Is a Pandemic a Good Time to Start a New Business?

Over the past year, the world has faced unprecedented times due to the COVID-19 pandemic. Britain alone has suffered nearly 4 million coronavirus cases and more than 100,000 deaths. As a result of this once-in-a-lifetime global event, Britain suffered the worst modern slump in its modern history, twice the previous largest.

However, the economy narrowly avoided a double-dip recession by actually growing in December, which could provide some light at the end of the tunnel for Britain. Here we will discuss whether a pandemic is a good time to start a new business, and what things should be taken into account.

It depends on the market

The short answer to the question is: it depends on the market. Hairdressers, tattoo artists and beauticians, for example, will have suffered en masse during the pandemic. Even pubs are struggling to make ends meet while they are closed, only allowed to serve food or have a curfew.

However, the number of food delivery services, such as takeaways and groceries, has increased during the COVID-19 pandemic. This is due to environmental factors such as self-isolation, shielding and wanting to continue eating from our favorite local restaurants, but in a safe way. So there is no yes or no answer to whether a pandemic is a good time to start your business without thorough research into the industry you want to enter.

Can employees work from home?

Another issue to consider is remote working. With many people working from home over the past year and widespread remote working likely to continue well into 2021, it’s critical to consider the ease with which your employees can work from home.

If your company is going to provide a virtual service, this is more likely to be possible. To ensure that working from home is productive and efficient, implement a communications solution like Voco, which allows you to make and receive voice or video calls on any device with only your work number displayed.

If your business sells a product, or if it is a physical service, then health and safety should be the top priority. When opening your business, please be mindful of government guidelines regarding social distancing, personal protective equipment and travel restrictions. It is always best to avoid excessive hygiene practices such as cleaning, sanitizing and hand washing as it is better to be safe than sorry.

Vaccine rollout

Thanks to the success of the vaccine rollout, business confidence is now reportedly at a six-year high. Not only this, but it has also given society a sense of hope and a light at the end of the tunnel to look forward to. This means we may very well be nearing the end of the COVID-19 pandemic.

Whether you decide to open your business during the pandemic or not, the vaccine rollout marks the beginning of a society trying to get back to normal. By considering these factors before opening your business during the pandemic, you will be prepared to transition to the new normal.