The past year has been a challenging time for the world as we navigated through the COVID-19 pandemic. In the UK alone, we have seen nearly 4 million cases of the virus and over 100,000 deaths. The economic impact has been significant, with the UK experiencing the worst slump in modern history, twice as much as any previous downturn.
Despite these challenges, there is a glimmer of hope on the horizon. The economy narrowly avoided a double-dip recession by showing growth in December. This gives us some optimism for the future and raises the question – is a pandemic a good time to start a new business? Let’s explore some key considerations.
### It depends on the market
The answer to whether it’s a good time to start a business during a pandemic largely depends on the market you are entering. Some industries, such as hairdressing, tattooing, and beautician services, have suffered greatly during the pandemic. On the other hand, businesses like food delivery services and online grocery stores have seen an increase in demand. Thorough research into the sector you plan to enter is crucial to determine the viability of starting a business during a pandemic.
### Can employees work from home?
Remote working has become a norm for many businesses, and it’s essential to consider whether your employees can work effectively from home. If your business offers virtual services, remote work may be more feasible. Implementing communication solutions like Voco can help maintain productivity and efficiency. For businesses that involve physical products or services, prioritizing health and safety measures is vital. Adhering to government guidelines on social distancing, PPE, and hygiene practices will be essential for a safe reopening.
### Vaccine rollout
The successful rollout of the COVID-19 vaccine has brought a sense of hope and optimism to businesses and society as a whole. Business confidence is at a six-year high, signaling a potential return to normalcy in the near future. Whether you choose to start a business during the pandemic or wait until after, the vaccine rollout signifies a step towards recovery and a new normal.
As we move forward, it’s important to consider these factors before launching a new business during the pandemic. By staying informed and prepared, you can navigate the challenges and opportunities that lie ahead. Let’s look towards a brighter future as we work towards rebuilding and adapting to the new normal.