You may perhaps be interested to start a business. But in today’s Covid times, with governments imposing strict lockdowns, establishments both new and existing are facing harsh times. It could be that 2021 is the best time to start a company. The truth is that there is no ‘right’ time to initiate any business. You need to take a bold approach and some trends are found to favor ‘entrepreneurs’ currently. You are likely to face some challenges especially from competitors in today’s shrinking economy. But why wait when you can start your business immediately.
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Why 2021 to Start a Company?
Although many sectors are not doing that good, the technology industry seems to be in a better condition. This is because of the WFH concept that has been introduced worldwide. People are now more dependent on smartphones and other technological gadgets for their work. Also is improving online shopping sales since people feel safe with online deliver of their preferred items. The WFH concept can help you to reach a large talent pool during the hiring process. With most industries displaying their vulnerabilities, savvy entrepreneurs can find opportunities to invent compelling solutions. Some trends also clearly show large and small companies favoring leaner workforces and remote work.
Three major trends that favor starting a business in 2021
- Accelerating E-Commerce: Using E-Commerce, you can launch a business or product easily. You can get prompt and genuine feedback from your online customers something not possible with a brick-and-mortar business. Google and Facebook is still the most favored place to increase brand reach and potential customers. It allows you to develop a direct relationship with your customers, get to know their moods, preferences and tastes. Businesses are to maintain effective control over the customer shopping experience. Coronavirus has affected seriously both mom-and-pop and retail type businesses. Most have either shut down their business or opted for eCommerce. It will be a better idea to start a company or product online.
- Supply chain diversification: Most businesses are found to outsource their manufacturing their products to other countries with Mexico and China being the two common countries. However, trade wars have impacted heavily most businesses in the states. Manufacturing automation is also witnessing significant investment and innovation. Hence, based on targeted customer base, price point and product, it does make sense to start manufacturing in the U.S. This way, you can control all process parts easily than outsourcing it. For instance, you can experience les strain on your company cash-flow, receive just-in-time inventory and less lag time. The emerging trends show that entrepreneurs are realizing the risky aspect involved in relying on a particular manufacturing partner or supply chain. In case, some political events take place, you are likely to face a tough situation. Therefore, when starting a business, it will be wise to look at other possible supply chain options. Also be aware of the potential implications ahead.
- Rise of remote wellness and At-home health products: With the Covid virus causing pandemic, the need for wellness and health products is increasing all the more. In the last few months, home fitness, testing, illness analysis, at-home genetic, supplement-based industries, etc. have witnessed tremendous growth and revenue. The introduction of more sophisticated products is likely to push this trend further. For instance, sales of weight plates and dumbbells on the leading online platforms like eBay increased about 1,500 percent this year. Studies revealed that the current demand for online grocery in the U.S. is around 10%-15% while before it was just 3%-4%.
Therefore, going through the above aspects clearly shows that 2021 is undoubtedly the best time to start a company.