At a time when many businesses are suffering, it seems counter-intuitive to even think that you could start your business.
But while it may pose a few challenges, there are some major perks to starting your business in a down economy—five to be exact. In this post we’ll look at each and prove to you that a good business idea can thrive in any economy.
Let’s get started!
#1 People are anxious to spend their money
It’s been over a month since quarantine began and people are getting restless. Restless people spend money. Proof of this is the 30% increase in e-commerce spending and stores around the country re-opening to lines wrapped around the building. People are anxious to spend their money and are looking for products/services to spend it on. Start your business now and take advantage of this moment while helping to heal our broken economy.
#2 You’ll be better prepared for future hardship
The worse that could happen to an economy has already happened—a total government enforced shutdown. Some businesses were prepared and had contingencies in place. For others, the pandemic forced them to scramble and find creative ways to survive. Others lost their footing and closed their doors for good. You had a front row seat to the worst economic disaster since the 2008 market crash, took notes, and can start your business better prepared for future hardship.
#3 Less competition
The sad reality of an economic downturn is that many companies are forced to close and entrepreneurs are hesitant to start their business. This leaves behind a gaping hole that must be filled if we are to fix our economy. Your business can be the solution and will greatly benefit from the increased exposure in a thin marketplace.
#4 Things are much cheaper
Another perk is that you’ll find things are much cheaper. Namely things like rent, furniture, and materials—overhead costs. You could start your business for a fraction of what it would cost you in a good economy. If you wait too long to form your business, these discounts will start to disappear.
#5 You’ll gain loyal customers
In the same way that established companies have gained loyal customers in the wake of COVID-19, so too will you if you start your business during this time. This is especially true if you’re able to offer them more-affordable options than your competitors. Even when the economy bounces back, the customers you gained during this time will be the most loyal.
Launch your business today
At Inc Authority, we know how intimidating it can be for entrepreneurs like yourself take the leap and start your business—especially in a down economy!
But that’s why Inc Authority was created—to alleviate the fear associated with business start-up and make business formation an achievable goal for every entrepreneur.
And we don’t just form businesses the leave you to figure everything else out on your own. No, we’ll answer all your questions, give advice, and provide you with all the tools your business needs to succeed.
Ready to reap the benefits of incorporating during this unique time? Learn more about the advantages of incorporation and launch your business with Inc Authority today!
Incorporating is the most powerful thing you can do to legitimize your business. And at IncAuthority.com, our LLC setup service is 100% free. Always. So, don’t wait. Form your LLC today and enjoy the protection due to you and your business under the law. LLC Services.