct and uncertainty increasing amongst venture capitalists, the stock market and asset prices have gone tumbling down. What this means for you of course is the assurance of capital appreciation, being able to buy supply at a much lower rate than any other year. Yes, people’s spending power has gone down, but you won’t be losing much either considering your lower cost prices.
To sum it up, the pandemic may be a battlefield, but it can also be a blank canvas for you to actualize your visions, a time where you can put your experiences to good use. At Ammak Group, we want to ensure the smooth set-up process of your business and with our expertise, we hope to introduce you to opportunities that come your way.