So you’ve got a business idea? Maybe it’s a niggling side hustle that you’ve been wanting to get off the ground for ages. Or maybe it’s a creative outlet you’re hoping to monetise.
Whatever the circumstance, starting a small business will always be daunting and clouded in uncertainty. And in the midst of an unprecedented global crisis, you might be thinking the best thing to do is pigeonhole those unstable thoughts until the vaccine rollout has finished and the economy stabilises.
But in reality, this is the perfect time to test your idea. With a growing demand for new ways of working, more work/life balance and gaps in the market exposed, your business idea could be just what’s needed in a post-pandemic world. There have been rumblings in the news feeds that the world will see a new renaissance post Covid, much like the roaring twenties after the First World War. In a new free world people will be open to new ideas, they’ll want to travel and covet hand made objects. They’ll pursue the new and the modern. Opportunities abound and exciting times are ahead for all entrepreneurs.
Here’s some rationale for how and why we can help you convert your idea into a reality.
Lower barriers to entry.
The beauty of online-only is that you can get started with limited capital, and test your idea quickly and pivot where necessary. You can also manage the demands of an online business alongside your day job. All through lockdown, low-cost online tools ran great promotional offers to help you set up a website or ecommerce store, send an email campaign and do some simple design work affordably and efficiently. You can even bypass some of these tools, and start your side hustle solely on social media to immediately get in front of your audience. There is also an opportunity to take advantage of small business deals available for marketing services like online advertising, as well as trials for team messaging and video conferencing software. Banks, telecommunication companies, online store and pay services are all geared to helping people get their business ideas off the ground with integrated services and ongoing support.
Foster new skills.
If you feel like you didn’t use all that ‘free time’ wisely last year, you’re not alone. In fact the New York Times wrote a whole article on the pressures of optimising every moment even during lockdown. But it’s never too late to upskill and start teaching yourself something new. Being an entrepreneur means wearing many hats, taking risks and meeting challenges. And with so many readily available education resources, articles and courses, gleaning advice to launch a successful side hustle has never been easier. LinkedIn Learning, Medium, Udemy, edX, General Assembly or even YouTube are some great places to start developing yourself in areas you want to improve and master.
Mind the gap.
The pandemic exposed many opportunities in the market and exposed gaps particularly in the online and tech spaces. Supply chain issues and a lack of domestic manufacturing for much-needed products saw local manufacturing companies reinvent themselves to make and supply Covid products. These gaps inspired industries to innovate, be flexible and be entrepreneurs. Additionally, workers wanted to slow down and invest in themselves when it came to striking a work/life balance. Expectations on employers rose with out of office work requirements, adjusted hours and remote technology needs. Going to the office became passe so office real estate plummeted. The focus was on a balanced life cycle between being at home and at work, establishing a more fulfilled life, having flexibility when it came to family needs, and the ability to use local services eg. co working spaces, businesses and products. Interestingly, studies of lockdown have shown an increase in productivity when people worked from home, indicating that the way we have worked for decades is not the best solution for the best possible outcomes. A new way of working has dawned.
Reel in the talent.
With so much forced movement last year, talent that might have been happily employed is now back on the market. And they are hungry for opportunity and looking for the next challenge, many with an open mind to shift industries or work freelance. Additionally, with no constraints on location, the talent pool has become a global marketplace. Maybe you’re looking for a business partner, a freelancer or a consultant to give your business a strategic boost or some casual staff. Whichever way, the world is your oyster when looking at the talent pool.
Still need a little nudge in the right direction?
Life Sprint’s September sprint is all about trying your idea out! We want to help you synthesise your thoughts and bring your ideas to life! Find out more about our Side Hustle Sprint here.