Updated: Apr 4
In January of 2020, we had the best economy ever. Unemployment was low in every sector and demographic, we had record corporate earnings, the stock market was closing in on 30k, and consumer confidence was the highest ever. Then, in just 60 days, we found ourselves in near economic collapse.
It all started with a virus that caused panic and fear. This rapid change affected every family and institution, worldwide. Millions lost their jobs causing record unemployment. Businesses started failing and people scrambled to understand how all of this was creating some kind of “new normal”.
Today, we find ourselves consuming differently, and businesses operating in ways they never anticipated. Employees work from home. People refrain from meeting in crowded places. We buy our food online and pick it up at the front of the store. I could go on and on.
How has the pandemic affected you? If you lost your job, what are your options if you cannot go back to work? Do you take a lower-paying job? Do you ride things out until unemployment is gone? Do you change careers? What are you thinking about doing? What are the options available that keep you from losing everything worked for?
There is one option that you may have not considered – what about starting a business? Start a business you say, I don’t know the first thing about how. What should I sell? Doesn’t that require a lot of money?
Perhaps you are thinking about starting a business. Your reasons may be like many – you do not want to fall victim and lose control. Most of us are naturally independent. Some will want to milk the system until nothing is left or they find there is no choice but to take whatever they can get. You may want to consider your options more proactively.
Let us talk about stats and facts about small business startups.
Generally, the best time to start a business is when economic conditions are the worst.
When there is so much turmoil and people are “consuming and doing things differently”, it creates new needs, and desires, which creates entirely new industries.
There are over 30 million small businesses
Over 99% of all businesses are small (less than 500 employees)
Small businesses create over half the jobs (approximately 60 million)
Over half the businesses are created and owned by people over 55
Most small businesses are professional, scientific, and technical services (at 4 mil firms); construction (3 mil firms); and real estate, rental, and leasing (3 mil firms)
Ok, you got the message. Being in business is worth considering. If you have a business idea and are ready to do some preplanning, check out my course How to Create a Winning Business Idea. This tool helps you document and explore ideas and layout a plan on what you can do to get started. Check it out for FREE.