Starting a business can be a daunting task. There’s never a ‘perfect’ time to start a business but there are times when it’s extremely difficult, like a recession. The world is currently in an uphill battle with COVID-19 and countries are being placed in lockdown, this is causing job losses, companies to shut down and extreme poverty in certain countries.
It’s probably the worst time to start a business, right? Well, no! There are thousands of entrepreneur’s starting businesses in the most extreme economic climate and they’re thriving.
One such person is Jay Lee who started uAcademy during the UK lockdown after being made redundant from his previous job. Jay was previously working as a mortgage advisor and after being redundant started a website that provides mortgage advisor courses and British Citizenship tests.
Jay’s story was so inspiring that it featured on the BBC. We spoke to Jay for some advice on starting a business during this tough economic climate.
“There’s never a right time to start a business but this shouldn’t deter you. There’s a lot of uncertainty at the moment with potential redundancies and companies going into administration, people should be looking at securing a stable second income should the worst should happen.”
Top Tips
Starting a business doesn’t mean finding a large office, hiring staff and occurring huge overheads.
- Start Small – Remember that you’re starting a small business! This means stretching your budget and saving money wherever possible. Don’t throw everything you have in the business!
- Think about your customer – It’s vital that you think about your ideal customer and the current climate. Consumers are unlikely to be spending money on luxury or unnecessary items right now. Most people are working from home and have a lot of free time, think about what they need and now what they want!
- Build your skillset – Starting a business can be expensive but savings can be made in different areas, for example, website development can cost thousands but what if you did it yourself? You’ll be saving a small fortune. There’s an endless list of YouTube tutorials that teach, website designer, video editing, how to pay taxes, accounting etc. By learning these skills you won’t be reliant on contractors and you’ll save money in the long run.
Business Ideas:
Although the current climate has been a disaster for many companies, it’s important to remember that there are hundreds of opportunities for starting a new business, such as:
- Buying and selling on places like eBay and Facebook Market.
- Freelancing – (Article writing, Graphic designing, Website developing)
- Teaching Online – YouTube tutorials, Podcasts etc.
- Repair Service – Bikes, Vacuum cleaners, Computers etc.
- Affiliate marketing
This is just a small list of businesses that can be started with very little investment.
Conclusion
The economic situation around the world isn’t improving anytime soon and with job losses being announced each day it’s only getting worse. Having a second income regardless of how small can will help in the long run and the skills developed while starting a business can help with future job prospects.
So what are you waiting for?
The post 3 Top Tips for Starting a Business During a Recession appeared first on Enterprise Podcast Network - EPN.
