Starting a Business During the Pandemic: Is it a Good Idea?

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Guest Article by: Amy collett

While the pandemic has sadly shuttered many businesses for good, there is a glimmer of hope. New businesses are popping up all over the place, and for many people, lifelong dreams are coming true that wouldn’t have if they were still working their regular jobs.

It can be easy to assume that right now isn’t a smart time to begin a new venture, and understandably so. The uncertainty of our world at the moment is enough to scare anyone into hiding for the duration of the pandemic, but not knowing how long we’ll be in this predicament makes it hard even to do that!

If you’re considering starting a business but have been put on hold because the pandemic has you worried, you’re not alone. There are ways to help yourself launch, even now. The CEO Hustler can guide you through the process so you don’t have to go it alone. Here are a few more ideas to help you get started:

Low Interest Rates

The pandemic has not been kind to many businesses; this is true. However, new businesses are thriving worldwide, largely started by people who have recently lost their jobs and taken the opportunity to use their spare time wisely.

This has been made possible in part by the fact that new business loans are at an all-time low when it comes to interest rates, giving people who wouldn’t ordinarily have had the chance a reason to start their businesses now. If this has been a reason you’ve avoided starting your business in the past, now might be the perfect time for you to consider bringing your idea to life!

Low-Cost Equipment

The businesses that have shut their doors during the pandemic have all sorts of equipment that they used to keep their businesses running smoothly. So, what happens to all this equipment once that business is no longer? Many times, the business owner will attempt to recoup some of their losses by selling their no-longer-needed equipment, and this is a great opportunity for new business owners like yourself.

You’ll spend way less on used equipment than new items, saving yourself a ton of capital upfront. Not only that, but you’ll be helping a fellow business owner in their time of need, which is a wonderful act of kindness!

“Doing Business As”

A clever idea to help you decide on your business name is to use a “Doing Business As” name. This is not necessary by any means, however, if you run into trouble finding the right domain name for your website or there’s an existing business with the name you wanted, you can use this tactic to help you.

All that’s needed here is for you to file a DBA with your local business administration, and in some cases, it will be printed in your local newspaper. After that, you’re ready to begin doing business under your new business name, and you’ll have the opportunity to branch out to new services depending on the name you choose (if that’s something you’re interested in).

Conclusion

Few people alive today have lived through a pandemic, and it’s a very uncertain time for all of us. However, if you start your own business now, imagine where you could be when the pandemic is in the distant past?

Of course, we all do things in our own time, and yours is whenever you’re ready. If you’re ready to go for it, hopefully, this post has helped. If not, maybe it will help you in the future! Faviola can help. Learn more here.