Due to C0VlD-19 outbreak, every industry is getting affected /going to get affected. There is going to be a recession following this pandemic similar to what happened in the US in 2008. But, this time it will be on a global scale. You might have heard it, the Finance Minister of Germany suicided worrying about the future of his country's economy.
In the following months, many small businesses will close. To incur losses, downsizing would happen in almost every company. There will be massive layoffs. Due to layoffs, people will stop buying stuff which will, in turn, send many more companies out of business.
But, there will be one group that is going to massively benefit from this coming recession. Entrepreneurs who are starting out. According to some, many millionaires are made during the recession than any other period of time. We can guess. During the recession:
1. Startup costs would be low because :
1.1 Labor costs would be dirt cheap due to layoffs,
1.2. You can buy many products for your business in second hand or in a sale from closed businesses.
2. You can often get prime locations because many small businesses would have closed,
3. Governments will give many incentives to new businesses to revitalize the economy,
4.Easier to capture market share because :
4.1. Brand loyalty will be low as people are penny pitching,
4.2 . Big companies would be reducing their marketing budgets to incur losses.
This is perhaps the best time to start a new business. So, if you are in a fence for starting out, just do it now. There won't be a better time than this.
In the following months, many small businesses will close. To incur losses, downsizing would happen in almost every company. There will be massive layoffs. Due to layoffs, people will stop buying stuff which will, in turn, send many more companies out of business.
But, there will be one group that is going to massively benefit from this coming recession. Entrepreneurs who are starting out. According to some, many millionaires are made during the recession than any other period of time. We can guess. During the recession:
1. Startup costs would be low because :
1.1 Labor costs would be dirt cheap due to layoffs,
1.2. You can buy many products for your business in second hand or in a sale from closed businesses.
2. You can often get prime locations because many small businesses would have closed,
3. Governments will give many incentives to new businesses to revitalize the economy,
4.Easier to capture market share because :
4.1. Brand loyalty will be low as people are penny pitching,
4.2 . Big companies would be reducing their marketing budgets to incur losses.
This is perhaps the best time to start a new business. So, if you are in a fence for starting out, just do it now. There won't be a better time than this.
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